Great insurance policies help homeowners sleep better at night. If something bad happens, at least you can call your insurance company, right? Unfortunately, not being careful with your homeowners insurance claims could turn a real-life disaster into a financial catastrophe. Submit too many claims? Your premiums might rise. Submit the wrong claim? Again, your premiums might rise—and you'll still have to cover the cost of the damage. Truth be told, homeowners insurance isn't as simple as "Submit claim, get paid." To save money in the long run, you need to think carefully about whether you want to file that claim. Here are five scenarios that might end up costing you. 1. When the cost is...
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Homeowners insurance will protect you if your home is damaged by a storm, fire, theft or vandalism, or if an accident results in injuries. Your coverage and rates are based on the value of your home and its contents and the level of risk, but those variables can change over time. You should periodically review your homeowners insurance policy to make sure you have the right coverage. If your insurance renewal date is approaching, you should receive a letter detailing your current coverage limits and future premiums. Before you agree to the terms, review the document and figure out if your existing coverage is still adequate for your needs. If the company has made changes to its policies,...
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What Exactly Does Homeowners Insurance Cover? What does homeowners insurance cover? A typical homeowners insurance policy will help you cover the following: The structure of your home itself and any structure connected to it (i.e. garage or cellar) Structures unattached to your home yet still on your property (i.e. shed, guest house, outdoor bar) Personal belongings that were damaged inside the structures of your property such as furniture, electronics, or appliances Loss of use, in other words, the additional housing and living expenses you will need if your home becomes uninhabitable from covered damages Liability coverage in the event that a guest sustains an injury on your property...
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One of the scariest things about buying a home—besides the fact that it’s probably the most money you’ve spent in your life—is the uncertainty. And even homeowners insurance, the thing that’s supposed to give you peace of mind, has its own set of quandaries. To make the process just a little bit easier, we asked insurance companies what questions homeowners should be asking their agents, but aren’t. Whether you’re a first-time buyer or a long-time owner in need of an insurance review, make sure you get the answers to these queries. Do I have enough coverage to rebuild my home from the ground up? Agencies agree that your policy should allow you to completely rebuild your home. “We recommend...
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Once you find your new home, you must start thinking about homeowners insurance – mandatory for taking out a mortgage and highly advisable considering your home is likely one of the biggest financial investments you’ll make in your lifetime. Thing is, few homeowners do extensive research about the differences between homeowners insurance policies, let alone take the time to read the fine print. In fact, a mouth-dropping 52% of policyholders don’t have a full grasp on insurance coverage. We’re talking things like what’s covered (and what’s not) and how much homeowners insurance they really need. That’s why we’re here to pull back the curtain and explain in plain,...
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Do you need wedding insurance or special event insurance? It's a party! Who brought the insurance? It is 1am in the morning after your wedding and you are recalling the events of the most memorable evening of your life. Unfortunately, you are recalling them with the fire department trying to explain how the candle at table 12 ignited the centerpiece and lead to a fire that spread and destroyed the banquet hall. On top of this, the venue hall is now looking to you to pay for the repairs. What now? Whether celebrating a graduation, anniversary, baby shower, or a wedding, a homeowners policy provides good protection for your liability arising out of your hosting non-business events. Major...
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Homeowners insurers shell out billions of dollars annually for all manner of mishaps and catastrophes, which can range from fires and burglaries to lightning strikes and hail damage. But there are some notable exceptions to the risks your homeowners insurance policy covers. Unless you’ve studied the exclusions in your homeowners contract, some – or all – might come as a surprise. 1. Floods This peril is perhaps the most misunderstood risk in the annals of insurance. The standard homeowners policy covers water damage if your dishwasher springs a leak, but it doesn’t pay in the event of heavy rainfall or an inundation from a nearby body of water. When Hurricane Harvey deluged Houston, many...
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Complete Homeowners Insurance Coverage Whether it’s a bungalow in an up-and-coming neighborhood, or a farmhouse that’s been in your family for decades, our protection can be customized to fit your unique lifestyle. Property Protection If your home is damaged, our homeowners policy helps cover costs of damage from fire, windstorms, hail, theft, and other covered losses. And while your home is being repaired or rebuilt, we’ll help cover temporary housing expenses, so you and your family can get back on your feet faster. And we know that your home is more than your house, it’s also the things inside that make it yours. Our personal property coverage protects the important possessions inside...
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