What is Typically Covered in Homeowners' Insurance?
Aside from covering the house, the homeowners' insurance policy has a hazard portion that typically protects furnishings and other personal items. It includes other structures on the property such as a separate garage and a pool. Structures used for nonresidential purposes like your home business are not in inclusion.
Most of the hazard coverage in policies does not include the loss of art and jewelry over a particular amount, damage from natural disasters or business equipment. If your home is in a high-risk area for natural disasters like earthquakes, floods or fire or you have the business equipment, jewelry and expensive art in your home you might want to buy additional insurance.
Standard policies for homeowners cover certain types of personal liability also. If the mail carrier gets clawed by your cat or trips over your child's skateboard, your plan should cover the losses including the medical expenses for the carrier up to a specific limit.
The damage does not need to occur inside your home. If your cat shreds the screen door or your child rides a skateboard through the fresh new cement of your neighbor, those damages are under coverage.
Looking for Homeowners' Insurance
There are times when it may be a bit tricky to find a good homeowners' insurance coverage here in Nevada. Mold and other losses with high payouts have made the insurance industry in these areas skittish. If you or the seller of the property made claims for water damage, you might not be able to purchase a policy or at least one that is reasonably priced. It also difficult to find coverage for people who filed several insurance claims in the past.
It’s Best Not to Claim Minor Homeowner Losses
Once you have it, guard your policy well. Don't file claims unless they are very expensive because filing more than three claims may cancel your policy, make your rates increase, or make it harder to find coverage elsewhere.
It is advisable to get a policy that has a high deductible so you will not have a reason to file low-cost claims that may lead to your policy's cancellation or increase your premiums.
Lenders may require you to purchase a low deductible like $1,500. The lender has to make sure that you will not get into a situation where you cannot afford the deductible. It will decrease your ability to make the needed repairs to trigger the insurance coverage and devalue the collateral of your lender.
At Western Pacific Insurance we take pride in making sure our clients’ homes are well protected at prices they can afford. To learn more about how we can help you please contact our agency at (303) 904-3777 or Click Here to request a free quote.