A standard homeowners policy protects your home itself and your belongings in it. Homeowners insurance covers both damage to your property and your liability or legal responsibility for any injuries you or immediate members of your family cause to other people. Damage to your home caused by most disasters is covered as well. There are some exceptions. Flood damage, earthquake damage, or damage as a result of poor maintenance are not covered. You must have separate policies for flood or earthquake coverage.
A standard homeowners policy will cover four major aspects of your home:
Coverage for the actual structure of your home. Generally this refers to coverage for any insurable loss to your home, or to any structures adjacent to your home.
Coverage for your personal belongings. Insurance companies usually provide coverage for your personal belongings in the home, for the amount of 50 - 75% of the coverage limits on your home.
Liability protection. This covers you against lawsuits that result from bodily injury or property damage caused to others by you or your family members at your property. Coverage can include pets.
Additional living expenses. Additional living expenses pay the costs incurred by you when you have suffered a covered loss. Hotel bills, restaurant expenses, and other costs incurred while your property is being restored.
Yes, you always have the option of switching insurance companies. Most homeowners policies allow for a refund of pre-paid premiums to their policyholders in the event of the policy cancellation. You can switch at any time, free of charge!
We will just need some basic information about you, what kind of credit you have, where you live, what the approximate value of you home is, what the approximate value of your personal possessions are, and what levels of deductibles you want to carry. Our forms have a few more questions, but that's basically it! It's that simple.
One way to lower your premium and monthly payments, is to raise your deductible. However, if you have to file a claim, your out of pocket expense will be higher. Other than that, premiums are based on some of the following factors:
Home location. If your home is has a high exposure to natural disasters such as tornados, hurricanes, or floods, then your premiums will be more expensive.
Building costs in your area. The more expensive the homes are in your area, the higher your premiums will be.
The Square footage of the home. Larger homes cost more to insure than smaller ones.
Home type. What type of basic material your home is made of effects the cost of insurance.
Neighborhood. High crime areas can effect your rates.