Home Insurance FAQ’s

What factors can affect homeowners insurance premiums?

Several factors can influence your homeowners insurance premium:

Home Features and Characteristics: The age, structure, wiring, roof type and age, garage of your home can all impact your homeowners insurance premium. Older homes often cost more to insure, and the costs can vary depending on whether your home is brick, frame, stone, or has synthetic siding.

Additionally, the presence of a swimming pool, hot tub, or pond on your property can increase insurance rates due to the associated risks.

Location: The location of your home can influence your homeowners insurance premium. For instance, your rate can be affected if your home is near a fire station, exposed to extreme weather conditions like hurricanes, tornadoes, or earthquakes, or located in a neighborhood prone to theft

Protective Devices: The presence of burglar alarm systems, smoke detectors, fire extinguishers, sprinkler systems, and deadbolt locks can lower your homeowners insurance premium.

Personal Factors: Personal habits and history can also affect your homeowners insurance premium. For instance, smokers may pay more for home insurance than nonsmokers. A good credit history can also lower what you pay for home insurance

Claims History: If you have a history of claims on a homeowners insurance policy, you may pay a higher premium

Why should I complete a home inventory?

When you purchase a home and a homeowners insurance policy, you should create an up-to-date home inventory to expedite a claim settlement if you ever need to make one. With a complete home inventory, your insurance company can verify property easier, which makes settling your claim easier. Plus, you can easily verify losses for your income tax return with an updated home inventory.

What is the difference between bodily injury liability coverage and medical payments coverage?

Although homeowners insurance policies differ in their actual structure, most contain the same basic components:

Declarations Page: Usually the first page of your homeowners insurance policy, it typically contains summary information such as the name and address of the insured, the dollar amount of coverage in the policy, a description of the insured property, the cost of the insurance, the name of the insurance company insuring the risk, and contact information.

Definitions: These explain the meaning of terms used in the policy

Coverage: This details the extent of protection for both property (house, structures, contents) and liability (bodily injury or property damage to others for which you are liable) in your homeowners insurance policy

Exclusions: This section explains what is not covered by your homeowners insurance policy, under both property and liability coverage.

Conditions: These outline the responsibilities of both the insured and insurance company under the policy. Your duties in the event of a loss and the procedures the company will follow to settle any losses are detailed here

Endorsements: These are insurance riders, amendments, or attachments that alter the standard coverage provided by your home insurance policy. If you choose endorsements for your policy, you may pay an additional premium for them