Top 5 Questions related to Homeowners policies?
1. Are all homeowners policies the same?
The simple answer is absolutely not. There are many different types of homeowners policies. For example, an HO3 to an HO5. Special Peril vs Named Peril. Replacement Cost of Roofs, Home, or Personal Property vs Actual Cash Value on these items. All of these examples are ways that homeowners policies differ.
2. How are homeowners policies different?
As mentioned in question 1, there are many coverage options on homeowners policies. Our goal is to explain your options on these different coverage options so that you can pick what policy is best for you.
3. How do you pick the best homeowners policy?
Our first goal is to find what is most important to the insured. Next, we shop our top rated carriers. When we find the best coverage for the best price, we give all options on the actual policy. At this point, we can review one company with you or give you multiple options. Once you have made your decision, you should feel very confident that you have structured your homeowner policy exactly how you want it with the coverages you want.
4. What deductible do I need on a homeowners policy?
The standard deductible on a homeowners policy now is $1000. Higher options above this are available. If you know you would not file claims for less than a higher amount, carry a higher deductible and reduce your premium.
5. How does my homeowner's policy cover my roof?
There are really 2 options: Actual Cash Value (ACV) and Replacement Cost. Lester Greene and McCord Insurance offers both options. In short, ACV is the replacement cost minus depreciation (wear and tear over time). Replacement cost will cover the full replacement cost of the roof. This is a very good example of how not all homeowners policies are the same.
Bonus Question: How does Homeowners Insurance work?
Homeowners Insurance is very important because for most families it covers the largest purchase many families will ever make. For an independent agency like us, we quote multiple carriers and see who will combine the best price for the best coverage. Just like banks have credit scores for getting mortgages, insurance companies have insurance scores and other rating factors for an actual premium estimate. For example, they will look at what your insurance score is, what the home is made out of (brick or frame), what year the home was built, how far from a fire hydrant and fire station the home is, and what the historical weather pattern has been for your area. All of these things and many other factors all combine for a company to come up with your homeowners insurance premium. Our job is to help explain how all of this works and ways to maximize your coverage for the best price.
The simple answer is absolutely not. There are many different types of homeowners policies. For example, an HO3 to an HO5. Special Peril vs Named Peril. Replacement Cost of Roofs, Home, or Personal Property vs Actual Cash Value on these items. All of these examples are ways that homeowners policies differ.
2. How are homeowners policies different?
As mentioned in question 1, there are many coverage options on homeowners policies. Our goal is to explain your options on these different coverage options so that you can pick what policy is best for you.
3. How do you pick the best homeowners policy?
Our first goal is to find what is most important to the insured. Next, we shop our top rated carriers. When we find the best coverage for the best price, we give all options on the actual policy. At this point, we can review one company with you or give you multiple options. Once you have made your decision, you should feel very confident that you have structured your homeowner policy exactly how you want it with the coverages you want.
4. What deductible do I need on a homeowners policy?
The standard deductible on a homeowners policy now is $1000. Higher options above this are available. If you know you would not file claims for less than a higher amount, carry a higher deductible and reduce your premium.
5. How does my homeowner's policy cover my roof?
There are really 2 options: Actual Cash Value (ACV) and Replacement Cost. Lester Greene and McCord Insurance offers both options. In short, ACV is the replacement cost minus depreciation (wear and tear over time). Replacement cost will cover the full replacement cost of the roof. This is a very good example of how not all homeowners policies are the same.
Bonus Question: How does Homeowners Insurance work?
Homeowners Insurance is very important because for most families it covers the largest purchase many families will ever make. For an independent agency like us, we quote multiple carriers and see who will combine the best price for the best coverage. Just like banks have credit scores for getting mortgages, insurance companies have insurance scores and other rating factors for an actual premium estimate. For example, they will look at what your insurance score is, what the home is made out of (brick or frame), what year the home was built, how far from a fire hydrant and fire station the home is, and what the historical weather pattern has been for your area. All of these things and many other factors all combine for a company to come up with your homeowners insurance premium. Our job is to help explain how all of this works and ways to maximize your coverage for the best price.