Homeowners Insurance is one of the Building Blocks of a Secure Future, a Secure Life, and Worry-Free Living for you and your family!
With that kind of security comes the life-long Peace-Of-Mind that enables you to dream big, think big, and reach for the stars without worrying about the real-life repercussions of unexpected life-changing disasters lurking one accident, careless mistake, or unpredictable crime away… unseen as we go about our daily lives.
Homeowners Insurance was created as a mechanism to protect homeowners from major Property and Liability losses incurred as a result of Natural Disasters or Man-Made destruction. Since homeowners are generally long-term investors who want to…
The age of the home makes a big difference. The older the house is, the riskier it is because of the updates. No one is going to dig up the plumbing and change it. Some people do, and there is a discount for that but that's not common.
If you have a house that's built in 1958 that's gonna naturally pull in a higher cost than a house built in 2010. Your deductible plays a very large role as well. The most common deductible that you're gonna see is a thousand dollars. If you have a house claim your automatically out-of-pocket a thousand dollars. Your insurance will pick up the rest if that's a covered peril as they call it.
There's really only a few different types of homeowners coverages in your home policy, you have coverage a b c d e and f which we will use as examples below:
coverage a: That's your dwelling that's the physical house the cost to rebuild that house to rip it down take all the stuff away that's that's removing everything and then to build that same exact house. In this scenario one must keep in mind the cost of the actual land and all the different amenities and features that have been vested into the home. In some instances it is more expensive to rebuild that it was to purchase that same property.
coverage B is going to be other structures so that's gonna be if you have a shed in the backyard if you have a fence around the house if there's a pool not attached to the house anything that's disconnected from the house that's gonna be your coverage B
coverage C is going to be your actual property damage so the actual stuff you won't my shoes my couch my TV the one thing that you always always always want to make sure that you get with that is something called replacement cost and what that is is it basically means that no matter how old the TV is how old the couch is how old anything is you're gonna get full value that doesn't mean you're gonna get the full value that you paid for it it means you're gonna get what today's value is so you may bought a TV for a thousand dollars five years ago that TVs probably worth $200 today so if you don't get full replacement cost you're only gonna get $ back if you have a fire imagine that times your whole house take 80% of what you own and you're only getting 20 to 30% back that's crazy it's not worth it and it's not expensive to do full replacement cost full replacement cost is gonna mean if that TV was a thousand dollars five years ago it's probably the prices have gone down on TVs a little bit so you it's probably only $800 or $600 in store today but it's a lot better than getting a $200 cash back you will have enough to buy that precise replacement brand of that television.
Coverage D is loss of use so it's what it means loss of you if you let's say you have a thirty thousand dollar claim and it's in your living room. Lets assume that the living room caught on fire it's gonna take 4 months to replace that. Now, you have to get moved out of the house or you have to live in the house if you choose to while they're remodeling that room it will reimburse you for much of those cost because these are essentially living costs. So if you have to go lease or rent another home of similar size and shape then that's part of that living expense and your homeowners is gonna pay that bill.
coverage E is going to be personal liability that's if somebody's going to sue you for any reason. So if you're at the zoo and you drop the alka-seltzer in the monkey cage right and they eats it and it dies they're gonna sue you because they're they're gonna want that monkey to either have all the medical bills paid for or replace him to go purchase another one that's three hundred thousand dollars to ship them.
All that stuff is going to go towards your home liability if you have a friend over and they trip down the stairs and they get hurt and it's fifty thousand dollars worth of medical in your medical payments that's the next coverage coming up doesn't pay enough of that which it won't They're gonna sue your home insurance not you, that's the reason you have the insurance. They're likely gonna go after that liability now keep in mind if you have more assets oh I own a Ferrari and I have a really nice million dollar house and that's paid for you should be looking at a lot higher than a half a million dollar liability you will probably max it out at a million and then you'll get something called an umbrella which is million two million up to ten million even and it can go higher but then you're getting the more specialized companies.
coverage F which is your medical payments or medical coverage it doesn't cover you or direct family that live in the house so it's more so if like friends or family are over for a visit and they get injured they fall down the steps break an arm it's four thousand dollars for their deductible through their medical and that medical that you've chosen.
Homeowners does offer certain discounts and savings. This does range from location to location and also depends on the company itself. Usually you will find that more companies offer:
(continued from above)
...iability losses incurred as a result of Natural Disasters or Man-Made destruction. Since homeowners are generally long-term investors who want to retain - and upgrade - the value of their home, maintaining Active Homeowner’s Coverage is a MUST for them and lenders alike.
The Agents at Advantage Plus are your best source for determining the most appropriate coverage for your Home Insurance needs. As industry experts, they know how to ask the right questions to give you all the information YOU NEED to understand the Benefits of Coverage, the Most Common Types of Coverage, and Cost of Coverage.
Here are a few of the questions normally asked when inquiring about Homeowners Insurance Coverage:
“The ache for home lives in all of us. The safe place where we can go as we are and not be questioned.” - Maya Angelou
Homeowners Insurance is classified into two basic categories, or price structures - 'Named Perils’ and ‘Open Perils’. As the name suggests, ‘Named Perils’ refers to coverage for losses specifically listed on a policy. ‘Open Perils’ refers to coverage for all losses except those specifically excluded on a policy.
BASIC ‘NAMED PERILS’:
BROAD ‘NAMED PERILS’ (all ‘Basic Named Perils’ plus 6 ‘Additional Perils’):
In every walk of life, information is power. At Advantage Plus Insurance, educating customers is as important as providing the Insurance Coverage they need, whether for their Home, Auto, or Business. The more a client knows, the more they appreciate the value, affordability, and service they receive!
It is about more than numbers…
WE VALUE YOU!
CONTACT Advantage Plus Insurance TODAY and Speak With Any Of Our Highly-Trained and Experienced Agents About Your Insurance Needs. Just CALL or Come In and Say the Word “Hello!”