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Homeowners insurance basic guide

Homeowners insurance is the best way to protect your property against damages, emergencies or robberies. For some people, this policy can be unnecessary, but we wish to emphasize the possibility of protecting the financial investment made to acquire a house. That is why we prepared this short guide if you want to get homeowners insurance or if you want to learn more about the possibilities of yours.

Homeowners insurance is useful too to protect your assets and satisfy your mortgage lender.

What does homeowners insurance cover?

Normally homeowners insurance covers the reparation or replacement of structures of your home managed because of some natural disasters or vandalism. Those policies also cover physical damage, damage to your belongings, the costs of your living expenses while your home is repaired, and if applicable, the medical expenses.

The majority of homes are protected by the insurance companies against:

Natural disasters:

  • Fires and smoke
  • Lightning
  • Riots
  • Windstorms and hail
  • Volcanic eruptions
  • Weight of ice, snow and sleet.

Damages at home:

  • Water overflow or discharge from household systems like plumbing, air conditioning and appliances.
  • Freezing of those same household systems.
  • Tearing, bulging or cracking of a hot water system, steam system, air conditioning or fire protection system.
  • Damage from a power surge.

Other incidents:

  • Vandalism
  • Theft
  • Explosions
  • Damage from aircraft or by vehicles
  • Falling objects

What’s not covered by homeowners insurance?

Personal belongings that are too expensive, earthquakes and floods, normally are not covered by basic policies (it will depend on where you live, normally Florida and Tennesse are covered against ground movement) and it is necessary to pay an extra cost for adding these to your insurance plan.

Infestations, Wind damage in hurricane-prone states, nuclear hazards, war or government actions are not covered by insurance companies

In the case of living in Hurricane-prone states, it is possible to buy hurricane insurance, this allows you to increase the safety of your property.

Some damages like mold, roof leaks, plumbing issues or roof replacement are covered just if the damage has a direct relation with the situations covered by the homeowners’ insurance plan. These companies don’t cover damages caused by oversight or negligence.

Different Types of Homeowners Coverage

Commonly homeowners’ coverages are classified into 8 types (HO-1 through HO-8) and are made depending on the possibilities of people, so the more you pay, the more coverage you will receive.

However, they are also three different levels of coverage that you can choose from:

  • Actual cash value: this one covers the cost of the property plus the value of your possessions after deducting depreciation.
  • Replacement cost: This allows you to repair or rebuild your property to the original value because it covers the actual price of your house and your belongings, but without any deduction.
  • Guaranteed (or extended) replacement cost/value: The last one is the most recommended because it is an inflation-buffer policy and covers all the costs for repairing or rebuilding, even if it exceeds your policy limit.

How much does homeowners insurance cost?

According to Bankrate, the cost of homeowners insurance is approximately $1,312 per year, more or less 109 dollars per month.

The most expensive states for home insurance coverage are Oklahoma, Nebraska, Kansas, Arkansas and New Mexico.

The cheapest states for home insurance are Hawaii, Utah, Delaware, Vermont and Oregon.

We bill insurance companies

Good news! All our restoration services can be covered by your insurance company, so if you suffer any damage to your property, call us as soon as possible. We resolve your problem, remediate your damages and advise you to get everything paid for by your policy.

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