Homeowners’ Insurance provides financial protection against natural disasters. A standard policy insures the home itself and the things you keep in it. There are several different forms of Homeowners’ insurance, we are happy to discuss the variety of coverage and endorsements with you.
Homeowner’s Insurance is a package policy. This means that it covers both damage to your property and your liability. That means it provides legal responsibility for any injuries and property damage you or members of your family cause to other people. This may include damage caused by household pets. When there is a loss, your policy has a deductible that applies and will need to be considered before contacting your carrier to report a claim. We highly recommend carrying a high enough deductible to help you remember that insurance is not for minor (less than $1,000 repair) claims. Rather it is there to protect you from the major financial hardships like roof replacement, water damage, tree damage, etc
Your policy will cover damage caused by most disasters. But there are exceptions. The most common exceptions are damages caused by floods, earthquakes, or poor maintenance. Depending on where you live, you must buy two separate policies for flood and earthquake coverages. Some of these risks may be covered by an endorsement. However, maintenance-related problems are the Homeowner’s responsibility.
If the cost to repair the damage is less than your deductible, you should not file a claim. The purpose of insurance is to provide you with protection against loss losses. Each claim has the potential to increase your premium or cause the carrier not to renew the policy.
Homeowners insurance is a form of property insurance designed to protect an individual’s home against damages to the structure or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property. This can also extend to property that is taken outside of the home.
I plan on making improvements to my home by upgrading the HVAC system, electrical and replacing the roof. Do I need to increase my Coverage limit?
Any upgrades should be shared with your agent and insurance carrier as they may increase the value of the home. Also certain upgrades (roof) etc., may qualify for additional discounts.