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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
Life happens. That's why homeowners insurance exists—to protect your home and your finances from accidents, storm damage and other risks to your property. Let us help you find the right type of coverage for your needs.
Keep it simple
We work with providers to make it easy for you to find a policy.
Cover your bases
Select homeowners insurance coverage that meets your needs.
Stay on budget
Find a home insurance plan that fits within your budget.
Start your home insurance coverage from the ground up with builders' risk coverage.
Get property insurance coverage that can put your home back together after a loss.
Cover your assets if someone is injured on your property and you or your family is considered negligent.
Get coverage if a fire or other insured disaster leaves you temporarily unable to live in your home.
Homeowners insurance is a type of insurance policy designed to protect you from financial loss due to damage, destruction or theft of their property if you own your home. A typical homeowners insurance policy provides coverage for your home and its contents, as well as liability protection if someone is injured on your property.
Several factors affect the cost of homeowners insurance.
To get an accurate estimate of homeowners insurance costs, contact insurance providers and request quotes based on your specific circumstances. They'll consider these factors and provide you with a personalized premium amount.
You may not end up with the best homeowners coverage if you comparison shop by price. Your home is one of the most important purchases you'll make, so take the time to understand your insurance before you purchase it. It's one of the most important decisions you can make for yourself and your family.
You'll need enough homeowners insurance to cover the cost to rebuild your home at current construction costs. This amount doesn't include the cost of the land and isn't related to the price you paid for your home or its current market value, tax value or loan amount. Keep in mind that the cost of rebuilding your home could be more or less than the price you paid or could sell it for due to changes in construction costs.
Here are some things to consider when choosing how much homeowners insurance you need:
The 80% rule is a guideline used by insurance companies to determine the minimum amount of coverage you should have on your home. According to the rule, your dwelling coverage should be equal to at least 80% of the replacement cost value of your home. The replacement cost value is the estimated cost to rebuild your home from scratch, including materials and labor, in the event of a total loss. Note that the replacement cost value and the market value of your home are different. Market value includes additional factors like land value and location. If the dwelling coverage on your policy is less than 80% of the replacement cost value, you may be subject to a penalty called coinsurance—an amount minus the percentage of the actual cost of the damage, which is paid by the insurance company.
Homeowners insurance typically covers the dwelling or structure of your home and other attached structures, including your garage and deck. Here's a breakdown of typical coverages within a homeowners policy.
Homeowners insurance isn't required by law in most cases. However, mortgage lenders typically require buyers to obtain homeowners insurance as a condition of a loan to protect their investment in case of any damage or loss to the property. Even if you own your home, homeowners insurance is still recommended so you can have protection and peace of mind in the event of property damage, theft, liability claims or other unforeseen events. It may help cover the cost of repairs or to rebuild your home, replace personal property or cover legal expenses if someone is hurt while on your property.
Although they're similar, hazard insurance and homeowners insurance aren't the same. Hazard insurance is a component of homeowners insurance that specifically covers damage to your property caused by specific hazards or perils, such as fire, lightning, windstorms, hail or vandalism. It helps protect your home and its contents against these specific risks. Homeowners insurance is a broader policy that typically includes hazard insurance along with other coverages. It provides protection for your dwelling in addition to your personal belongings, liability coverage if someone is injured on your property and additional living expenses if your home becomes temporarily uninhabitable due to a covered event.
Most homeowners insurance policies cover a wide range of items, but they don't often cover everything one has. This void in coverage is usually due to the policy owner assuming that every item they have will be covered. They fail to let the insurance agent know of specialty items and specialty coverage they may need or be interested in. Talk with your insurance agent to decide whether you need additional coverage in the following areas:
No. While flood damage isn't covered by most homeowners insurance policies, we can provide a separate policy through the National Flood Insurance Program for additional coverage needs.
Most homeowners insurance policies have dollar limits on certain types of belongings. Generally, these limits are on silverware, guns, jewelry, watches, furs and computers. The limits usually cover losses of the average person. Talk to your agent or insurance company about increasing these limits to meet your individual needs.
Replacement-cost coverage within a homeowners insurance policy pays to replace your home and belongings with materials of like kind and quality at current prices, while actual cash-value policies reimburse the depreciated value.
Generally, insurance policies exclude damage caused by seepage, dry rot or vermin. This is because these problems are typically the result of poor maintenance rather than a sudden or accidental event.
Insurance products are not insured by the FDIC or any federal government agency and are not a deposit or other obligation of, or guaranteed by, any bank or bank affiliate.
Insurance products offered in California are offered by First Citizens Bank & Trust Co., CA Agency License #OH380006.
Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website.
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