All about Home Insurance
Why do you need home insurance?
Home insurance protects you in case of fire, flood, tornado, hail, lightning, hurricane, wind damage or if someone is injured on your property. While no one plans on enduring any of these perils, these unfortunate events happen to people every day. Ask yourself: If your home was destroyed by fire, tornado or a major flood, how would you pay to rebuild? Protect your investment with home insurance.
What does a home insurance policy cover?
Standard insurance coverage includes: Your primary dwelling, other structures on your property, personal property and contents, loss of use, personal liability and medical payments for those injured on your property. Insurance policies can vary by company, or may vary by property type. Read your insurance policy carefully. More information: www.consumeraffairs.com/insurance/.
Is your home in a flood hazard area?
Unless your home is located at a very high elevation, you may be subject to flooding. You’ve probably heard about the "100 Year Floods" and "500 Year Floods". You know, the total washouts that seem to happen every year across the U.S. We often see news reports about microbursts, flash floods, raging rivers and tidal surges. It’s easy to get Flood Insurance. Don’t risk losing everything you own in a flood.
Ask all the important questions
Ask your insurance agent for several annual premium options, as premiums are impacted by the deductible. Example: You could select a $2,500.00 deductible instead of $1,000.00 deductible and obtain a significant annual savings. Ask if discounts apply for the following: Newer home, no dogs, no pool, no guns, excellent credit scores, or being located in close proximity to a fire department, or fire hydrant.
Antiques, jewelry, tools, instruments, technology, guns, etc.
Make sure to provide a written inventory of your valuables to your insurance agent. Most insurers require that valuables be documented by an appraisal, photos or video to record all items to be insured. Most insurance policies limit coverage on expensive or high risk valuables, so inquire regarding your insurance company’s limitations. An Insurance Rider may be required. Ask your agent for details.
High-risk properties, circumstances that impact coverage & premiums
Some properties are hard to insure. Certain risk factors may impact your ability to obtain insurance, or increase your insurance premiums. High-risk triggers include: Older homes, or homes in need of repair. Low credit scores, history of unusual claims or non-payment. High-risk dog breeds. Homes with pools, or properties with ponds or lakes. Properties near high-voltage towers. High crime areas. Area with no fire protection. Properties near fault lines, unstable soil history.