Homeowners Insurance
Informing yourself about homeowners insurance
If you have a mortgage, you have a homeowner’s policy. It’s what gets your home repaired or replaced if it is damaged. It covers your personal possessions and structures on your property as well. It will protect you against theft and vandalism and provides liability coverage if a non family member is injured on your property.
Like other types of property insurance it has an out of pocket expense called a deductible. Make a claim, pay the deductible and the insurance covers the costs up to its limits.
Homeowners Coverage
Though every homeowners policy is unique to the structure it insures, a standard policy usually includes the following:
- Dwelling coverage for damage to the total structure, like water damage, the effects of a fire, vandalism but not earthquake or flood, which require a special policy.
- Your personal possessions including standard amounts for jewelry, art work etc. If you have possessions of great value you may need an endorsement to increase coverage.
- Liability protection for persons other than household members injured on your property.
- Provision to place you and other household members in temporary housing if you residence is not habitable due to damage.
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Questions?
Why do I need homeowners insurance?
Repairing or replacing a home damaged by a storm, fire or other hazard is more than most people can afford. Possessions alone can cost thousands of dollars but there is also the issue of liability. Should someone other than a household member be injured on the property you could be face with a lawsuit. Liability protection is part of a homeowners policy.
Homeowners covers possessions on vacation?
Yes, a theft of your property whether from your hotel room or automobile is covered after you have met the deductible of your policy.
What affects my homeowners insurance costs?
Replacement value of the home, possessions, other structures on the property distance from a fire hydrant, the fire department and the fire department type volunteer or paid employees.
What is actual cash value versus replacement value regarding possessions that are lost to a fire or other hazard and theft?
Actual Cash Value takes the cost of the item subtracts the depreciation and pays that figure. Replacement value pays for a new item that is like the item lost. It is important when purchasing a policy to determine how that insurance will pay property claims.
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Saving Money on a homeowners policy
Saving money begins with comparing insurance policies from different companies. At QuoteUser we make that task easy but here are three other ways that you can likely find significant savings on you homeowners policy.
- Multi policy discounts- bundling homeowners and vehicle insurance can save you up to 10%.
- Alarm systems- that protect against theft and fire and notify the appropriate authority.
- Losing your job doesn’t mean you’ll lose your coverage like you would with an employer plan
Valuing Your home for insurance purposes
Insuring your home for the cost of replacement is important. Market value is not always an accurate assessment
If you contact a local builders association you can obtain an estimate by determining the local per square foot building costs and multiplying the square footage in your home by that figure.
This ballpark figure does not take into account the style, type of construction, number and type of rooms and any other special features your home may have so professional advice from an insurance agent is important.
It is important to check your policy yearly as rising building costs could find you underinsured,
Check local building codes an older home will need to be brought up to current standards when repaired or rebuilt.
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Rochester, NY
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