{"id":1264,"date":"2016-09-21T15:30:32","date_gmt":"2016-09-21T22:30:32","guid":{"rendered":"https:\/\/www.realtyexecutives.com\/blog\/?p=1264"},"modified":"2016-09-23T09:02:10","modified_gmt":"2016-09-23T16:02:10","slug":"guide-to-home-insurance","status":"publish","type":"post","link":"https:\/\/www.realtyexecutives.com\/blog\/guide-to-home-insurance","title":{"rendered":"The Homeowner\u2019s Guide to Home Insurance"},"content":{"rendered":"<p><a href=\"https:\/\/www.realtyexecutives.com\/blog\/wp-content\/uploads\/2016\/09\/2-Homeowners-Insurance.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-1272\" src=\"https:\/\/www.realtyexecutives.com\/blog\/wp-content\/uploads\/2016\/09\/2-Homeowners-Insurance.jpg\" alt=\"homeowners-insurance\" width=\"600\" height=\"600\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">With so many insurance companies vying for your business, it can be difficult to feel confident with any one provider. Doing your research and getting quotes from a variety of companies is the best way to ensure that you not only pay reasonable rates but are adequately covered in the event of a loss.<\/span><\/p>\n<p><!--more--><\/p>\n<p><b>What does home insurance cover?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A good coverage option will include most or all of the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Dwelling coverage \u2014this will help pay to repair or rebuild essential systems of your home, such as plumbing and electric.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Liability insurance \u2014 if you or a family member are responsible for injuring another person or damaging someone\u2019s property, or if an accident occurs on your property, this helps protect your assets and cover the costs that come with any lawsuit or litigation. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Other structures \u2014 covers the cost of repairing structures on your property that are not directly attached to your house, like a garage or a shed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Personal property coverage \u2014 protects items like your clothing, furniture and other types of personal property, if damaged or destroyed. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loss of use \u2014 if you need to temporarily find alternate housing while your house is being worked on after a loss, this will help you pay for housing and living expenses during that time.<\/span><\/li>\n<\/ul>\n<p><b>Factors that influence home insurance<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The most common factors that can affect your premium are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The age of your home<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your location<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Risk factors such as certain dog breeds or a swimming pool on site<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your claims history<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Credit score<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The deductible tier you choose<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Coverage amount you select<\/span><\/li>\n<\/ul>\n<p><b>What home insurance <\/b><b><i>doesn\u2019t<\/i><\/b><b> cover<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Consider situations that are unlikely to be covered by any insurance company and can leave you paying a lot more than you originally bargained for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Flooding \u2014 homeowner\u2019s insurance policies don\u2019t offer coverage for damage caused by weather-related flooding. If this is something you\u2019re concerned about due to climate and flooding history in your area, look into opting into the National Flood Insurance Program.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Earthquakes \u2014 most states offer special endorsements for earthquakes for an extra fee (the only exception being California).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Landslides \u2014 similar to earthquake coverage, some companies will offer this protection at an extra cost, but are not legally required to.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Wind damage \u2014 hurricane-prone areas do not offer coverage from damage caused by strong winds in their basic policies, but fee-based endorsements are available to offset the increased risk. Unfortunately, in the event of a hurricane, having wind damage but not flood damage could leave you liable for the cost from both if the damage is found to be flood-related, so consider the option to invest in both carefully.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Maintenance neglect, including:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Burst pipes<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sewer backups<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Molding<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Termites<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Certain dog breeds \u2014 dogs that are typically aggressive could prevent you from being covered at all. Make sure to discuss your dogs with your insurance company.<\/span><\/li>\n<\/ul>\n<p><b>Homeowners Insurance Discounts<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The best providers offer discounts and incentives for your business. When shopping around for providers, keep the following discount opportunities in mind:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Multiple-policy discount: Available if you have an auto, life or other type of insurance policy with the same provider.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Protective device discount: Available if you have a home security system, fire alarm or other additional security measure.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Claim-free discount: Available if you haven\u2019t filed a claim over a certain period of time.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Newly purchased or recently renovated home<\/span><span style=\"font-weight: 400;\"> discount<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Early shopper discount: Available if you obtain a quote before your current policy with a different provider expires.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Insured-to-value discount: Available when you insure up to 100% of the cost to replace your home.<\/span><\/li>\n<\/ul>\n<p><b>Important things to keep in mind<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You may be underinsured: Dwelling coverage has limits and when purchasing an insurance policy, most people choose a coverage limit that is equal to the cost of their home. However, in the event of a catastrophe that warrants a rebuild, rebuilding your home could be much more expensive than the original purchase price. When shopping for homeowner\u2019s insurance, opt for coverage that will cover the full cost of a rebuild.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Certain valuables, such as heirlooms or expensive jewelry, may need their own separate endorsements.\u00a0<\/span><\/span><span style=\"font-weight: 400;\">If your personal property coverage does not have a specific dollar amount, consider getting your valuables appraised and tacking on the additional coverage to ensure that you are fully reimbursed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Understand the difference between homeowner\u2019s insurance and a home warranty &#8211; home insurance covers damage; home warranties cover mechanical failure. Vital systems in your home, such as HVAC or water heaters are not covered under a standard homeowner\u2019s insurance policy.<\/span><\/li>\n<\/ul>\n<p><b>When filing a claim<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Keep an eye out to ensure that the insurance company you ultimately select as your provider has:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Positive user reviews and high scores from reputable agencies like ConsumerReports.org and J.D. Power and Associates<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A clear, user-friendly website with multiple ways to file a claim (e.g. via phone, online, and in-person)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">24-hour support<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Local or regional offices in the event that you would like to speak with a representative face-to-face<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For more information regarding coverage options for secondary homes and rates by state, check out The Simple Dollar&#8217;s\u00a0<\/span><a href=\"http:\/\/www.thesimpledollar.com\/best-home-insurance\/\" target=\"_blank\"><span style=\"font-weight: 400;\">complete guide to homeowners insurance<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This post was provided\u00a0by <\/span><span style=\"font-weight: 400;\"><a href=\"http:\/\/www.thesimpledollar.com\/\" target=\"_blank\">The Simple Dollar<\/a>, a<\/span><span style=\"font-weight: 400;\">\u00a0personal finance blog providing frugality and money management tips, as well as ideas for frugal living with high quality of life.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With so many insurance companies vying for your business, it can be difficult to feel confident with any one provider. Doing your research and getting quotes from a variety of companies is the best way to ensure that you not only pay reasonable rates but are adequately covered in the event of a loss.<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[419],"tags":[417,452],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/1264"}],"collection":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/comments?post=1264"}],"version-history":[{"count":9,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/1264\/revisions"}],"predecessor-version":[{"id":1303,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/1264\/revisions\/1303"}],"wp:attachment":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/media?parent=1264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/categories?post=1264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/tags?post=1264"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=1264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}