We get it. Home insurance is complicated. We're here to help clear things up.
Home insurance is a promise to pay in the event of a covered loss, up to the coverage limits in the event of a total loss. Insureds pay premiums in return for the assurance that they will be made whole in the event of a loss.
Homeowners insurance does not protect against losses from floods. Homeowners need to purchase a separate policy to protect against floods. Flood insurance covers damage caused by rising waters.
A deductible is the amount paid by the insured in the event of a claim. This is typically deducted from the overall payout by the insurance company in the event of a loss.
Most states don't require homeowners insurance. If the home is financed, the lender will require home insurance to protect their risk exposure. For most people, a home is their largest investment and it is a good idea to protect it.
Typically home insurance policies cover wind as one of the named perils. This includes damages caused by a hurricane. Make sure to check the policy includes wind and in some instances it may have a separate deductible. This often can be quoted in terms of a percentage of the Coverage A: Dwelling limit.
At a minimum, homeowners should purchase enough coverage for their home (or dwelling) to cover the cost to rebuild the home to the same standard as it exists today. Additionally, homeowners should buy enough liability coverage to protect their personal assets.
RCV, or Replacement Cost Value, provides coverage for full replacement.
You can switch your policy at any time. We are here to help in the process. Most insurance policies provide a refund for any unearned premium that has already been paid. We can then put your policy in place right away.
If you are renting a home, your landlord should carry a policy that protects their property. As a tenant, the correct policy to carry would be a renter's insurance policy, which covers against liability and personal property risks.
In order for an alarm system to qualify as being centrally monitored, the system and alerts must be monitored off site. A centrally monitored alarm is monitored around the clock, and in the event of the alarm being activated, the service provider will notify the appropriate authorities.