Homeowners Insurance Facts

If you own and home or condominium with an outstanding mortgage, you are required to carry homeowner insurance.  But, if you are thinking of purchasing one, you should know what insurance policies cover and don’t cover you for.

Some Loses are not a Part of Home Insurance

If you plan to purchase home insurance, you need to know that standard policies don’t cover earthquakes or floods. In these cases, you may need to add the coverage to your home or condominium policy or purchase separate policies that offer you coverage for these perils.

Some Dog breeds can make it Challenging to Purchase Comprehensive Insurance

All homeowner’s policies give you coverage if your dog bites someone. This way, the liability portion of your insurance saves you from financial ruin. But some insurance providers refuse to offer coverage to homeowners who have dogs with different breeds like Rottweiler and bulls. Therefore, you may have to dig a bit deeper to find the right insurance policy that will also cover you for dog bites.

Polices Can Cover Plane Crashes

Of course, there are chances of a plane falling from the sky onto your house, but some insurance companies still offer you coverage for this. They even offer you a plan for several things that can fall from the sky, including the tree.

Food Spoilage Coverage

A power outage can occur due to several problems. When your fridge is not working, your stored food may get spoiled in a few hours. Some insurance policies offer food spoilage coverage, this kind of coverage will pay you for your spoiled food.

Volcano Damage Plans

It might surprise you, but there are home insurances that cover volcanic damage. If you live near volcanic mountains, this plan is beneficial for you. Even if the volcanoes have been dormant for centuries, it still has some risks. Well, it’s better to save yourself than feel sorry.

Birds Damages and Vermin

Any damages caused by birds, Racoons, or squirrels making their way into your attic are not part of standard homeowner’s insurance plans. Whether wild birds have made a nest on your roof or have damaged your windows, you have to make repairs and replacements all by yourself. The best way to prevent further damage is to call animals experts like Clancy Bros Pest Control who can help you get rid of these creatures.

The Bottom Line

These homeowners insurance facts may have encouraged you to read the policies and plans carefully to get the coverage you are looking for. You can also read our blog on Home insurance terms you need to know..

At Vargas & Vargas Insurance, we offer top-rated insurance services that will help you keep your business safe during the winter season. All our clients enjoy customized insurance coverage to match their unique needs as we offer affordable prices. So contact us today for a free quote.

Archive Revival: Why Is Renter’s Insurance Important?

Most people fall into one of two categories: They either own their home or they rent it.

If you rent your home, you don’t need a homeowner’s insurance policy.

You need what’s called renters insurance. This type of insurance policy will ensure that you have the right coverage when you need it the most.

We’ve outlined below how homeowner’s insurance and renter’s insurance are similar and and how they differ. Here is our quick summary:

Property Protection

When you rent your home, you don’t own the physical property. As a result, you are not responsible for insuring the property. Instead, the insurance policy is the responsibility of the property owner.

This means that if there is damage to any part of the exterior and interior of the property including walls, ceilings, floors, doors, or windows, you are not responsible for filing or paying for an insurance claim.

Coverage for Belongings

Similar to a homeowner’s insurance policy, a renter’s insurance policy provides coverage for your personal belongings. You need to take inventory of your belongings to give an estimate on what it would cost to replace your belongings.

When you make your home inventory, make sure that you include everything that you own, including items like electronics, furniture, clothing, and jewelry. Also include any of your own personal appliances that are not owned by your landlord or apartment complex. That way, all of your stuff will be protected against perils like fire, smoke, theft, water damage, and more.

We recommend keeping the receipts of high valued items. We also recommend storing photos of each of your rooms so you have documentation of your belongings. This will help to ensure that you are covered in case of a total loss, but aren’t overpaying for coverage that you don’t need.

Reimbursed Living Expenses

If something happens to the place where you live, your renter’s insurance typically covers your living expenses for a comparable place until the damage is repaired and your home is once more inhabitable.

If your rental home or apartment is destroyed or deemed uninhabitable, call your insurance agent right away to find out what you should do so that reimbursement is allowed.

Liability Insurance

Another type of coverage that is typically included in both renters and home insurance is liability insurance. With this coverage, you are financially protected from the costs that rise if someone is injured at your home.

Depending on your insurance provider and the policy that you choose, this can include both medical costs and legal costs, which can get very expensive, depending on the injury sustained.

As always, all of the information above depends on your insurance provider and your specific policy.

We search several insurance providers to find the one that will give you the best coverage at a price that works for you and your budget.

Cost?

On average, the cost of a renters insurance policy is $120.00 per year for $10,000 of contents, including loss of use and liability coverage, Click here for more details) in Massachusetts.

If you package your automobile insurance policy with your renter’s insurance, most times, the savings by doing so more than covers the cost of the renter’s policy.

If you have any questions about the coverage included in your current policy, or if you need a new top of the line renters insurance policy quote, please call 617-298-0655 to speak with a representative here at Vargas and Vargas Insurance Agency.