For many people, the experience of getting homeowners insurance in Canfield OH can be challenging. Their mortgage lender advises them that a policy was the last thing needed to fully approve their home loan and in a panic, they call their car insurer, gave them their new address and got coverage. Shortly after closing, a giant packet arrives in the mail, detailing a policy they had already paid for.
This isn’t the best way to buy insurance, but closing on a home can be stressful. To help you and future shoppers, here are 11 questions about homeowners insurance in Canfield OH that you might be too embarrassed to ask.
1. What is homeowners insurance? It’s a form of property and casualty insurance that covers your home and possessions in the event of theft or some disasters.
2. Some disasters? Homeowners insurance typically covers fire, windstorms, hail, lightning, smoke, explosions, theft, vandalism, riot and vehicle collision. It commonly excludes earthquakes, flood, power failure, war, nuclear explosion, neglect, locally forced repairs or intentional damage.
3. Why does the list include some of the worst natural disasters? If you live in an area that’s vulnerable to particular perils such as earthquakes and floods, you can typically purchase separate coverage for them.
4. Is homeowners insurance required by law? Unlike car insurance, states don’t dictate that you must insure your home. But, if you’re financing a house, your mortgage lender will likely require you to get some.
5. So will homeowners insurance in Canfield OH replace my house if it’s
destroyed? If your house is destroyed by a covered hazard, a standard homeowners policy will go a long way toward repairing or rebuilding your home.
6. How much homeowners insurance do I need? That really depends on how much the home costs, where you’re buying it, the condition of your property and the value of your belongings. Ideally, you should base your property coverage limits on how much it would cost to rebuild your home. That’s sometimes the house’s current market price, but it could rise higher.
7. What else does homeowners insurance cover? In addition to property and personal belongings damage, standard homeowners insurance in Canfield OH covers liability in the event that someone injures themselves at or around your house.
8. What are the limits on possessions? Coverage for your belongings and temporary relocations are usually based on a percentage of your property’s coverage limits. You might need more coverage if you have pricey possessions.
9. What about liability limits? Liability limits start at $100,000, but most homeowners should have between $300,000 and $500,000 worth of liability coverage to protects their assets in the event of a lawsuit.
10. Can I lower the cost of homeowners insurance? You can opt for a higher deductible, but less risky ways to save include bundling your homeowners insurance, usually with your car insurance or asking if you qualify for any discounts. Sometimes homeowners insurance companies offer lower rates to first-time homeowners or first-time customers.
11. What’s an umbrella policy? Umbrella policies offer additional liability coverage on top of what’s already covered by your standard homeowners insurance or car insurance policy. Umbrella coverage starts at $1 million and it is typically recommended for people who have more than $500,000 in assets.
Purchasing homeowners insurance in Canfield OH can be a challenging task. But we can take all the guesswork out of it and make it a stress-free experience. Call our office today to schedule a consultation so we can discuss your needs and options.