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Life Insurance Quotes Term life rates plunge to
all-time lows.
Term life insurance rates have been dropping steadily in response to increased competition.
In addition to family coverage, term insurance can be used for key man protection, buy sell agreements, guarantee of mortgage or SBA loans, estate planning and conservation.
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HomeOwners FAQs
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You need to buy the right type of homeowners insurance policy. You need the proper level of protection, plus special provisions for valuables such as jewelry, your computer equipment and other possessions. You might also need additional coverage for such things as earthquakes or flooding. Don’t rely on the coverage levels mandated by your bank or mortgage company. Those levels are designed to protect the house itself (bank or mortgage company), but not necessarily your possessions.
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Having a problem with your home insurance? Need some answers?
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What does homeowners insurance cover?
Homeowners insurance provides protection for your home, personal property such as furniture, clothing, appliances as well as for personal liability. It protects you from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more.
Homeowners policies regularly provide other types of coverage, including off-premises theft protection and unauthorized use of your credit cards. Make sure you understand which provisions are included in the standard coverage you elect to purchase and which might require supplemental premiums.
Homeowners policies do not cover flood damage.
What's the right amount of insurance for my home?
Your Home Insurance Coverage should match the value of your home. Home owners insurance can not cover the land your home is on, only the structure. That means that the insurance amount could be less than the purchase price or loan amount.
If you insure your house for $100,000, that´s the most you will get if it is destroyed, even if it would cost more to replace it. The Declarations Page on the front of your policy shows how much coverage you have. Talk with your agent or company representative if you have any questions about your insurance limits
What is "replacement" coverage?
In general, replacement coverage means that in the event of a loss, the insurance company will pay what it costs to replace the property at today's prices. Different insurers offer different levels of replacement coverage.
You need to understand the difference between `Replacement cost` and `Actual cash value`.
Replacement cost policies give you more protection than actual cash value coverage.
For example, what happens if a burglar steals your 2 year old home theater. With actual cash value coverage, you get only what you would expect to pay for a 2 year old home theater. With replacement cost coverage, the insurance company pays to replace your home theater with a new set similar to the stolen one.
How to lower your homeowners policy premium?
The best thing to do is to shop around. You could find quotes on homeowners insurance that vary by hundreds of dollars for the same coverage on the same home. When you shop, make sure each insurer is offering the same coverage
Many factors go into determining the premiums for a homeowners policy. The age of your home, the materials used to build it, where it’s located, the square footage, and the number of rooms all play a role.
If your home is equipped with an alarm system, smoke detectors and deadbolt locks, you could save money. Those items help make your home safer and more secure. If you have an in ground pool or a trampoline, you might pay higher premiums. You can also expect to pay more if you are located in a higher risk area, such as a coastline. Your insurance company will also want to know if you plan to use the home for any business purposes, of if you plan to rent all or part of the house, both of which can increase liability.
Deductibles allow you to cut the cost of your insurance, by assuming some of the risk. If you have a $250 deductible on your homeowners policy, you agree to pay $250 to cover any losses, before the insurance company pays the rest of your claim. By increasing that deductible to $1,000, you might save 20 to 30 percent on your premiums. You must decide whether lower deductibles or lowering your premium is right for you.
Some insurance companies might charge you higher premiums, if you have problems with your credit history. Insurers say past experience has shown people with financial problems pose a greater risk.
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If your house is sinking will homeowner's insurance cover it?
Unless you have a broken waterline under your foundation causing the sinking (and coverage for broken waterpipes in/under the foundation) there is no coverage. Section I - Exclusions of your policy explains there is no coverage for loss due to "settling, cracking, bulging, shrinkage or expansion of foundations, walls, floors, ceilings, walks, drives, curbs, fences, retaining walls" (language varies by state).
Does homeowners insurance pay off your mortgage if the house is lost?
No!
You still have to make payments on the mortgage, pay for living expenses if more than the stipend provided to you by your insurance company, and buy all the stuff you lost in the fire.
What if you own the home free and clear with no mortgage? What would the insurance payoff there? It all depends on how the policy is written. In most cases they replace the home and contents. While that won't pay the mortgage, it would replace the home with a similar value property. Of course re-building is usually cheaper so that would probably be the way they would want to payoff. And of course there is insurance that pays off the mortgage if the homeowner is lost.
Is hidden structural damage covered by homeowners insurance?
If you have an "all-risk" policy, interior water damage, including hidden damage, should be covered.
Please read the "Conditions" Section under "Your Duties After Loss" that you must give prompt notice to your company of facts relating to the claim (damage), you must protect the property from further damage, and you must make reasonable and necessary repairs to protect the property (language varies by state). If an adjuster or your agent observes poor maintenance, he may submit your claim for an Underwriting Review and your policy could be non-renewed.
Does home owner's insurance cover a leaky drain pipe from a bathtub that causes water damage to the walls?
