Homeowner’s Insurance
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.
Why do you need homeowners insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.
- If your home was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.
- If a guest in your home is injured, liability protection and medical coverage help pay expenses.
- If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
- If you are still paying for your home, your lender will require insurance.
It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.
Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.
- How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home's features and the things you own so you can make an informed decision about coverage.)
- Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
- What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
- What's the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
Flood Insurance
Flood insurance covers rising water and is not covered by any property insurance. Roughly 25% of all U.S. flood claims come from outside the high risk zones resulting in millions of dollars of losses to homeowners. Homeowner policies exclude damage by flooding.
Watercraft Insurance
Weather you cut through the waves in a cabin cruiser or runabout, cruise the lakes on a pontoon boat or a fishing boat, or speed by on a personal watercraft. Watercraft policy provides specialized coverage’s you need to protect your investment. Watercraft policies can be endorsed with extra coverage like Total loss replacement, diminishing deductibles, fishing equipment, watercraft liability and on water towing.
Recreational Vehicles
Unless you have a true recreational vehicle insurance package, you could be in for an unpleasant ordeal should you experience a loss with your RV. Your auto and homeowner's policies may not cover such items as appliances, plumbing or accessories. Without true Recreational Vehicle insurance, your emergency expenses incurred while traveling would undoubtedly come out of your own pocket. A typical travel trailer insurance policy from an auto carrier will include physical damage coverage only. Our A + rated motor home insurance and travel trailer insurance companies provide coverage’s far above and beyond the modest coverage provided by your auto insurance company.
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