Do you have homeowners insurance? You may have a policy, but it is only as good as the company and the coverage within the policy. If you would like us to look over your current policy, we would be happy to. We believe that knowledge is power.
When you are insuring one of your largest assets, it is important to know what you are covered for and what you are not covered for. Picture yourself calling into your insurance company, or your agent, and being told you have no coverage.
Here are a few things that are excluded on all/most HO-3 policies: earthquake, flood, sewer/drain coverage, equipment breakdown, service line coverage, and etc. These items are not covered. However, you can add these coverages to your policy, except for flood. Flood requires a separate policy.
Let’s suppose that your Central A/C unit quits working. Your normal home policy does not cover maintenance issues for your home, including your A/C unit. Home insurance is not a home maintenance program. It is for sudden and accidental damage. If you have equipment breakdown coverage, and your A/C unit quits working, you are covered, minus your policy deductible.
Service line coverage comes into play when the underground pipes, communication cables and etc. in the covered portion of your yard need to be repaired. Let’s say a water pipe in your yard springs a leak. You have to pay someone to dig to find the leak, and then replace the bad pipe. This can cost you thousands of dollars. You can add this coverage to your policy with a number of our insurance companies.
Homeowners, again, it is important to know what you are covered for. Many insurance companies offer actual cash value for replacing your roof. What does this mean? In the event that you need to replace your roof after a bad storm, you are going to get a watered down check that takes into account the age of the roof and depreciation. Ask questions! You’re never too old to ask questions.
I hope everyone has a Great ThanksGiving! Take care and spend as much quality time with your family as possible.
-Best Regards, John Hatcher