Understanding your home insurance coverage
Homeowners insurance provides financial protection in the event that your home or its contents are damaged. It also provides protection if you or a family member are held legally responsible (liable) for the injuries to others or damage to their property. It’s also required by most mortgage lenders.
What’s covered; what’s not
Most homeowners 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. Typically, floods and earthquakes are excluded. It’s important to talk to your agent or Travelers representative to learn what your policy may and may not cover. And for those perils that are not covered, there may be supplemental insurance you can purchase.
What most standard homeowners policies provide:
– Dwelling coverage. Pays to repair or rebuild your home – including electrical wiring, plumbing, and heating and air conditioning – if damaged by a covered cause of loss. I
– Other structures coverage. Pays for damages to detached structures like garages, sheds, fences and cottages on your property.
– Personal property coverage. Reimburses you for the personal items in your home that may be damaged or destroyed by a covered cause of loss
– Loss of use coverage. Pays your additional housing and living expenses if you must move out of your home temporarily while it’s being restored.
– Liability insurance. Helps protect your assets and cover your defense costs in the event of a lawsuit because you or your family members are responsible for causing injuries or damage to other people or their property.
– Additional home coverages. There are a number of additional coverages you can add on to your homeowners policy to help you meet your insurance needs.
How to buy home insurance at our office
When visiting our office, please provide:
- Applicant Name
- Address, phone number
- Old Home Insurance Policy and old policy price (if applicable)
- Other information: inform if you have Burglar alarm, Fire alarm, Residential Sprinkler Installed, Secured Dwelling or additional exposures such as Swimming Pool, Trampoline, Spa, Oil Tank
Keys to saving on homeowners insurance:
– Install safety & security devices. You can often save premium with deadbolt locks, fire extinguishers, smoke alarms, burglar alarms and fire alarms that alert your local police and fire stations. Check with your agent to see if your insurance company has specific requirements to qualify.
– Check into a multi-policy discount. Some companies offer a price break for having more than one type of policy with the same company.
– Maintain good credit. Many companies provide discounts or consider good credit as one of the factors when selling new policies, so it can really pay off to manage your personal finances.
Source: Mapfre, Travelers Websites