Homeowners Insurance
Homeowners Insurance
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Just like shoes, one size does not fit all. When it comes to your homeowner’s insurance needs it is best to consult your agent to custom fit your policy to your family.
What is Homeowners Insurance?
Homeowners insurance provides protection against disasters. Most policies insures the home itself and your belongings.
Homeowners insurance is a package policy that not only covers damage to your property, but also your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. It even includes your household pets in some cases.
Damage caused by most natural disasters are covered by your policy with a few exceptions you should be aware of. Flooding, earthquakes and normal wear are not automatically covered by your policy. Maintenance related problems are the responsibility of the homeowner. In most cases earthquake insurance can be added to your homeowners policy but flood is always written on a separate flood policy.
Why Should You Get Homeowners Insurance?
It is really all about protecting you financially. If something unexpected happens to your home or possessions you need to be protected. Chances are your home is one of the largest investments you’ve made so protecting it is important. If you have a mortgage on your home most likely your lender will require homeowners insurance to protect their investment as well.
It is important to be aware that homeowners insurance is meant to cover unexpected damage and not routine maintenance. Feel free to call us to discuss what is covered or not covered by your policy. You may have gaps in your coverage that you were unaware of and it is never good to find that out too late!
Why Should I Use an Independent Agent like Newby Insurance Agency when purchasing Homeowners Insurance?
- Independent agents represent several insurance companies, not just one. This allows us the flexibility to offer you several options, find the right coverage and the best pricing.
- Independent agents represent you the client and not the insurance company. Agents that represent one company (often referred to as captive agents) work for that company. Independent agents partner with insurance companies and make sure the client comes first.
- An independent agent can answer all of your coverage questions, ensure you are receiving all of the discounts available to you and make changes to your policy. When you call you will speak to an agent who knows you instead of talking to a call center where you get a different person on the phone every time.
- Independent agents will hold your hand and help you through a claim. We know a disaster can be inconvenient, frustrating and scary. We are there every step of the way to make sure things are as smooth as possible.
What is the difference between Market Value and Replacement Cost Value?
This is a question we get often and can be confusing. People often call and say something along the lines of “I am purchasing my house for $185,000. Why do I have to have insurance coverage for $220,000?”
The difference is market value and replacement cost. Market value is the amount you can buy or sell your home.
Replacement cost is the amount it would cost to build your home from scratch. Insurance companies used sophisticated computer systems to compute the cost to rebuild your home based on square footage, number of stories, year built, etc.
With the decline in the housing market, several people are seeing vast differences between their market value and replacement value.
What are Some Common Endorsements to Consider for a Homeowners Policy?
The list below has the most common, but there are many others. Feel free to call our office to ask questions or discuss other endorsement options for you.
- Replacement Cost coverage (this is a required endorsement on all policies purchased through Newby Insurance Agency)
- Water Back-Up Sewer coverage
- Mortgage Protection
- Earthquake
- Identity Theft
- Scheduled Valuable Items (jewelry, furs, art work, sports equipment, antiques, etc)
- Special Homeowners Protective (debris removal, refrigerated products, etc)
- Business Pursuits
- Watercraft Liability
- Umbrella
Didn't get your question answered yet? Give our office a call to speak to an expert agent. We are happy to help you make knowledgeable insurance decisions.
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