Understanding Homeowners Insurance: What You Need to Know
Ashley Urban - Cura Insurance
Homeowners insurance is a crucial safeguard for protecting your most significant investment—your home. Whether you’re a first-time homebuyer or a seasoned homeowner, understanding the intricacies of homeowners insurance can help you make informed decisions and ensure you have the right coverage.
What Is Homeowners Insurance?
Homeowners insurance is a type of property insurance that provides coverage for your home, personal belongings, and liability protection. It is designed to protect you financially in case of damage or loss due to various events, such as natural disasters, theft, and accidents.
Top 10 Things to Ask Your Homeowners Insurance Agent
Is my home covered at replacement cost or actual cash value (ACV)?
Is my roof covered at replacement cost or ACV?
What are common gaps this policy doesn’t cover? (standard gaps are earthquake, ground water, storm water, wear and tear, etc…).
Are there any endorsements or supplemental policies I should consider?
What is the current estimated rebuild on my home (MSB)?
What initial concerns do you see that could be an issue with underwriting?
Does underwriting review prior to the policy going into effect or after?
Will an inspection be completed? If so, exterior, interior or both? After the policy is in force, can I expect future inspections (aerials are becoming common).
Are specific personal items not covered (i.e. jewelry, firearms, tools, etc…)? Is there a limit on theft?
Do coverages automatically change at a specific age or point in time (i.e. most roofs will automatically be moved to ACV at a certain age. Most rentals will get moved to ACV at a certain age)?
How to Avoid Cancellations
Don’t file a claim every time something happens or for little items such as refrigerated items, small thefts. If unsure whether to claim something or not, get a professional opinion prior to filing.
Trim trees that may overhang the property or remove the tree all together.
Maintain “pride of ownership”. Fix items such as peeling paint, overgrowth, any deterioration.
Avoid high risk items/activities at home (In-home business where others come to your property, exotic animals, bully breed dogs, etc…).
Replace old roof…
Preventative Maintenance to Avoid Higher Rates
Updates such as a new roof, plumbing, electrical, HVAC systems, etc… may decrease premiums.
Most companies do not increase or decrease rate based on maintenance or condition. This is a qualification consideration and can therefore determine if you qualify for a product and at what level you may qualify for. Some carriers may add exclusions for specific items based on maintenance or condition.
For more information please contact Cura Insurance at 785.370.0722 or service@curains.com
