What type of coverage do you need on your home?
As a consumer, you want to make sure if anything should happen to your home, the insurance company rebuilds it and puts it back the exact same way it was before the claim.
✔ What about your contents, your clothes, your furniture, your stereo, your TV? How are those replaced?
✔ What about the contents that are in my car or a storage unit? Are they covered?
✔ What if I can't stay at my home because they have to repair the building?
These are just a few of the many questions that will be answered when you contact our office to get expert information about covering your home.
Guaranteed Replacement Cost Coverage
The home insurance covers the building itself, should you come home one day and find that your home has totally been destroyed. We will make sure that the home is completely rebuilt and replaced as it was before.
Additional Living Expenses
Should you lose the use of your home due to a claim, and you have to stay in a hotel for a few months while they rebuild or repair your home, the insurance company will help with the additional expenses that it costs to stay in a hotel.
Personal Contents
All your clothes, furniture, stereo, TV, all the stuff that you've collected over the years would also be covered. This is also a special type of coverage called replacement cost, which means that the depreciation is waived, and you get to replace your items at the current cost today.
Off-Premise Coverage
Not all your content will be in your home. It may also be in your car or in your luggage, should you travel or be on vacation. This coverage worldwide, and it's usually about 10% of your total content coverage.
Private Structures
Anything that you construct privately on your property, such as a pool, shed, outdoor deck, or fencing.
Liability Coverage
For example, you have a fire that starts in your home, spreads, and causes damage to your neighbors home. Naturally, he's going to want someone to pay for that damage. The insurance company will cover you if you are found liable, usually up to one or two million dollars, depending on what liability limit you choose.
Insured Perils
Your home will be covered for fire, lightning, explosion, hail, wind, theft, vandalism, plus many more optional coverages.
1. Go with a higher deductible
Many homes are covered for $500,000 for the building, on average, $350,000 for the contents, $100,000 for private structures on the property, plus 1 million dollars in liability. That's a lot of money. It would be prudent to check with your broker and get his advice before making a small claim that could affect your insurance rate for years to come.
2. Purchase insurance in bulk
Bundling your car and home insurance together will give you a significant discount on each (up to 15%). This will save you money immediately as well as long term. It also makes it easier when you only have to deal with one office for your auto, home, business, and life insurance.
3. Install a home security device that is monitored
This will save you 5% on average with most insurance companies. This 5% will be there for the life of your insurance policy, so, in the long-term, it can be significant.
4. Water damage prevention
Water damage is the number one cause of claims on most property insurance policies. Whatever steps you take to mitigate claims due to water damage, it will help make your property a desirable risk for insurance companies. This may lead to further discounts, should you install something such as a backup water valve that helps prevent sewer backup claims.
5. Maintain good credit
Studies have shown that there is a correlation between good credit and lower claims. Many insurance companies will offer significant discounts on your home insurance when they provide a soft hit credit inquiry that's commented favorably. However, should it come back unfavorable, insurance companies are not allowed to increase your rates due to negative credit history.
6. Home maintenance
As the roof ages, make sure it is maintained or replaced. As the furnace gets older, make sure it is properly maintained or replaced. The same with your pipes for water, your electrical remains, or surpasses electrical building code. This will help when it comes time for resale, especially when information is being collected to get the most competitive home insurance quote.
7. Keep a low risk home
Adding personal toys to your home will definitely increase the risk. Swimming pools can lead to slip, falls, and other incidents. Trampolines have led to sprains and broken bones. Hot tubs, as well as operating certain businesses from your home, may lead to a surcharge on your home policy due to the increased risk.
8. Maintain a claims free status
This is important as whenever you make an inquiry or a claim to the insurance company, it will be noted on your file and could result in the loss of your claim's free status, even though you may not follow through with the claim. If you are unsure if you should make a claim, then it would be wise to contact your broker and explain the situation and circumstances to get their advice.
✔ Guaranteed replacement cost coverage on the building
Once the proper information is collected and entered into the rating platform, there will be a coverage amount that is generated. It will determine what it will cost to rebuild the property in its entirety, should the home be destroyed.
The insurance company guarantees it will replace the home, even if it cost more then the building coverage amount.
For example, for the insurance company it's going to cost $500,000 to build this home. However, the actual amount comes out at $575,000. The insurance company guarantees that the home will be rebuilt.
✔ Sewer backup coverage
As the infrastructure ages, there are more and more claims in this area. This is an optional coverage, but it's highly recommended to be on your policy. This will help to pay for claims, should there be a backup somewhere in the sewage system. And if it does not have a free flow, just like a toilet, it will backup and come to basement.
WHY WE'RE DIFFERENT?
You may think you want the cheapest insurance you can find. However, you may not be getting everything you need in your insurance policy to be properly protected!
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
There’s no such thing as a one-size-fits-all insurance policy when it comes to your car insurance.
We are your neighbors. Our brokers live and work in the communities we serve. We insure people we know and care about, and that means we will always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Contact us today and let the professionals at Bethel Insurance Brokers help you tailor the most cost effective auto insurance policy for you and your family!