If you have an "all-risk" policy or a "named-peril" policy with water endorsement, damage due to a leaking tub drain is probably covered if you reported it immediately upon discovery, and if you called a plumber to fix the leak. The actual pipe repair is not covered, but the water damage should be. Please note that Water damage due to grout failure is normally not covered, and can cause damage to the same areas. Be aware that this type of water claim counts against you. Several claims of this type may cause your company to non renew your policy.
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Does insurance cover damages when a termite infestation occurs after a repair was done to the home?
There is currently no insurance protection for damage caused by termites to a structure, regardless of the circumstances surrounding the infestation or the damage incurred. Pest control services offer "service warranties" to their clients that have had corrective or preventative treatments performed to the structure. There is usually an upfront charge for the initial service to correct or prevent infestation and then there is an annual fee to keep the service warranty in place. There are different types of service warranties offered by different pest control companies. One type offers re-treatment only, another offers re-treatment and repair of damages should infestation occur or re-occur. These service warranties are subject to several terms and conditions.
If you had some roof tiles torn off due to wind damage will your insurance cover the cost of replacing the whole roof?
No!
Homeowners policies do not contain coverage for "match" issues. Your policy says the company will pay "to repair or replace the damaged property with material of like kind and quality" (language varies by state). Technically, they owe to replace the individual shingles or tiles that were damaged by a covered peril (wind, hail, etc)unless your shingles are old, brittle, and cannot be repaired. In that case, the company must pay to replace the affected slope(s). Over the years, lawsuits established precedents, claims settlement statutes in each state. These guidelines address match as well as other issues. In some states it is customary to replace only the individual shingles, unless there is a repairability issue or mechanical mismatch which makes it impossible. In some states, it is customary to replace only the slopes containing damage. In other states, line-of-sight guidelines prevail, this allows replacement of roof covering on one or more elevations. Please check with your agent for more details.
Do I need earthquake coverage? How can I get it?
Direct damages due to earthquakes are not covered under standard homeowners insurance policies and unless you live in an area prone to earthquakes, you probably don't need it. If you do live in a part of the country with high earthquake activity you may want to consider adding an earthquake endorsement to your homeowners insurance policy. This will cover damages due to earthquakes, landslides, volcanic eruptions and other earth movements.
What is the difference between an "all risks" policy and a "named perils" policy?
A named perils policy covers losses that are due to only those perils listed in the policy. Those typically include fire, windstorm, hail, and other physical losses. An all risks policy covers losses that are due to any peril except those specifically excluded in the policy. An all risks policy provides broader protection than a named perils policy.
Who pays for the rental my family is in while our house is being repaired due to damage?
Typically if your policy includes a provision called "loss of use,” your insurance will cover the cost of temporary housing up to the specified limits. If this provision isn’t included in your policy, you’ll be responsible for the costs.
Why didn't my policy pay for seepage, dry rot, and vermin?
Generally, insurance policies exclude damage caused by seepage, dry rot, or vermin (animal pests). This is because these problems are usually the result of poor maintenance, not a "sudden and accidental" event.
Will filing one claim on my homeowners insurance cause my rates to go up?
No! In most cases, once an insurer reviews your loss history and finds none, one claim should not affect your rates. If the claim exposes some greater risk on your property, however, such as owning a trampoline or new swimming pool, then you may face a rate increase.
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Residential Homeowners Policies
- Renters:
A landlord´s insurance does not cover a renter´s personal property. Renters insurance covers your belongings, provides liability protection, and pays extra living expenses if a fire or other disaster forces you to move temporarily from your rented home.
- Condominiums: Condos
Condominium insurance matches the benefits of renters insurance, and also covers damage to improvements, additions, and alterations to the condominium unit.
- Townhouses:
Townhouses may be insured by either an individual homeowners policy or an association master policy. If a townhouse is owner-occupied and the townhouse association does not have a master policy on the building, you can purchase a homeowners policy on your individual unit. If the association has a master policy, you should get a Texas tenant homeowners policy to insure your personal property.
- Mobile homes:
Mobile homes without wheels and resting on blocks or a permanent foundation qualify for a homeowners policy. However, most mobile homes are insured by a mobilowners policy. A mobilowners policy is actually an auto policy that covers mobile homes used as residences. Mobilowners policies offer extremely limited coverage.
- Farm and ranch owners:
Farm and ranch owners policies insure homes outside city limits on land used for farming and raising livestock. You can pay extra and get coverage for certain farm equipment and outbuildings.
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Home Insurance
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Helpful Hints
Don´t wait until you have a claim to learn your current policy´s limit.
A deductible is the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible, the more money you save on your premium.
Buy your home and auto policies from the same insurance company.
You can usually get discounts of at least 5% for a smoke detector, burglar alarm or dead-bolt locks. Some companies may cut your premiums by as much as 15% or 20% if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations.
Does your employer administer a group insurance program? Check to see if a homeowners policy is available and is a better deal than you can find elsewhere.
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