Homeowners Insurance
Q: How much insurance do I need?
A: The amount and type of coverage you need, along with any additional riders or policies vary depending on your home, its value, and where you live. A few basic factors you will want to make certain you have coverage for is the replacement cost of your home, the contents within your home (personal belongings), the cost to live elsewhere while your home is being repaired, and possibly even liability coverage in case a visitor gets hurt in your home. A lender will without a doubt require you to purchase enough homeowner’s insurance to replace your home in the event of a disaster.
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Q: What types of disasters does my policy cover me for?
A: To find out the exact exclusions and limitations of your policy, it’s best to call your agent or insurance copmany. Mos t insurance companies will cover your home for any disaster, excluding floods, earthquakes, certain “acts of god”, and war. Additional coverage/premium will apply for flood and fire insurance.
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Q: Is it better to buy face to face or over phone/internet?
A: For years the only way to buy insurance was through your local agent. Many of us may even have more than one insurance policy through the same agent for quite some time now. Fortunately, shopping for insurance can now be done within minutes and from the comfort of your own home. Most insurance companies will provide free quotes over the internet, and a licensed agent for you to speak with if you call in, making buying from your home completely effortless while still receiving great customer service.
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Q: What is an umbrella policy?
A: An umbrella policy provides you with coverage when you exceed your limitations on your home and auto insurance. In order to purchase an umbrella policy, most insurance companies will require you to have both your home and auto policies through them. If for example, your insurance policy has a maximum coverage limit of $100,000, your umbrella policy will cover any costs after that. Umbrella policies can be as inexpensive as only a few hundred dollars a year, and can often provide coverage to a million dollars, making it a good idea to buy as you never know when it can be useful.
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Q: How do file a claim and how long does it take?
A: To file a claim, you must contact your agent or insurance provider. Some insurance companies have a turn time as fast as 24 hours, while others, for most part, can pay out a claim within a week.
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Q: How do I get cheaper rates?
A: There are many different homeowner’s insurance plans that contain various limitations and deductibles, all which affect your premium. It is important to understand the coverage you have and ensure it provides you with everything you need. Speak to a licensed insurance agent at no cost or obligation to see if you can lower your premiums and save money on your homeowner’s insurance.
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Q: Do I need flood insurance?
A: Most people may not know it, but the majority of homeowner’s insurance policies will not cover damage due to a flood. Even if you don’t live close to a flood zone, lake, or ocean, it is still a good idea to consider this. Flood insurance can be relatively low priced, and protects your home in many instances, inluding flash floods, where heavy rainfall over a short period of time causes an overflow, and typically leads to water damage in your home.
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Q: What is a deductible?
A: A deductible is a specified dollar amount that you are required to pay out of pocket every year, before your insurance company begins to make payments. A deductible is usually chosen by you in advance, and influences your premium; a higher deductible (more out of pocket costs if something were to happen) results in a lower premium and vice versa.
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