Homeowners Insurance FAQs
Is homeowners insurance required?
Most mortgage companies require you to carry a homeowners insurance policy. Even if you do not have a mortgage, a homeowners insurance policy is valuable in protecting against damage to your property and belongings.
What does homeowners insurance protect against?
Standard homeowners insurance policies cover various stressful situations or accidents that happen to or at your property, up to your policy limits and minus any deductible. Examples of events your policy may cover includes roof damage from a windstorm, replacing stolen items in a home robbery, rebuilding after a house fire, and more.
How can I prevent claims at my home?
There are some simple ways to prevent future accidents from happening in your home, such as removing clutter and recognizing potential hazards. However, a typical homeowners insurance policy helps protect you against personal liability exposure if an accident does occur.
Do I need flood insurance too?
Even if you don't live near a large body of water, your home is still at risk of flooding. Floods can occur anywhere, even if your property is outside of a high-risk flood zone. A typical homeowners insurance policy doesn't cover flooding, so it may give you better peace of mind to add this type of coverage to your policy.
Do I need an umbrella insurance policy?
When you have high-value assets, an umbrella insurance policy provides additional protection from accidents and lawsuits. Do you have enough coverage you injure someone or damage their property? If not, you could be paying out of your own pocket. Speak with an agent today to find out if adding umbrella insurance is recommended for you.
How does a homeowners insurance deductible work?
A standard homeowners insurance policy has an average deductible from $500 to $5,000 on average, based on the premium you choose. Your homeowners insurance deductible will apply for each claim you file, meaning the insurance company only pays for covered losses above that deductible.
