Homeowner's Insurance and What it Means to You

Homeowner’s Insurance and Your AgentrnYour home is your sanctuary. It is a place to relax, enjoy the simple things, and watch your family grow and thrive. The longer you live in your home, the more memories you’ll have—and the more equity you’ll build.rnYour Homeowner’s PolicyrnYour average Homeowner’s Insurance Policy generally includes two main types of coverage:rn1. Property: To protect your home and its contents.rn2. Liability: To protect yourself financially against costly claims and lawsuits.rnIt is a good idea to review your insurance policy annually to determine if you have enough coverage, or in some cases too much coverage. Your insurance agent can help you customize your coverage to keep up with your changing needs and your budget.rnThe basic Homeowner’s insurance policy can help protect your home and personal property against losses caused by: • Fire or lightningrn• Windstorm or hailrn• Explosionrn• Riot or civil commotionrn• Impact by aircraftrn• Impact by vehiclern• Smokern• Vandalism or malicious mischiefrn• Theftrn• Falling objectsrn• Weight of ice, snow, or sleetrn• Sudden water discharge from plumbing or appliancesrn• Sudden tearing/bulging of heating or cooling systemsrn• Freezing of plumbing systemrn• Artificially generated electrical current (power surge) • Breakage of glass There are also endorsements that can be added to protect against earthquake, flood, and the loss of expensive personal items such as jewelry, guns, computers, etc.rnNow for the good stuff, how to save money on your Homeowner’s… One factor that determines your premium is the age of your home. Newer homes are less expensive to insure.rnIn addition, the number of claims you file will affect your premium. The higher the risk, the more the insurance company has to charge to cover it. Making small claims sometimes offset and you may be charged more by the insurance company in the long run. Work closely with your agent in these situations to see how the claim will affect your homeowner’s policy and benefit you.rnAnother great way to save money is to have an adequate smoke alarm and in many instances a burglar alarm. The insurance companies look at homes protected with these items as lower risk and will reward you for it.rnWhat we have Learned…rnAs a general rule, the best way to save money and know you have the right coverage in place is to have an active agent working on your behalf. They will review your coverage and situation, give you advice and recommendations that are in your best interest, and will go to bat for you when you need them most.rnIf you do not have a great Agent that is willing to do these things, I recommend you find one.rnBest of luck protecting what matters most to you.rnColt Sampson, MBA, Financial Bodyguardrn