Considerations for Homeowners Insurance


Home Owners Insurance Quote

Your home is most likely your biggest asset, and insuring it sufficiently is crucial to protect you against disasters and lawsuits. Understanding some homeowner’s insurance basics can help you choose the right insurer and coverage. Additionally, most mortgage lenders insist on replacement insurance before they will approve a loan. Get a Home Owners Insurance Quote Today!

What Coverage and Protection Does a Homeowners Policy Offer?

Homeowners insurance not only protects your dwelling, it also covers:homeowners-insurance1

  • Housing costs and other essentials if you can’t stay in the home due to damage
  • The contents of your home such as electronics, appliances, clothing, furniture, and personal effects. Items inside your vehicle and taken with you while traveling are also usually covered.
  • Other structures like detached garages, fences and storage sheds.
  • Personal liability and medical payments for someone who is accidentally injured on your property.

Covered Losses and Exclusions

A comprehensive homeowner’s policy reimburses you for property damage caused by all types of hazards unless they’re specifically excluded. These can include theft, fire, vandalism, explosions, smoke damage, lightning, windstorms, sudden accidental water damage or hail. Common exclusions include floods, water seepage, earthquakes, termites, poor maintenance, mold, acts of war and nuclear hazards.

Most insurance companies offer policy add-ons or “endorsements” at an additional cost to for extras like specific circumstances like a home business, expensive possessions, or certain events like floods or sewer and drain backups. What isn’t covered? Click here

Home Owners Insurance Quote

How Insurance Rates Are Determined

Insurance premiums can vary greatly between insurance companies, so we suggest getting several quotes when you’re buying a home or renewing an annual policy. When comparing quotes, make sure the home’s replacement value is accurate and coverage levels and deductibles are the same.

A variety of factors influence the rates charged for coverage, such as the home’s location, construction type, whether you choose actual cash or replacement value, the number of claims you’ve filed and your credit history.

More about Home Owners Insurance Quote:

It is important to remember that the lowest quoted premiums may not be the best value. The insurer you choose should be financially stable and have a reputation for dealing with claims promptly. Remember you generally get what you pay for.

Here are 65 Individual circumstances your insurance may cover.

For more advice about choosing homeowners insurance, contact the pros at Diamond Homes Realty.