With the recent spat of hurricane’s throughout the southeast, thousands of homes received damage from high winds and flooding. These storms just reinforced how important being covered with a basic home insurance policy is. Home insurance is something all homeowners need, to protect their property investment and personal items. It covers 2 primary things when a loss occurs.
1. Property Coverage
If an event causes damage to your home or the contents inside, your home insurance will cover repairs or
replacement. Examples include tree damage, flooding, fires and even if your friend falls down the stairs and
breaks an ankle.
2. Liability Coverage
In the event a person gets injured in your home or property, your homeowner’s policy will cover you up and
to the policies limits. Most plans also cover pets that injure another person. Hundreds of mailmen get bit every
year by dogs and cats. Securing quality coverage will save you from having to settle a lawsuit out of pocket.
Get a free Trumbull home insurance quote online and get covered for less.
Standard Home Insurance Coverage
Standard homeowner insurance will provide basic protection for most property owners. If you want enhanced protection, there are policies you can buy that will offer a more broad coverage. It will cover less probable things that can damage your home, like vandalism. If you live in a condo or rent a home, you should still look into protecting yourself and your valuables by securing a homeowner policy. Standard home insurance can cost less than $1,000 per year. There are leading companies like Trumbull homeowners insurance that can insure your home, with rates that start at $39 per month. Get your no obligation quote today and compare rates online.
Many people ask if they have to buy home insurance. The answer to that question is yes if you have a mortgage. Your lender will mandate certain levels of protection before the mortgage becomes binding. This protects the mortgage holder from a catastrophic loss in the investment they have made, in the event the property is destroyed.
On the other hand, if you buy your home outright in cash, you can decide whether or not you want to get it insured. Just about everyone should buy a home ins policy, even those that are lucky enough to own their place outright. Remember “Murphy’s law”? Just about anything can happen at anytime and that includes frivolous lawsuits. Someone that visits your home and slips and falls could sue you for tens of thousands. We live in a highly contiguous society, and you need to be protected.
Important tip: You need to buy enough home insurance to replace your house and your personal items, in the event of a total loss.
Personal Property Coverage Levels
Actual Cash Value
This type of coverage will replace items lost at their current worth. Items that have aged, like a piano, will be deducted using standard depreciating methods. The replacement claim amount is dependent on your policies limits.
Property Replacement Costs:
This type of policy will cover the expense related to your items lost, with no depreciation deduction, to your policies limit.
Guaranteed Replacement Coverage
This policy is similar to replacement cost, with no depreciation taken. However, it will pay a premium, up to 20% on most policies for replacing possessions.
Many people who own a home feel more secured with a guaranteed replacement policy, even though it costs 10% to 15% more. After all, for most people, their home is the single biggest investment they will make in their lifetime.
Home Insurance Perils
Most home insurance policies cover basic perils such as these:
Wind or Hail Damage
These are some of the most common home insurance claims that are filed each year, especially in hurricane areas like Florida and the Gulf Coast. This can include windows and roof damage. In extreme wind events like a tornado, an entire structure may need to be replaced.
Fire and Lightening
Despite safer wiring and fire alarms in most homes, fires can and do happen. Take proper inventory of your home, with either pictures of your possessions or videotape, in the event your home burns down, and you need to file a claim.
Your personal belongings are covered in the event there is a theft. However, not everything is protected, including currency and precious metals like gold and silver. Also, cars and animals usually will not be covered as perils.
There are additional perils that are protected under most home insurance plans, like power outage. Make sure you go over all the items covered before you buy any policy. This means reading all the fine print.
Many people are shocked to find out they need to buy a separate flood insurance policy for their home. You can get this added on to Trumbull insurance and with other carriers. There’s also the National Flood Insurance Program that offers flood ins at reasonable rates.
If you live in a high-risk earthquake area, like California, you may be required to purchase earthquake insurance. Often these policies will have higher deductibles, but plans are fairly cheap – between $25-$40 per month.
Home Liability Coverage
In the event, someone suffers an injury while on your property, you can be covered with home liability protection. This can include slip and falls, pool accidents, animal bites and so on. Most people get $100,000 in liability ins, but you may need more. If you have substantial assets, you should get higher limits. Personal injury suits often result in high payouts, some of which can exceed $1 million. Protect yourself from an expensive lawsuit and get home liability coverage.
Home Insurance Rates
Like auto insurance, there are many factors that go into deriving your home insurance premiums. Some of the main ones are:
- The replacement cost of your home
- The age of your home
- The area you live in and the proximity to a firehouse
- The claim history in the area you live in
- Your Credit Score
- Previous claims filed for the property
- If a business is being run on the property
- If the home has risky items: such as pools, trampolines, tree houses and of course dogs
Get Cheap Home Insurance Online
You can save a lot of money just by going online and comparing rates at Trumbull insurance website. The average customer saves about $450 annually on a basic home insurance policy. You can even buy your homeowners coverage online, in only a few minutes. If you bundle your home and auto together, you can save about 10% or more. Other discounts are given to non-smokers, new or newer houses and paying your premium in full upfront. Get quoted today and get the best homeowners insurance for less.