What is Home Insurance?
Home Insurance is a tool that is used by most homeowners to protect their homes and possessions from unforeseen circumstances that are beyond the homeowner’s control. It provides homeowners with the peace of mind knowing that their most expensive investment is safe in the event of damage to their property.
What are the Types of Home Insurance?
- Comprehensive Coverage. This offers the widest range of coverage on your home and contents as it covers both the building and its contents for all risks, except for those specially excluded.
- Broad Coverage. This policy provides a mix between the named perils policy and the comprehensive policy as it provides all risk coverage on the building with the listed exclusions and listed named perils coverage on the contents.
- Standard Coverage or named Perils. The coverage is for those folks who deem they can carry some of the financial risk of some losses themselves. This policy provides coverage on the building and contents for those perils that specifically stated in the policy.
With most policies there are some perils that coverage can be purchased for which are optional and some perils that coverage cannot be purchased for which are non-optional.
What is my Home Insurance Policy Based on?
- The type of coverage or deductible you choose
- Value of home
- Number of families in your home
- Heating system
How to Save on Home Insurance?
- Combine with automobile
- Be claims Free
- Show customer loyalty
- Monitored Alarm system in home
Are We Required by Law to Purchase Home Insurance?
No. But it is highly recommended you purchase condo, renters or home insurance to level depending upon your situation and desire for personal protection. We live in a world where the unthinkable can happen, even though you might think that it will never happen to you. Whether you are renting a house or an apartment, Navigators Insurance brokers will design an insurance program that will protect your possessions and give you peace of mind. Most mortgage lenders will insist on insurance of a property to protect their interest.
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12 Issues That Affect Your Home Insurance Premium
- Home insurance premiums can depend upon many variables. As we are all unique in different ways, premiums are calculated based on the risk associated with each individual situation. For example:
- Replacement cost of the building and possessions. The higher the value of your home, the more expensive it will cost to insure it. Also, the higher the value of your possessions, the higher your insurance premiums will be. Insurance companies pay special attention to the value of your possessions at market rate.
- Where you live. This is probably one of the most important elements that is factored into your home insurance premium. Each city location has its own story and background in terms of claims filed in the area, the crime rate, etc.
- Past claims. If you have had past claims on previous homes you have lived in, it could have an impact on any future insurance premiums you take on.
- What type of security system you have. Depending on the type of security system you have installed in your home, you might be entitled to certain discounts. Typically you would have to show documentation that your internal security system is linked with the police, fire and paramedics for quick response in the event the unthinkable happens.
- Age of your home. Typically the older the home, the more likelihood that its electrical, piping and source of heat is old and might require more maintenance. These systems could also be susceptible to more damage and the cost to replace them is higher than it would be for newer systems.
- Are you a smoker? If you are a smoker, insurance companies consider this as a source and potential hazard for fires to take place in the house. So there’s more than one reason to quit smoking.
- Mortgage. If you are mortgage free, your insurance premiums will be a lot lower.
- Loyalty. Insurance companies will reward you for staying the course and not switching companies.
- Type of heating. If your home is heated by an electrical or gas furnace as opposed to being heated by an oil tank, your insurance premiums will be a lot lower.
- Type of pipes. The type of pipes that are installed in your home matter a great deal. You want to make sure that your home is installed with copper or plastic pipes as opposed to galvanized or lead piping in order to reduce risks of breakage and leakage.
- Type of electricity. As household electrics are a common source of fire, the insurance company will want to know how your circuits were installed, does your home have a breaker/fuse box, etc.
Let us tell you how much we can save you …
Navigating Insurance For You®
Navigators Insurance Brokers is committed to protecting the things that matter to you. They say that home is where the heart is. It’s a place where families take shelter, grow and build memories. While memories are priceless, the financial investment that goes into forming those memories is high. Protecting your personal possessions and home from unforeseen or natural disasters is essential for peace of mind.
Protect your property against loss or damage and other specified causes such as:
- Fire or lightning
- Theft, vandalism or malicious acts
- Windstorm, hail, explosion, falling objects
Talk to a Navigators broker who specializes in customized home insurance policies and find out how you can protect your home and its memories.