Homeowners Insurance FAQs  

Navigating the intricacies of homeowners insurance can be daunting due to the various coverage options, exclusions and policy details.

Whether you are a first-time homeowner or still have lingering questions, it’s essential to review these frequently asked questions to better understand your coverage.

Frequently Asked Questions About Homeowners Insurance

The following are some questions frequently asked about homeowners insurance:

• What does it cover? This type of insurance can offer financial protection for your home and belongings against damage or loss from events such as fire, theft, vandalism and certain severe weather conditions. Additionally, it typically offers liability coverage if someone gets injured on your property.

• What does it exclude? Homeowners insurance typically excludes damage caused by floods, earthquakes, or normal wear and tear; however, separate endorsements or policies may be available for damage caused by severe weather events.

• How much does it cost? Costs are typically influenced by your home’s location, age and condition, as well as the coverage you choose and your claims history. 

• How can I lower my homeowners insurance costs? You may be able to lower your premium by bundling policies, installing security systems, maintaining a good credit score and applying for discounts with your insurance provider.

• Do I still need it after my mortgage is paid off? Homeowners insurance isn’t legally required, but it is highly recommended. Even if you pay for your home outright or pay off your mortgage, it’s still essential to protect your investment financially. Without homeowners insurance, you would have to pay for incidents out of pocket. This includes not only damage to your home, but also if you are found liable for causing physical damage to a third party or their property.

• How do I file a claim? To file a claim, it’s essential to gather as much evidence and information as possible and contact your insurance company as soon as possible. Your insurance provider will be able to provide detailed guidance for what else they may need and the next steps. Keep in mind that it may be beneficial to avoid making claims for minor incidents that you can afford to pay out of pocket.

Learn More

Contact Muzio & Rovero Insurance Services to learn more about homeowners insurance.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.