What is Homeowners insurance?
For many of us our home is our most valuable possession. Homeowners insurance provides financial protection against disasters and insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must for a separate policy to cover flood and earthquake coverage can be added to your policy for a slight additional premium. Maintenance-related problems are the homeowners' responsibility.
Why do you need homeowners insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.
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If your home was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.
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If a guest in your home is injured, liability protection and medical coverage help pay expenses.
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If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
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If you are still paying for your home, your lender will require insurance.
Whether you are shopping for insurance on your first home or the house you have lived in your entire life, we can help the policy to fit your needs. However, It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.
Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.
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How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home's features and the things you own so you can make an informed decision about coverage.)
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Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
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What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
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What's the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
Tips for Keeping Your Rates Low
Here are some simple steps you can take to reduce your homeowner’s premiums:
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Raise Your Deductible - A deductible is the amount you pay before the insurance starts to pay for your loss. Since the purpose of insurance is to pay for the losses you cannot afford, raise your deductible to a limit that you could handle in case of a loss. As your deductible increases, the cost of your premium will go down.
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New Home - If your home is less than 10 years old, you may be eligible for a new home discount.
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Make Your Home Safer - You may be eligible for a discount if you have a burglar and fire alarm system and/or sprinkler system. Monitored systems will earn a bigger discount than unmonitored systems.
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Construction Material - When you buy a home, look for fire-resistant construction, such as brick, masonry or rock. You may pay a lower premium for hail-resistant roofs, such as those made of concrete tile, while wood roofs may bring a surcharge.
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Community Safety - Check the location of the nearest fire hydrant, fire department and police station, and avoid buying in flood-prone areas.
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