Home Owners Insurance
One of the most critical components of homeownership is to have insurance to protect your items inside the home and the home materials. This financial safety net will help you have peace of mind in the likelihood of unexpected events. Without insurance, there will be substantial out-of-pocket costs to replace or repair your items. Comprehensive coverage will ensure that your assets are protected. Homeowners insurance has lots of different policies that will cover different items and natural disasters. Learn more about our homeowner’s insurance policies to prevent unforeseen financial burdens.
Types Of Homeowners Insurance
Policies generally consist of several different components to help homeowners have coverage tailored to their needs. Some insurance types may require you to have multiple policies to cover unique instances like earthquakes, flooding, or pet incidents.
Some common types of coverage in homeowners’ policies are:
- Dwelling Coverage: Protects the physical structure of the home including roof, walls, and foundation. In the event of fire, hail, windstorms, or vandalism, your insurance will pay the cost of repairs or damages to these areas after you pay your deductible. Most standard policies exclude damage from floods and earthquakes.
- Other Structures: This portion of a homeowners policy will cover surrounding structures on your property like fences, gazebos, sheds, and garages.
- Personal Property Coverage: Personal coverage protects what is inside the home like furniture, electronics, clothing, kitchen appliances, etc. Higher-priced items like jewelry and artwork may require you to pay more in a deductible to cover them.
- Liability Protection: When someone is injured on your property or you cause damage to another person’s property, you will need liability coverage. This covers legal fees and medical expenses from car accidents, falls, or other work accidents.
- Loss of Use: Additional living expenses coverage will help cover temporary housing costs if your house becomes uninhabitable due to fire, natural disaster, or other covered event.
Exclusions
One of the biggest things to learn about insurance is that all policies will have exclusions. While most big events are covered by a deductible, not all instances fit under a standard policy. Some common exclusions include flooding, earthquakes, normal wear and tear, high-risk dog breeds, nuclear hazards, war, sewer backup, or illegal actions.
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How Are Insurance Premiums Determined
Several factors can influence your insurance premium, so when shopping for an insurance policy consider how these factors could affect your premium. One of the biggest factors in homeowners insurance premiums is the location of your home. If the area is prone to natural disasters or high crime rates, this could raise the premium you pay to the insurance company. Higher risk areas will result in higher monthly/yearly payments.
Another factor is the age and condition of your home. Homes with outdated systems or breaking materials are considered high-risk for insurance companies. It is costly for insurance companies to replace older parts or keep up with older homes, so this is reflected in premium pricing.
The last big factor that can increase homeowners insurance premiums is the amount of past claims you have filed. If you have made frequent claims, the insurance company could see you as a higher risk and require you to pay more so that they aren’t in financial trouble down the road.
Tips For Choosing The Right Insurance Policy
When shopping for insurance policies, it is important to look at multiple options. The right homeowner’s insurance policy will be one that balances coverage and cost. Take inventory of what is in your home and how much coverage you will need to replace them. Shop around and get quotes for different items and learn about the exclusions that each company has.
Other tips to improve the shopping experience include:
- Consider bundling different types of insurance
- Evaluate the customer service each insurance company provides
- Read policy details thoroughly to avoid lapses in coverage
- Find the best deal that will replace a large majority of the damages
Insurance Help From Tower Insurance Brokers
Tower Insurance Brokers can help you find the most comprehensive coverage in the state of Idaho. Our insurance experts can help you understand your policy and what will be covered after an emergency event. As a broker, we will help compare the prices of dozens of companies to help you find the best rate possible. We don’t work with just one company, which means that we can help you find a company that meets all of your unique needs.
Your home is one of the biggest investments you will ever make and is extremely sentimental. Protecting the home structure, those inside it, and your personal belongings is possible with homeowners insurance. You can get an online quote from our team to get an estimated amount of what your premium will be.