Homeowners Insurance

Your home is likely one of your most significant assets, and you understandably want to protect yourself against financial loss related to damage to your home. More than that, your home is your primary residence, and you may be concerned about how you will find shelter if the home is severely damaged. These and other concerns are common for many homeowners, and the good news is that they can be alleviated through the purchase of homeowners insurance. Keep in mind that this type of property coverage is generally a requirement by mortgage companies. If you have a mortgage against your home, you should contact your lender to determine the specific coverage requirements that you must comply with. Even if this coverage is not required, it makes sense to consider investing in a policy.

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Home insurance offers various types of financial protection to you depending on the specific coverage that you purchase. The most common financial benefit associated with a homeowners insurance policy relates to physical damage to the home. If the home is damaged or destroyed by specific perils, the insurance company may pay for repairs or for the home to be reconstructed. Common perils that may be included are windstorm damage and fire. For some perils, you may need to specifically add additional coverage to your policy, such as for flood damage and earthquake damage. There are also usually other components to a home insurance policy, such as to replace personal property in the home and to cover liability-related expenses.

There are two primary expenses associated with home coverage. The first expense is the premium. This is the regular cost of having coverage regardless of whether you file a claim against your policy or not. In many cases, the premium is paid on a monthly basis. The second expense is the deductible. This expense is only paid when you file a claim. The deductible amount can be adjusted slightly by the homeowner, and adjusting it has a direct effect on the premium. Remember to consult with your lender about minimum coverage requirements before buying coverage, and consider the benefits associated with buying more coverage than what is required.

The cost of this coverage is determined by many rating factors. The quality of the coverage, however, is determined by the quality of the insurer and whether the policy is written on a named perils or all-risk basis. A named-perils policy covers only those losses specifically cited in the contract. The all-risk policy works the opposite way – unless a peril is specifically excluded, coverage is provided. The all-risk policy is broader and the burden of proof is on the carrier, not you, in the event of a loss.

Richter Insurance offers free, comparative quotes on Homeowners Insurance from multiple insurance carriers so you can get the best possible rate.

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