Understanding Homeowners Insurance
Understanding Your Homeowners Insurance Policy |
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Homeowners' Insurance
Homeowners’ Insurance protects you financially in the event of a covered loss and more importantly, provides peace of mind for one of your most valuable assets . . . your home! Proper homeowners’ insurance coverage will ensure that you do not bear the full brunt of rebuilding or replacing your personal belongings, if your home is damaged or your belongings are destroyed. In addition, a homeowners’ policy not only protects your dwelling, but it also protects against liability claims, detached structures, your personal property and the loss of use as well.
Endorsements
Finally, endorsements are available under the provisions of your homeowners’ policy to protect against the following:
•Water back-up of sewers and drains
•Identity theft
•Guaranteed replacement cost
•Personal property replacement coverage
•All risk coverage enhancement
Homeowners' Insurance Addendums
An addendum to an insurance policy, known as an insurance rider, also provides additional coverage to the insured. Richards Insurance Agency offers riders on homeowners’ policies for the following:
•Jewelry, furs or other valuable items
•Recreational vehicles (boats, ATVs, etc.)
•Home-based business coverage
Homeowers' Insurance Discounts
To those insuring their homes with Richards Insurance Agency, there are many types of insurance discounts available. The following are the most common situations or circumstances that allow for insurance premium discounts:
•Lower your rate by packaging the home policy with your automobile policy
•1st time homeowner
•Newly constructed home (10 years or newer)
•Alarm system installed in home
•Smoke alarms, dead bolts and fire extinguisher(s) in home
•Group discounts through employer or association
At Richards Insurance Agency, our agents work hard for you. Richards Insurance Agency has your best interest in mind. Richards Insurance Agency utilizes many insurance carriers to find the best fit for your insurance needs. It can be difficult to know what product is best for you. Let Richards Insurance Agency complete’ your homeowners’ insurance home work for you. Then let Richards Insurance Agency recommend’ the best homeowners' insurance solutions, at the lowest possible price, that fit your insurance needs.
Consumers Don't Understand Homeowners Insurance
A large percentage of U.S. homeowners mistakenly believe that standard homeowners insurance protects them from a wide array of perils, according to new research by the National Association of Insurance Commissioners. The NAIC survey found that 33 percent of U.S. heads of household, who own a home and have homeowners insurance, incorrectly believe food damages would be covered by a standard homeowners or property and liability policy, despite extensive media coverage on Hurricane Katrina victims whose claims were denied because they lacked flood insurance.
The NAIC survey also revealed other homeowner misunderstandings relating to common loss situations—none of which are covered by standard homeowners insurance policies—such as:
- 68 percent think vehicles such as cars, boats and motorcycles stolen from or damaged on their property are covered.
- 51 percent think damages from a break in the water line on their property supplying water to their home are covered.
- 37 percent think damages due to a break in the sewer line on their property that connects to their municipal sewer system are covered.
- 35 percent think damages from earthquakes are covered.
- 34 percent think damages from mold are covered.
- 31 percent think damages from termites or other infestation are covered.
- 22 percent think pets stolen from or injured on their property are covered.
The NAIC survey revealed another type of potential consumer misunderstanding. Twenty-four percent of respondents indicated their policies insured their homes for the actual cash value, while 64 percent said their policies covered the replacement cost. Another 12 percent said they did not know which type of coverage—actual cash value or replacement cost—they purchased.
(Reprinted with permission from Independent Insurance Agents of Wisconsin Action News 6/25/07.)
This is why we believe you need to understand the insurance you have bought or are looking at buying. Because of this belief we take time to explain the coverage you have and seek to answer any questions you come up with. If we don’t know the answer, we are more than willing to find the answer for you.
The more informed you as the insured are, the easier claim settlement will go. Please contact us with your questions.
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Richards Insurance Agency, LLC
Located in Beautiful, Scenic, Picturesque and Historic Richland County
Richland Center, Wisconsin
Call (608) 585-2137 or e-mail our Richards Insurance Agency staff today to request an accurate quote of your next home or auto insurance plan.
What is the benefit of going through an Independent Insurance Agent or Independent Insurance Agency?
Although PROGRESSIVE™ Insurance is a very well known and well-respected insurance company and one of Richards Independent Insurance Agency's many reputable insurers, PROGRESSIVE™ insurance is not always a perfect match for every customer. For example, if you apply for insurance through the PROGRESSIVE™ link on the left, Richards Insurance Agency will also take the time, effort, uncertainty and stress out of checking the insurance rates and benefits that are available through several other insurance carriers for you.
Why not give Richards Insurance Agency a try and request a FREE insurance rate quote? Simply enter your zip code into the PROGRESSIVE™ Insurance box at your left to begin your FREE multiple insurer rate quote now.
Richards Insurance Agency, LLC represents many reputable Insurance Companies. In addition, Richards Insurance Agency aligns itself with some of the top-rated insurance carriers in the industry.
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Richards Insurance Agency www.richardsinsure.net serving Wisconsin since 1933.
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