Have questions about homeowner’s insurance? Read this blog to get some answers!
What it covers:
Most home insurance policies will pay for damage to your home and possessions in the events of storms, fire, theft, or vandalism. Home insurance also provides liability insurance if someone gets hurt on your property and decides to file a lawsuit. Home insurance can also cover the cost of a hotel if you are temporarily displaced from your house.
What it doesn’t cover:
Standard policies have exclusions, including: earthquakes, power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, and defective maintenance.
Flooding and water damage are usually only covered in certain conditions. As a rule of thumb, water from above – like a burst pipe in the ceiling – is covered. But, water from below – like a backed up sewer – usually isn’t. Be sure to talk to your insurance agent about the details of your policy. You may want to consider purchasing supplemental coverage, based on your situation.
This is what Barry Insurance excels at! We represent dozens of insurance companies, and can shop them all to compare prices and coverage to find you the best deal. Finding a cheap rate is great, but also remember to take into consideration what the policy does and doesn’t cover, and the quality of the insurance company offering the policy. Barry Insurance only represents quality insurance companies, so you can rest assured that you are in good hands with us.
How to lower your rates:
Did you know that having things like a working smoke detector and burglar alarms can lower your rates? Preventative actions can reduce premiums in some cases. Sometimes, by reducing your liability risks, you can qualify for lower rates.
You may also be able to save money by bundling your other insurance policies, like car or life insurance, with your homeowner’s insurance.
Keep a record:
It’s important to document everything that occurs during a loss. Write down the damages, and what you have done to help mitigate the damages.
In addition to saving receipts, contracts, and appraisals, document phone calls by writing down who you spoke to and when. Don’t depend on your memory alone to remember all the details.
How jewelry is covered:
Jewelry is usually covered in a homeowner’s policy – but beware – it is typically only covered to a certain amount. When you sign up for for homeowner’s insurance, be sure to ask us about the limits. If you own jewelry which has a value that exceeds the standard policy, you may want to consider buying supplemental insurance so that in case it is lost or stolen – you are covered 100%.
Still have questions? Give us a call or email and we will be happy to help!