What homeowners should know

What homeowners should know

Pricing

1.    Be leery if the price seems too good to be true - that could mean the policy is not comprehensive. Be sure to ask.
2.    Use an independent insurance agent who can shop various carriers -
3.    Bundle with the same agency to get package discounts. Even if the home and auto policies are with different carriers the agency   can provide you a package discount.
4.    Expect an increase in insurance premiums this year and the next few years - 10% on property on average.   The main reason is that insurers project more weather related damage so the base rates will reflect this.

Coverages
1.    Keep an inventory/receipts/serial numbers, video of your property. Know your stuff.   After a burglary or fire, policyholders sometimes forget what they owned.
2.    It only costs 25/year to go up from 300,000 of liablity to 500,000 of liablity or add $1M umbrella for 200/year
3.    Flood damage is not covered on your home insurance. Always get a flood insurance policy because this area does flood even if your realtor tells you, you are in the 500 year flood plain. Flood insurance runs about $1/day - it is very affordable.   People forget AC units outside cost around 10K and are very vulnerable to flooding.
4.    Do not assume you are covered for a certain event.   Take a few moments to think about your major exposures and ask your agent if you have coverage for it. For example, do you live on a busy street? Ask your agent if you have coverage if a vehicle hits your house.   Another example might be, hogs have been seen in the area, if they damage the house somehow is there insurance for that?
5.    Always add valuable items to your policy like jewelry, guns, fine arts, antiques because your policy caps these coverages at 1500 per category.    Some people do not know that if they do not declare a value for antiques or collectibles or fine arts, they would only get the functional value of that time, not the higher value so get appraisals.
6.    Always let your agent know if you have a dog, pool, trampoline so they can insure you for that. Also if the property is vacant or no longer owner occupied, very important to know that your policy will void if the occupancy has changed so be sure we know if there's been a change so you can be properly insured.

Please contact us to discuss your insurance if you have questions.

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What homeowners should know

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