Home Owner’s Insurance

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In basic terms, these policies will provide coverage for homes and its contents. Similar to a business owners policy, home owners insurance policies are usually written as packages. They provide both property and general liability coverage.

The property portion of the coverage will replace the home in the event of a natural disaster. With the exception of a flood, earthquake or as a result of poor maintenance. Flood and earthquake insurance may each be purchased separately however. The coverage is not meant for standard maintenance repairs. The property portion of the policy will also outline a value for the contents as well. If the home owner has rare and expensive contents, endorsements can be made to the policy to cover such losses. If a mortgage payment is necessary, the insurance premium will likely be included. When closing on a property the title company will usually collect a portion of the annual home owners insurance premium in advance. That will be held in escrow to keep the insurance payments current.

The general liability portion of these policies will cover injury to others while on the homeowners property. If a guest falls through a rotted patio deck board, this coverage can reimburse the damages caused to that guest. Higher liability limits are usually available on these policies. If you chose to have excess coverage beyond what the policy provides a personal umbrella can be purchased.

Other benefits of these package policies might include the cost of debris removal, temporary housing reimbursement, and replacement of landscaping in the event of a loss. Each carrier might have differing limits on each.

Home security and fire alarm systems can reduce the annual premium on some of these policies.

Condominium owners will have different coverage than a standard homeowners policy. The home owners association dues should include property coverage for the exterior of the property. Condominium owners policies will cover damages to the interior of the structure only.

Renters can insure their contents even though they don’t own the apartment. Coverage is usually very affordable. These are simply called renters insurance policies.

In place of calling many captive agents, it makes the most sense to contact an insurance broker. Ambassador Group is able to quote your policy with up to 20 different carriers. Each of these carriers change their interest level in various segments of the market regularly. Their interest is gauged by their premium. The higher their premium the lower their interest. It is our job to find you the most competitive pricing while maintaining comprehensive coverage. We speak weekly and monthly with our carriers to determine in advance where the market is shifting. Contact Melissa Avina if you have questions regarding home owners insurance coverage. mavina@ambassadorins.com

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