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Frequently Asked Home Insurance Questions Answered!

Sep 11, 2013

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Many customers want to know more about the many benefits available to home insurance policyholders, so we have decided to answer some of the most common insurance questions. The answers below were provided by our expert insurance agents.

  • What kind of protection can I get with a home insurance policy?

A home insurance policy can offer a variety of personal insurance coverage, which may include losses to your home, the contents of your home, loss of use of the property and the loss of the homeowner’s personal possessions. That means your home and personal property will be protected if they are damaged by fire, windstorms, hail or lightning, for instance. Also, in the event of theft or vandalism, you are covered. Liability insurance for accidents that happen at the home or at the hands of the homeowner within the policy territory may also be included.

  • How can I get homeowners insurance at a good rate on an older home?

The key to getting a great value in homeowners insurance is keeping your property well maintained and up to date. That means making sure that your heating and electrical systems and plumbing have been updated over the last 20 years. You’ll also want to ensure that your roof is no more than 20 years old, and that your electrical system has circuit breakers. It’s also desirable to have copper plumbing and central forced air heat. If your house is more than 25 years old, you’ll want to retrofit it, which includes ensuring that the house is bolted to the foundation and that the water heater has been strapped.

  • Do I have to make an additional payment to receive liability insurance coverage?

Many homeowners policies include both property insurance and liability coverage. You pay only one premium to protect your property and guard against liability risks. Liability insurance helps protect your property and cover your legal costs if you or your family members are held responsible for causing injuries to others, or damage to their property.

  • How much homeowners insurance should I carry?

When it comes to protecting your home and caring for your family, you’ll want the right amount of insurance to help you through any catastrophic event that might strike. The amount of homeowners insurance you should have depends on what it would cost to replace the home that you are living in. That is often different from the amount you paid for your home or its market value. For your own peace of mind, it’s best to ensure that, should disaster strike, you will have enough money to rebuild from scratch and restore your property to the condition it was in before it was damaged or destroyed.

  • What are some of the ways that can I reduce my homeowners insurance payment?

Many property owners can reduce the cost of homeowners insurance by making their home more disaster proof. Most insurance companies will charge you a lower payment if you take measures that could prevent your home from being damaged or ruined. For example, if your house has fire sprinklers or a fire alarm system, you could reap a discount on your policy. In addition, if you install protective improvements, such as hurricane shutters, a home security system or insurer-approved locks, you could see a discount in the cost of insuring your home.

  • What are the benefits of doing a home inventory?

Creating an inventory of your property and personal belongings is a must when you first purchase a home and secure homeowners insurance. It’s also critical that you keep your inventory up to date so that you can benefit from the full protection that your homeowners policy provides to you. Your inventory will be an invaluable tool that will help you speed up a claim settlement should you ever need to make one. Your insurance company can more easily evaluate your claim and make a settlement with a thorough, accurate inventory in hand. The inventory will help at tax time, as well, if you should ever need to document losses when you file at the end of the year.

  • What is the best way to complete a home inventory?

It’s best to proceed in an organized manner when you make your inventory, so that nothing will be accidentally left out. Get started by creating a list of everything of value that you own. You’ll want to describe each item, and provide model numbers, serial numbers, place of purchase and other relevant data. Don’t forget to add your sales receipts, purchase contracts and appraisals to your inventory package. Organize clothing into categories for easier reference. It’s a great idea to take pictures of rooms and important personal belongings. It’s also effective if you videotape your home and describe the contents of your home as you walk through the rooms. Save all of your documentation on your computer drive, and also store it on a disc and keep it in a safe deposit box.

  • Are my backyard shed and my television covered?

Yes, they are. Both your home and your personal property are covered. Covered personal property includes the contents of your home and personal belongings used, owned, worn or carried by you or members of your household.

  • Will a homeowners policy cover my possessions when I’m away on vacation?

Yes, it does. Homeowners insurance’s coverage extends to all your possessions no matter where they are. If you take a vacation anywhere in the world and lose a valuable item, as long as the loss is by a covered event or peril, the location does not matter. You will be compensated.
Of course, these aren’t the only home insurance questions out there, but if you have any type of insurance related problems, our agents are here to help.

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