Homeowners Insurance

Homeowners Insurance Basics

Insuring your home is a basic responsibility of homeownership no matter what type of residence you own. Typical homeowners insurance covers the building, landscaping, and other structures against potential perils that could strike: fire, hail, windstorms, theft, vandalism, and more, depending on the coverage you choose.

If one of these events occurs and you need to relocate while your home is repaired or replaced, your homeowners’ policy can cover these temporary costs. The insurance can also provide liability coverage if someone is hurt on your property, or you, someone in your family, or an animal you own causes injury elsewhere.

Many home insurance policies also make payments for medical services, up to a specified amount, to anyone sustaining injuries at your residence.

Single-Family Homes

You need to consider many things when buying a home, and a call to your home insurance agency should be at the top of your list. Your mortgage banker usually requires you to have an insurance policy in place when you purchase a property financed by the business. If you rent, your landlord’s insurance on the property does not include coverage for your personal items or give you liability coverage if someone is hurt inside the unit you rent.

Historic Home Insurance

Homes with historic significance require special insurance. Many centuries-old dwellings and estates call for restorative home insurance that replaces like-kind and quality if repairs are needed after an insured event. We can help you select protection from the special risks associated with damage repair to your unique property.

Condo and Co-op Insurance

We frequently assist clients living in condos to understand the difference between the master policy paid by their condo association or homeowners association (HOA) and the insurance needed to protect their individual unit. Since they pay association fees, many condo owners think they have full protection under the association’s policy. However, this policy typically only covers the building, recreational facilities, walkways, roof and other common areas but nothing within the individual unit’s walls.

It is always worth confirming what is insured and what is considered outside the boundaries of the association’s policy. We recommend confirming with your HOA the policies you might need to ensure that you have proper liability coverage and your personal property is protected. We can then help you to secure those policies.

A condo insurance policy can protect you and your possessions, including appliances and improvements made to the unit. It can provide temporary housing and expenses if you need to move while repairs are made following a covered insurance claim.

Rentals and Apartments

If you rent an apartment or house, you want to protect your possessions with renters insurance. Unlike homeowners insurance, this insurance is sometimes not required, unless it’s required in your lease by your landlord, but it is an important coverage you do not want to be without. Some people believe their landlord is responsible for insuring the property, and while it’s true, the landlord’s policy does not cover your belongings, which is a common misconception of people who rent. If disaster strikes the premises – fire, theft, vandalism or other perils outlined in the policy – your landlord’s insurance will not cover the replacement of your property.

Insurance for those renting is relatively affordable, and if you bundle the policy with your auto insurance policy, you may save significant money on both with a multi-policy discount. Be sure to speak with one of our knowledgeable agents about bundling.

For more information read our blog, “Renter’s Insurance – Why It’s Worth It”

Personal Property

When it comes to personal property, the types of items covered by home insurance are typically the same whether you own a house or condo or rent your dwelling. Personal belongings such as clothes, jewelry, furnishings, electronics, and other goods are protected from fire, theft, or additional disasters stated in the policy. Be aware that many policies may set limits for valuable items such as jewelry or art objects. If you own expensive items or collections, consult one of our agents for advice on getting these items scheduled and covered in the policy at additional cost.

Items Protected at Actual Cash Value

When you purchase a homeowners insurance policy or buy personal property insurance for a condo owner or home renter, you can choose from two options for reimbursement if your belongings are stolen or damaged from risks outlined in the policy. With the least expensive option, you would be paid the actual cash value of the items, which is the item’s depreciated value. If your electronic equipment, for example, is several years old, the payment might be significantly less than the price of new devices.

Items Protected at Replacement Cost

Replacement cost, on the other hand, pays the amount needed to buy brand new, comparable items that may be lost. The premiums for protecting your property at replacement cost are somewhat higher.

What Your Homeowners, Renters, and Condo Insurance Do NOT Cover

Homeowners policies do NOT include protection against floods or earthquakes, so let one of our agents help you determine whether a flood insurance policy is a wise investment based on the location of your home and other factors. Some homeowners insurance specifically excludes certain damages such as mold and fungus or destruction caused by birds, bats, or rodent infestations. Homeowners can typically add endorsements to cover these risks at extra cost.

Savings and Discounts for Affordable Homeowners Insurance

Just as with life insurance or any other insurance product, a good agency can advise you on ways to reduce costs. The services at our insurance agency can help you save money on your homeowners, condo, and renter insurance rates. Our agents can help identify areas for cost savings, such as bundling policies or installing safety features at your residence, including burglar alarms, deadbolt locks, and security cameras. Our insurance agency also gladly helps our clients with tips on lowering home insurance premiums by selecting the right deductible for your policy. Increasing the deductible can sometimes lower premiums.

Contact Brooks, Todd & McNeil For Homeowners Insurance Quotes

Contact our independent agents for a free homeowners insurance review and quote on your house, condo or apartment. Whatever your insurance needs, including homeowners insurance, car insurance, life insurance or insurance for business, we have an agent ready to provide services during hours that are convenient for your busy life. Just call our insurance agency number at 800.448.4567. A friendly, qualified insurance agent will be happy to offer assistance and guide you to the right products.