What is Home Insurance?
Home insurance, also commonly called hazard insurance or homeowner's insurance (and often abbreviated in the US real estate industry as HO1), is a type of property insurance that covers a private residence.
It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
How much homeowners insurance is enough?
Most people find that “enough” means a sufficient amount to rebuild their home. Remember that the foundation and the land are not covered under the policy and therefore will not figure into an insurance settlement. When determining the replacement cost of your home, do not use the sales price, the tax assessment or the value the mortgage company calculated. All these can vary greatly from the construction costs.
You should also evaluate your personal belongings and ask us about the options for covering these items. Most homeowners’ policies include personal liability protection. Be sure to speak with your agent concerning your liability coverage needs.
What will affect the price of my homeowner's insurance?
There are several factors that go into the cost of homeowner’s insurance. An example is the type of construction, where frame houses usually cost more to insure than brick. The age of the house is also a factor. Since newer homes should have fewer problems, they generally qualify for a discount. Does your neighborhood have adequate fire protection, fire hydrants, etc. If not, this will cost you a bit more.
How quickly will my possessions be replaced if I file a claim?
Each insurance carrier has a different policy on filing claims but the nature of the claim has the greatest effect on how quickly it is processed. Also, the specific article that was lost and your insurance carrier’s policy affect the turn around rate. We only represent strong, reputable insurance carriers that have a high rating on customer service.
Typical Home Insurance Coverages
Section I — Property Coverages
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