Menu
Menu
Menu
Home insurance typically provides some degree of coverage for the dwelling (plus attached fixtures and structures), personal property of the occupants, liability, and living expense if you need to be relocated during repairs.
Some folks assume that if you have homeowners insurance and disaster strikes your house, the insurance will pay to have your home rebuilt and refurnished. In actuality, the terms, conditions, and exclusions within your policy dictate whether and to what extent the loss will be covered.
For example, the following terms will all offer different payouts: replacement cost, guaranteed replacement cost, extended replacement cost, or actual cash value (ACV). Our experienced agents are able to explain your options to you so that you can select the type of policy that you decide is right for you.
At Daigle & Travers, we pride ourselves on our unmatched customer service.
From historic homes to waterfront properties
Protect your personal property like electronics and furniture
Hazard insurance is not a separate type of coverage from a homeowner’s insurance policy. Rather, it is synonymous with a homeowner’s policy which provides protection for the structure of your home. There is a misconception that hazard insurance is something different than a personal homeowner’s policy, when, in fact, the word ‘hazard’ is becoming quite prevalent because of the financing industry. Many banks and institutions providing mortgages to home buyers are using the word ‘hazard’ insurance, to refer to a personal homeowner’s policy that protects the structure of your home against specific hazards.
Hazard insurance gets its name because of the fact that it covers various ‘hazards’ that can occur in and around your home. These hazards are called “named perils” and may include, but are not limited to:
In the event of being exposed to any of these circumstances, and subject to the terms of the policy, hazard insurance will typically provide coverage for the contents of your home. This may include your clothes, furniture, books, and non-attached personal belongings. When it comes to protecting your possessions, there are two types of hazard insurance to choose from. Please contact our agents if you would like to discuss your options when it comes to hazard insurance.
There are many variables when it comes to factoring insurance. Some are deductibles chosen, home replacement values, age of the home, the home’s location, and quality of interior construction. Other factors are multiple lines of business such as auto, umbrella or a collections policy that can potentially trigger a package discount. Further reasons that can impact costs are insurance scores and claim history.
Even if you have paid off your home and are no longer required by a mortgage holder to have homeowners insurance, you should still seriously consider insuring your home. Some questions that you should ask yourself to asses the risk of not maintaining homeowners insurance include: Do you have the financial resources to rebuild your home after suffering a major total loss? Are you willing to risk your own personal assets in the event that someone is injured on your property and files a lawsuit against you, without the benefit of any liability protection that might be afforded by a homeowners policy? If you answered “no” to either question, then you should absolutely have a homeowners policy in place, to help protect your home and your assets you’ve worked very hard for.
There are many steps you can take to manage your insurance costs. One consideration is not putting through minor claims against your home insurance policy. It’s important to weigh the cost of the repairs versus the impact to your insurance standing. In addition, be sure to maintain your home as needed, items like roof, heating, and plumbing all require routine maintenance, and doing so will help manage your insurance costs. Last, paying your bills on time can be a factor. It’s often a good idea to enroll in automatic payments to avoid any potential missed or late payments which would impact your policy pricing going forward.
That depends on how you quantify a “typical” homeowners policy. Each client and every home has different characteristics, risks, priorities, and risk tolerance. Any number of factors that can impact the annual cost of homeowners insurance. The size of the house, the age, any recent updates, proximity to the coast, and prior insurance claims are just a few factors that will go in to determining the cost of your home insurance policy.
For a free quote for your business or personal insurance, send us a message or call us at (203) 655-6974.
