Do You Have the Right Type of Homeowner’s Insurance? Learn More About Additional Policies
When you have questions about home insurance policies, it’s important to direct them to insurance agencies that offer the type of insurance that you may want or need. Insurance agencies will be able to provide you with specific and relevant information so that you can purchase the right type and amount of coverage to protect your family, home, and personal belongings.
Homeowners insurance policies are available in 8 standard types. When you meet with your insurance agency, they will be able to discuss your insurance options in detail. A 2016 Insurance Information Institute survey, for example, showed that 43% of the participating homeowners mistakenly believed that flood damage was covered under their standard policy.
When homeowners live in areas that tend to experience inclement weather, which includes heavy flooding, it’s important to take out a policy that will specifically cover this. In other words, this is a separate policy from the standard homeowner’s coverage. A recent survey showed that 73% of the participants didn’t have a separate flood insurance policy.
In the event that homeowners need to file a claim for major damage, it’s important to take care of this as soon as possible. Since some damage can become worse, many policies will have a 14-day reporting window to address this situation.
The 2016 Insurance Information Institute survey also showed that 79% of the policy holders realized, however, that their homeowners insurance would cover items stolen during a burglary. In addition to filing a police report, it’s also important for homeowners to contact their policy holder as soon as possible if this should occur.
There are several factors that can affect the cost of a homeowner’s insurance policy. These are considered to be the major influencing factors:
- The estimated cost of rebuilding a house if it’s destroyed
- The house’s age
- The fire protection rating for the neighborhood
- The history of personal and neighborhood claims
Whether you’ve been in your home for a while or have just purchased a new home, it’s important to meet with an insurance agency to discuss your homeowners insurance options. At this time, your agent will be able to explain the standard types of coverage along with additional policies that may be of benefit.