Published on 02.28.19
Homeowners Insurance Questions Answered | Do You Know The Answers?
Owning a home can be a lot of work, and then you have to navigate the maze of getting homewners insurance. At some traditional insurance companies, it feels like they just don’t care, like you, the customer, are just an afterthought. At Foxquilt, we won’t just pass you off; we are your advocate. We support and care about our customers so whether you have questions about your insurance or you’ve just experienced an unexpected event and need to file a claim; we’re here for you.
We know how complicated the world of insurance is; let us do the hard work and share some common questions we get:
1. What is homeowners insurance?
Homeowners insurance is a form of property and casualty insurance. It primarily covers your home and the stuff inside of it in the event of theft or some disasters.
2. Wait … some disasters?
Yes. Homeowners insurance commonly covers these disasters: fire, windstorm, hail, lightning, smoke, explosion, theft, vandalism, riot and vehicle collision. It commonly excludes — i.e. doesn’t cover earthquakes, flood, power failure, war, nuclear explosion, neglect, ordinance of law (locally forced repairs) or intentional damage.
3. But that list includes some of the worst natural disasters, no?
Well, if you live in an area that’s susceptible to the perils most likely to occur — namely, earthquakes and floods — you can get coverage for them, usually separately. (In fact, if you live in a flood zone, you need to buy flood insurance to get a mortgage. Federally regulated lenders are legally required to make people living in high-risk flood areas buy a policy.)
4. Fair enough. Is homeowners insurance required by law?
No. Unlike car insurance, states don’t mandate you insure your home. But, if you’re financing a house, your mortgage lender will likely require you to get some. They don’t want to lose money on their investment. And, honestly, neither will you.
5. Why do I need homeowners insurance?
Because houses are expensive and disasters don’t discriminate or only do damage. In 2017, a series of wildfires destroyed thousands of California homes, while Hurricane Harvey forced 30,000 people into temporary homes.
Hopefully, this helps you understand homeowners insurance a bit more but if you have more questions or want someone on your side, get a free quote from Foxquilt.