Homeowners Insurance

What is Homeowners insurance?

A homeowners insurance policy is charged with an extremely important task: providing financial protection to make you (the policyholder) whole after an insurable incident that damages your greatest investment—your home.

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 if you or visitors in your home have accidents. They may trip over a loose walkway stone or slip on your deck, but if they are injured and want to have their medical fees reimbursed along with pain and suffering, your liability coverage is there to handle the claim.

Why do you need homeowners insurance?

It is really all about protecting yourself financially if something unexpected happens to your home or possessions:

• If your home was destroyed by fire or damaged by a natural disaster
• 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 have a mortgage or a line of credit, your lender will require insurance.
  
  

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your broker to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.

Quick FAQs:

·         In the event of a fire, most insurance companies require that you re-build on the same lot; some may let you settle with a cash settlement in lieu.

·         Many discounts are available to decrease your premium such as; the number of years you have lived at your residence upgrades to your home such as, hot water tank upgrades.

Questions to Ask Your Broker:

• How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your broker 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.) 
• Can I increase my deductible? (You can decrease your premium by increasing your deductible.)