Category: Home Insurance

Your property value will change over time, especially as you make improvements. Although your home insurance policy provided the necessary coverage when you first got it, it doesn’t mean that it still does. Because your home insurance needs to change as your house changes, you should review your coverage to ensure it is on track. Lana Insurance Center Inc., serving Wallingford, CT, shares a few instances when you should review your home insurance.

When Should You Review Your Home Insurance?

Remodels

You can add value to your property when you undergo significant remodeling projects. This is particularly true if your focus is in the kitchen or bathroom. In the event that the remodel causes your market value to increase, your existing home insurance policy may not be adequate any longer. It is important to review your policy after remodeling to ensure you are covered in the event of a disaster.

Safety Improvements

When you make security improvements to your home that can protect accidents from occurring, you will usually immediately reduce the insurance company’s risk. These improvements can be anything from flame-resistant roofing materials to a security system. When safety and/or security improvements are made, it is important to speak to your insurance agent, as there may be savings in store for you. 

Swimming Pool Installation

If you decide to add a swimming pool, trampoline, or other potential hazards, you should speak to your insurer beforehand. Although these items can be incredibly fun, they also increase the risk of an injury to occur. More often than not, an increase in your home insurance coverage will be needed to ensure you are properly covered.

If you have decided it is time to review your home insurance policy, speak to Lana Insurance Center Inc., serving Wallingford, CT.

Part of your home insurance policy comes with bodily injury and property damage liability. It is designed to cover you and your family for lawsuits that other parties might file for injuries or property damage that you or your family members may cause to other parties.

Everyone in your home, including pets, is covered, and the coverage pays defense fees, damages, and medical bills. That’s why Lana Insurance Center Inc. recommends buying adequate liability coverage based on your risk needs and the number of people living with you. Here is how liability protects you:

Liability protects you and your assets.

When you become a homeowner, protecting your investment becomes a priority. If you or any other member of your family is sued for injuring another person or destroying their property, you can easily lose your assets if you are not well-prepared financially.  For instance, if your dog bites a neighbor’s child, you might be required to pay medical bills and, worse, deal with a lawsuit. With adequate liability, it can help pay your legal defense fees.

Liability provides coverage for your family members.

If you entertain guests at your home or have teenagers who throw parties every once in a while, you may want to have bodily injury and property damage liability if you are sued for injuries sustained at your home during those visits. Raise your coverage limits if you have a swimming pool, home office, or trampoline. You never know who will get hurt accidentally while at your house.

Liability coverage is quite complicated, and every insurer has its rules and regulations. Therefore, never assume you are covered. When in doubt, always ask and get clarification. For more information, quotes, or queries, feel free to contact Lana Insurance Center Inc.

First-time homebuyers make up approximately 33% of all buyers, according to the National Association of Realtors. As a first-time homebuyer, you’re new at this. You’ve never done it before, and your lack of knowledge could cost you time and money with home insurance. Griffin Insurance Agency in Mooresville, NC specializes in working with first-time homebuyers. So, here are some tips you should know if you’re a first-time homebuyer in need of home insurance.

Start Looking for Coverage Options Early

We offer quotes for home insurance coverage no matter where you are in the home-buying process, but it’s better to start early so you have a better idea of the cost. We can make sure you get reliable coverage for your new home.

Determine the Best Insurance Value

As your local insurance provider, we help you understand what level of coverage you need and what that will look like for premiums. Your home insurance does not have to cover the full market value.

What to Consider in Home Insurance Coverage?

We work with you to deliver the level of coverage that you need, based on your unique circumstances. There are overarching home insurance considerations for all new homeowners.

Personal Property

Check the limits for personal property to see coverage and liability. We work with you to determine how to increase that coverage if needed to cover your most valuable belongings.

Guest Medical

This coverage pays the person’s medical expenses when he/she is injured on your property.

Dwelling Coverage

This coverage protects the structure of your home.

Liability Coverage

This type of coverage protects you if a person sues you because of an injury or fault with your property.

Additional Living Expenses

When a covered damage-and-repair situation makes it impossible to live on the property, this coverage pays for your living expenses, including a hotel room.

Exclusions

Check the exclusions for your policy. We can work with you to determine if you need additional coverage to mitigate exclusion situations.

Schedule an Appointment with Griffin Insurance Agency

Our goal is to make the process of getting your home insurance for your new home as quick-and-easy as possible. That’s why we quickly respond to your needs, and we offer our recommendations for the coverage to protect your new home. We’re here to answer all your questions and walk you through the entire process. It’s the right coverage at the right price for you. Learn more about auto insurance from Griffin Insurance Agency in Mooresville, NC.

Home insurance is designed to offer protection from a variety of threats and risks throughout owning a home. That is why it is important to have enough home coverage to ensure there aren’t gaps in coverage that can cause huge out of pocket expenses. Anyone who is considering increasing their home insurance or purchasing a new policy should evaluate the current value of the home and make sure that the policy value is for the same or just over the current value. 

What Happens When There Isn’t Enough Home Coverage?

Not having the right amount of home insurance can prove to be disastrous. In cases where there is a total loss to the home, and the amount of coverage is less than the current value of the house, the homeowner will have to pay out of pocket to cover the remaining cost to replace the home or purchase a new property. When purchasing insurance, you may choose to buy a policy that will pay the value of the house at the time of the policy agreement. If that is the case, there may need to be an increase in the amount of coverage if the property values increase. Other types of home insurance offer replacement cost value to reflect the current price of materials and labor to repair or replace a covered home. 

Finding The Right Policy

People who are shopping for a home Insurance policy should seek the assistance of a professional, licensed insurance agent so they can get the right type of coverage. Residents living in the Wallingford, CT area can count on the agents of Lana Insurance Center Inc. to guide them in the right direction and offer sensible options that prevent gaps in coverage. 

Don’t take chances with home insurance coverage. Having gaps and inadequate coverage can spell financial ruin in some cases. Call or stop by the office of Lana Insurance Center Inc. to find out why Wallingford, CT residents can feel confident about their level of home insurance coverage.