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One reason homeowners need insurance is that mortgage companies require it. If you take out a mortgage, your house is the lender’s collateral, so your lender will require you to buy a minimum level of hazard insurance. That doesn’t prevent you from buying a greater amount than the minimum, Nolo states if you think it necessary.

Hazard Insurance

Hazard insurance protects you against unintentional damage or destruction to your house or its contents, including fire, storm, theft, vandalism and similar threats, the Nolo legal website states. It can cover the cash value of the damages or the replacement value; replacement value pays enough to replace what you lost, but cash value only pays what a property is worth. The cash value for a five-year-old $1,000 television won’t be $1,000, for instance, because it depreciates with age, making it worthless in the insurer’s eyes.

Liability

Liability insurance covers personal liability for accidents on your property. If your neighbor trips on a hose in your yard and breaks his ankle, for example, liability insurance will pay for his medical expenses, up to the policy limit.

Special Property

Homeowners insurance covers most of the property in your home, but there are limits to what the insurer w ill pay for certain items, such as cash or jewelry, the “This Old House” website states. If you have a home office, hazard insurance doesn’t cover business equipment either. If you have personal or business property that isn’t covered, consider paying more money for a supplemental policy that will protect you if they’re damaged.

Exclusions

Homeowners insurance doesn’t protect you against everything: Insurers routinely exclude things such as flood damage and earthquake damage from coverage, though separate flood and earthquake policies may be available where you live. “This Old House” states that a “law exclusion” in your policy can be very expensive. If an older building is damaged more than 50 percent, it will have to be rebuilt to the current building code standards; the law exclusion means the insurer won’t pay the cost of upgrading wiring or roofs to meet the code.

Why should insure for more than my homes worth?

When most people buy a home they get a home insurance policy based on what their house is worth on the market. It’s called “Fair Market Value.” But what if you had a fire and had to completely rebuild your home? There is a good chance that with inflation, contractors would charge you a lot more than what you paid for your home -especially in today’s housing market. Your home is the single most valuable asset you own. The biggest mistake homeowners make is just getting the cheapest insurance they can find. You could save a lot more money in the long run by being savvy about home insurance policies and going with one that protects you the best.

• Market Value (Actual Cash Value): This type of home insurance pays for the cost to replace damaged property while factoring in depreciation amounts. This is the bare minimum and often the standard required when purchasing a house.
• Replacement Cost: This home insurance policy will cover the cost of rebuilding your home, up to the amount that you choose with your insurance policy. So, if your policy is for $200,000, and you have a total loss, you’ll get $200,000 to rebuild and no more.
• Guaranteed or Extended Replacement Cost: This is the most coverage you can get for you home. This type of policy is the only one that will pay to completely rebuild your home in the case of a fire or other natural disaster.

Why should I  take a  home inventory?

Having a detailed inventory as well as proof of ownership at the time of a loss can really help to settle your claims faster and easier.

How do I file a homeowner’s claim?

Making a claim to your homeowners insurance policy is a relatively easy process. Your insurance coverage should put you at ease while in the process of repairing the damage to your home.

• First thing: Call your InsuranceHub agent at (877) 254-5756

Most homeowner’s insurance policies will cover damage caused by such perils as fire, windstorms, hail, lightning, theft or vandalism. There are other homeowners policies that cover additional perils as well.

A typical home insurance policy is designed to offer protection for the following:

• Liability
• The physical structure of a home
• Personal possessions
• Additional living expenses
• Unexpected replacement costs

There are other options available too. To be honest, most people are surprised to find that additional protection is more affordable than they thought. Always ask about additional coverage options, such as: jewelry insurance, umbrella insurance, pet liability, vacant home insurance, earthquake insurance, flood insurance, and more.

How do I  know that my personal things are protected with property insurance?

Your home insurance company offer “riders” that can be added to your policy to provide additional coverage. For example here are two riders that you can select:

Actual Cash Value: The coverage will pay out on what the property is worth at the time of the loss. As you can imagine this takes into consideration depreciation of the item based on the Age of the item, market value and the condition of the property at the time of loss or damage. In other words a $1,000 TV when new might only be worth $150 now after a few years of use.

