Homeowners Insurance: Coverage & Claims

When purchasing a home you have to do your homework to know how much insurance you need What factors do you have to consider when purchasing homeowners insurance?

Homeowners Insurance: Coverage & Claims The Application Process When you apply for insurance an agent will ask you basic questions about your home and your lifestyle

Homeowners Insurance: Coverage & Claims The Application Process Type of construction Brick homes cost less to insure, why?Brick homes cost less to insure, why? Age of the structure Newer homes cost less to insure, why?Newer homes cost less to insure, why? Local Fire Protection The distance to the nearest fire station makes a big difference in premiumsThe distance to the nearest fire station makes a big difference in premiums

Homeowners Insurance: Coverage & Claims The Application Process (continued) Amount of coverage The more coverage you buy the higher the premiumThe more coverage you buy the higher the premium Claims frequency If you have a history of filing claims your premium will be higherIf you have a history of filing claims your premium will be higher Size and makeup of the household The larger the number of people in the household, the higher the likelihood a claim will be filedThe larger the number of people in the household, the higher the likelihood a claim will be filed

Homeowners Insurance: Coverage & Claims The Application Process (continued) Neighborhood Insurers charge higher premiums in neighborhoods where more claims are filedInsurers charge higher premiums in neighborhoods where more claims are filed Smoke alarms and fire extinguishers These items reduce the likelihood of a bad fireThese items reduce the likelihood of a bad fire Home security systems Security systems reduce losses from theftSecurity systems reduce losses from theft

Homeowners Insurance: Coverage & Claims The Application Process (continued) Ways to reduce your premium Raise your deductibleRaise your deductible Buying homeowners and automobile insurance from the same companyBuying homeowners and automobile insurance from the same company Fire resistant structures, sprinkler systems, or smoke detectorsFire resistant structures, sprinkler systems, or smoke detectors Tiedowns for mobile homesTiedowns for mobile homes 55 years of age, or older and retired55 years of age, or older and retired Original ownerOriginal owner New homeNew home Non-smokerNon-smoker Security systemSecurity system

Homeowners Insurance: Coverage & Claims Steps to follow when filing a claim Steps to follow when filing a claim Make emergency repairs You should never make permanent repairs until the insurance claims adjuster has seen the damageYou should never make permanent repairs until the insurance claims adjuster has seen the damage When to call the police If the loss was from a theft or other crime the insurance company will need a police reportIf the loss was from a theft or other crime the insurance company will need a police report Call the Insurance Company You have to report the loss to the companyYou have to report the loss to the company

Homeowners Insurance: Coverage & Claims Steps to follow when filing a claim Steps to follow when filing a claim List the damage and review your policy Is the damage larger than the deductibleIs the damage larger than the deductible Be there during the inspection The insurance claims adjuster will probably have questions that you will need to answerThe insurance claims adjuster will probably have questions that you will need to answer Get more than one bid for repairs Usually the company requires at least two estimatesUsually the company requires at least two estimates

Homeowners Insurance: Coverage & Claims Steps to follow when filing a claim Steps to follow when filing a claim Keep records of all contacts with Insurer If a question arises later you will be able to clarify itIf a question arises later you will be able to clarify it Don’t agree to a settlement until you are satisfied Save all receipts The insurer will reimburse for expenses based upon your receiptsThe insurer will reimburse for expenses based upon your receipts