Owning your first home is one of the most exciting and biggest accomplishments in life. It is a memorable time and something to be proud of. With this excitement comes the responsibilities of maintaining and insuring the home. While we can’t help with the maintenance, we can help you understand and properly insure your new home.
What Does Home Insurance Cover: Homeowners insurance is a broad policy that covers the structure of your home against losses like fire, theft, vandalism and other weather related losses. You also have coverage for liability for injuries to others while visiting your property such as slip and fall claims or even dog bites. It is important to understand that losses from floods and earthquakes are typically excluded from the standard homeowner’s insurance policy. You can get a separate policy for these types of losses.
What Does Home Insurance Cost: The cost of a homeowner’s insurance policy varies on several factors including your credit history, your previous loss history (dog bites or liability, or property loss claims), the value of your home and any scheduled property like jewelry and art. Our agency can give you exact numbers and because we’re an independent insurance agency, we can compare several home insurance companies at once for you to find the right coverage at the right price.
Does Home Insurance Cover Detached Structures? If your home has a detached garage or other detached structure like a home office or art studio, your policy can include things like “Other Structures Coverage.” Talk to an agent to learn more about insuring your detached structures.
Are My Personal Items Covered? Homeowners policies come with personal property coverage. This amount varies by company and can be increased with most companies. Be sure that the amount of coverage you select for personal property is sufficient for the items you own.
Are Dogs okay? Most dog breeds are okay to be covered under the liability portion of your home insurance policy. Some dog breeds such as Pit Bulls, Akitas and other dogs are classified as dangerous and may be excluded from coverage. Check with your insurance carrier for a list of breeds they will not insure.
Many options and additional coverages are available for home insurance that are not included in a standard home insurance policy. Check with a licensed agent in our office for additional coverages you may want to include with your new home. Again, congratulations on your new home purchase and if we can help you in anyway, please let us know. We appreciate the opportunity to be your homeowners insurance agent.
Owning a secondary home or vacation property can be a rewarding experience and allow you to build so many memories! While owning a vacation home can have countless advantages, it does bring some unique responsibility and maintenance.
Regardless of whether you’re buying a cabin just a few miles away on the lake or an oceanfront condo in Hawaii, you’ll use twice per year, you’ll want to make sure your property remains adequately protected. Renting the property adds an entirely new level of complexity to secondary home ownership and yet a better reason to review your coverages with your licensed insurance agent.
Consider these items when talking to your agent:
- Will you need a separate insurance policy for your vacation property liability?
- What liability limits are adequate for a home that is vacant more often than is occupied?
- If you’ll be renting the property, consider purchasing additional liability limits as well as an umbrella insurance policy to protect you.
- Is your vacation home in an area that is affected by natural disasters such as forest fires, hurricanes, floods or earthquakes? You may need a separate additional policy for these.
Follow these insurance tips to reduce the risk of having a claim:
- Keep valuables out of your vacation home. Take them with you when you leave.
- Ask a neighbor to keep an eye out for any unusual activity at your home.
- Consider getting a video surveillance camera such as a Canary or Ring to alert you if someone enters your home. These do not require service contracts and alert you by phone.
- Keep your heater set to 60 to prevent any pipes from freezing.
- Turn off your water if you plan to leave for extended periods of time. This takes only a few seconds.
- Consider a management company if you want to rent the property. They will help keep an eye on things.
- Check for obvious liability concerns if you plan to rent the property such as rotten decking, trip hazards, or other deferred maintenance.
We wish you years of memories and relaxation with your secondary home or vacation property. When you’re ready to insure your property, give us a call.
Some of the most important insurance concepts that can affect you, aren’t commonly discussed, here’s a guide to some of the major issues.
Section I odds and ends
A couple of final thoughts, as we wrap up section I: Deductibles, Loss Settlement, and Valuation. Since there is much to be said on each of these subjects, I have included completely separate pages on each topic. Still, it is important, that if you are unsure how these work, to take a look at the applicable section.
- Deductibles
- Loss Settlement
- Valuation
To get an incredible quote these coverage sections start our online quote form. To Talk to a licensed agent about this coverage call us at 1-877-784-6787.
This coverage explanation is for illustration purposes only and is general in nature. Coverage explained here may not apply to your policy, State, company, or situation. For more information about how your policy would respond in the event of a loss, please refer to the terms and conditions and declarations page of your policy.