Replacement Cost: This coverage will write you a check (minus the deductible) for what it would cost to replace the item and buy you a new one if damaged or destroyed. It ignores depreciation completely.

Am I covered in a tornado?

Yes, your home is usually protected against tornado and wind damage as long as you pay your homeowners insurance premiums. It wouldn’t be a bad idea though to double check your policy for the details.

Am I covered with flood insurance?

You will need a separate flood insurance policy to cover your home.

Will homeowners pay for sewer back up clean ups?

Typically, sewage backups are not covered by home insurance policies unless you purchase a special rider for them to do so.

Will homeowners protect me from termite damage  repairs?

You may be surprised to hear that the answer is no. Insurance companies expect home owners to take care of preventive maintenance issues, BEFORE they become problems.

Will my homeowners policy cover my expensive jewelry?

Well that depends on how much it is worth. Most insurance companies will provide up to $1,000 in theft coverage for an item. That is why it may be  wise to invest in a “rider” to cover these valuables that you have. This “mini insurance policy” will cover you up to $10,000 or more if you need it.

Is landscaping covered by my homeowners policy?

Coverage for the loss of garden trees, shrubs, and plants is generally included in the personal possessions portion of standard homeowners insurance policies. The amount of coverage is typically around 5% of the insurance value of the buildings. A standard homeowners policy may have a per item limit, so you might want to consider purchasing additional coverage to make sure that expensive plants and trees are fully insured. You may also want to think about purchasing coverage for wind damage in your garden!

Moving insurance: Is it worth it?

Once the movers close the door of the moving truck and take possession of your things, your standard home insurance policy isn’t going to help you any more. You need to get moving insurance coverage.

How much homeowners insurance costs depends on a number of factors, including the state you live in. There are also a number of other factors that could have an effect on your premium.

The age and size of the house

The age of your house can help predict the likelihood that you’ll file a claim. Older roofs can be much more vulnerable to damage from covered perils such as wind and hail. Older plumbing can lead to water damage from burst pipes. Older electrical systems can be more prone to fire.

Your claims history

Insurance providers believe that customers who have filed claims in the past are much more likely to file claims moving forward.

How to help save on the cost?

Most homeowners insurance providers offer a number of discounts to help lower your premiums. These price breaks, however, vary greatly  by provider and state. Here are some common ways you can save:

Home insurance and auto insurance discount

When you combine your home insurance and your car insurance, you will save big. You can get up to a 20% discount on a home insurance policy when you insure your car and home together.

Protective device discount

Alarms are more than just a deterrent! You can get up to a 15% discount if your home is equipped with smoke detectors, fire alarms, burglar alarms, or other qualifying devices.

Claims-free discount

Have you been claims-free in the past five years? You can get up to a 20% discount on your homeowners insurance w hen you don’t have any claims.

Age of construction discount

Depending on your home’s age, you can get up to a 30% discount. Homes less than 5 years old can qualify for a new home  construction discount.

Age of insured discount

If you are 60 or older,you can get up to a 15% homeowners insurance discount.

We have several other home insurance discounts that you may qualify for as  well.

Feel free to call us for more information.

How can you save on homeowners by  protecting your home against burglary?

Theft claims are ones that can raise your premium and no one wants to feel the violation when an unwanted person is in your home and rifling through your possessions. No one wants to go through the heartache of  losing valuable items or making a claim to your home insurance. Now for the good news: there are precautions you can take to protect yourself and your family from burglary and theft.

• Know your neighbors.
• Trim your shrubbery so it doesn’t cover any doors or  windows.
• Use deadbolt locks and secure all entries into your home.
• Install a peephole in your front door, and use it.
• Talk to your kids about not opening the door to strangers.
• Don’t hide keys outside the front of your house.
• Mark valuable property with a code or number you would recognize.
• Use timers to turn lights and radios on and off when you are on vacation, and stop newspaper and mail delivery until you return home.