Homeowners Insurance Basics

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What is a homeowners insurance protection class? (How It Affects Rates)

Overview Public protection class and fire protection class are two terms for the same classification of a community’s fire suppression capabilities, Protection classes are determined using a 100-point scale by the Insurance Services Organization, The protection class of your home will impact your homeowners insurance rates. You’re moving out to a rural area, and you...

Overview Public protection class and fire protection class a...

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The Five Most Common Homeowners Insurance Claims

If you’ve owned a home (or two) for more than a few months, you know it can come with a lot of unexpected costs. That’s why it’s important to set aside money for things like maintenance and upkeep. But some damages can’t reasonably be paid for out of your own pocket, which is why homeowners...

If you’ve owned a home (or two) for more than a few months...

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What is a time deductible?

Insurance Q&A: “What is a time deductible?” Most of us are familiar with the concept of an insurance deductible. Whether it’s the co-pay on a health insurance policy, the wind and hail deductible on a homeowner’s insurance policy, or the comprehensive and collision deductible on an auto policy, we are expected to share in the...

Insurance Q&A: “What is a time deductible?” Most of ...

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What is Actual Cash Value Homeowners Insurance?

Insurance Q&A: “What is actual cash value homeowners insurance?” Actual cash value (ACV) is a loss settlement method designed to pay no more than the depreciated value of your home (and likely your personal belongings) in the event of a loss/claim. Ultimately, if you suffer a property loss, the insurer will pay the cost to repair or replace...

Insurance Q&A: “What is actual cash value homeowners i...

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What is an insurance binder?

Insurance Q&A: “What is an insurance binder?” Spoiler alert: It’s not a Trapper Keeper! Insurance is a business of promises and paperwork. Usually, it’s in that order. The insured promises to pay an insurance premium, and the insurer promises to pay for covered insurance claims during the policy period. Each party’s promises are secured by an...

Insurance Q&A: “What is an insurance binder?” Spoile...

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Named Perils vs. All Risk Homeowners Policies

Insurance match-ups: “Named perils vs. all risk homeowner’s insurance policies.” There are plenty of ways to save money on your homeowners insurance policy. Some are good and some may make you uncomfortable once you understand why they cost less. You can expect the type of insurance company whose program you “fit” to be relatively in...

Insurance match-ups: “Named perils vs. all risk homeow...

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What is an elevation certificate?

If you obtained a mortgage at any time since 1994, you likely noticed the “flood cert” charge on your Good Faith Estimate, the form that details your expected closing costs. It may also be listed as a “Flood Determination.” Generally, it’s only $10-$12, but its results determine how much you’ll need to spend on one...

If you obtained a mortgage at any time since 1994, you likel...

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Top 10 Homeowners Insurance Companies

In 2017 (the latest year for which data is available), State Farm was the top homeowner’s insurance company, based on direct insurance premium written, per NAIC data. The well-known company, which is also the leading auto insurance company, wrote $17.6 billion in homeowner’s insurance throughout the year while claiming a staggering 18.6% of total market share. Allstate was a distant...

In 2017 (the latest year for which data is available), State...

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How Much Homeowner’s Insurance Do I Need?

Homeowner’s Insurance Q&A: “How much homeowner’s insurance do I need?” Most of us know that homeowner’s insurance is mandatory if you have a mortgage, but very few know how much coverage is actually needed? You don’t want to be “under-covered” in the sense that you don’t have any extra coverage, but at the same time...

Homeowner’s Insurance Q&A: “How much homeowner’s i...

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Hazard Insurance vs. Homeowners Insurance

So you’re finally ready to buy your dream home, or perhaps that dream investment property. Your credit has been checked, your down payment and assets have been meticulously reviewed, and your employment has been verified by the underwriter. It’s almost time to close on your loan, thank goodness! This is around the time when your...

So you’re finally ready to buy your dream home, or perhaps...

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Who is covered under homeowners insurance?

So you’ve got homeowners insurance, and now you’re probably wondering who or what is actually covered? Good question, and the answer is probably more people than you would think. A homeowners insurance policy can be thought of as insurance for you and your home, as it insures your home against property damage, and you and your...

So you’ve got homeowners insurance, and now you’re proba...

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How to Read a Homeowners Insurance Policy

Admit it.  You’ve probably never read your homeowners insurance policy.  It happens all the time. Homeowners assume their insurance agent has them covered. It’s their job to take care of you and make sure you have the right insurance. Unfortunately, many policies are designed with a template. So every insured gets the same basic policy...

Admit it.  You’ve probably never read your homeowners ins...

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Is Flood Insurance Mandatory?

Are you required to have flood insurance? To many people, it may seem like one more bill they have to pay for no reason. Especially if you live in a higher level condo, you may wonder why. The good news for many condo owners is your master policy generally includes basic flood coverage. There are...

Are you required to have flood insurance? To many people, it...

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