Tips On Homeowners Insurance Simplified


 Tips On Homeowners Insurance Simplified

Homeowners Insurance is a type of insurance that protects you and your property from events such as fire or theft. One of the major factors in the cost of homeowners insurance is where you live: if it’s in an area prone to natural disasters, such as floods or earthquakes, then the price will be higher. Other factors that can affect your insurance rates are the value and square footage of your home, whether or not there are security systems in place and if you have any gaps in coverage.

Each state has different requirements for homeowners insurance, including how often you need to meet with your insurance agent and how much coverage you need. Experts recommend that you have a homeowners policy in place within 90 days of moving into your new home and carrying it for at least five years. If you own more than one property, it’s even more important that you get coverage from all your properties at the same time.

Homeowners insurance can be expensive, especially if there are gaps in coverage. To save money on the cost of homeowners insurance, you can look into buying overage coverages. There are two types of overage coverages: "Individual Property Coverage" and "Multi-Property Coverage.” Individual Property Coverage is like having an umbrella policy and covers specific property that is not already covered by your typical homeowner’s policy. Multi-Property Coverage can be purchased to cover all properties you own at once.

Another way to save money on homeowners insurance costs is to make sure that you have the appropriate amount of property coverage on your policy. Do you have a lot of money invested in your home? Make sure the value of your home matches up with the amount of coverage you have. Don't forget, when it comes to personal belongings, most policies will only cover about 70 percent of their actual value.

It’s also a good idea to buy additional coverage for personal belongings, such as jewelry and art. If you are unsure how much insurance you should have on specific items, contact your local agent to help you figure out the best way to protect your valuables.

One of the first steps in choosing a homeowners insurance policy is figuring out what amount of coverage you need. The most common amounts are 80/100, 100/300 and 500/500, which represent the limits of liability coverage that will be paid out by your insurance company if someone files a claim against you. When deciding how much homeowners insurance to buy, it's important that you consider all properties that may be in your name or under contract. For example, if you are buying a condo and plan to move in later this year, you may want to consider having a time-limited policy covering the property up until the date when you move in. If you have several properties that are under contract or on title loan, make sure that you select the coverage that covers all of them.

If you have pets, it’s important to know what type of coverage your pet insurance company requires. Most insurance companies require that if your pet is diagnosed with any major illness, such as cancer or hip dysplasia, they will pay out at least 80 percent of their medical expenses. If you do not have a pet insurance plan, your homeowners insurance policy may cover any medical bills related to your pets. You should also consider covering the value of your pet in case it is killed or stolen.

Active-duty military members are allowed special discounts on their homeowners insurance policies. Make sure to contact your insurance agent and let them know if you are an active-duty member, so that proper arrangements can be made for you and your family.

If you live in a condominium and have a unit owner policy in place, make sure to confirm the type of coverage that is being provided by the condo association at large. Most condo association policies will cover the common areas of the property, but not the units. If you aren’t sure what kind of coverage is available to you, a quick call to your insurance agent can help clear things up.

When it comes to policies for renters and homeowners, a deductible will usually apply. A deductible represents the amount of money that must be paid out-of-pocket for a claim before your insurance company pays their share. If you have multiple properties and do not have enough liability coverage on any one of them, consider combining them into one single policy for all your properties. This way, any claims that are filed will be included in one check from your insurance company.

It isn’t always possible to have coverage for all items in your home, whether it is a specific security system, an expensive piece of art or an unusual piece of furniture that you might like to keep around. If you are considering not purchasing homeowners insurance, there are certain things that you should do first:

1. Make a list of all the valuables in your home and attach a dollar amount to each one. Most insurance companies will require you to submit evidence of what is valuable and how much it’s worth.

2. Call your local insurance agent and ask them to review each item and play a game of “What if?” If something is worth thousands of dollars, make sure that it is included. While most policies will cover small electronics (like phones and computers), older and more unique electronics usually need special coverage.

3. Read your policy carefully for any gaps in coverage. Look for any gap in coverage that you can address by having homeowners insurance on all of your properties at the same time or by purchasing combined coverage for all the properties you own up until the time that you move into your new home, if applicable.

As a homeowner, you have to take care of your home and protect it from financial loss. If you decide to purchase homeowners insurance, make sure that you are protecting all of the property under your name or title. Your local independent insurance agent can help you understand all the ins and outs of homeowners coverage so that you can ensure that your home is fully covered.

To find out more about the different types of homeowners insurance available to you, contact Bankers Life at 1-800-621-1858. Serving customers for over 100 years, we have the experience and expertise needed to make sure that our customers get all the protection they need for their home and family.


Your home is likely your single greatest investment. To protect it, you need to make sure that you have the proper coverage on your homeowners insurance policy. If you don’t have enough liability coverage on any one of your properties, consider moving them all into one combined policy that includes all of your available properties under one check from your insurance company. You can also take measures to protect yourself and your family in case of an emergency by checking out our Bankers Life Safe Pay® program. With Safe Pay®, if something happens to you or a loved one, we will immediately pay up to $200 per day for any medical expenses incurred while waiting for payment from Medicare and other insurance companies.

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