Important Woodland Hills Homeowner’s Insurance Facts
Woodland Hills h
omeowner’s insurance protects your home and property from unexpected loss or damage. If you own your home you need homeowner’s insurance and if you rent, you need renter’s insurance. We often get asked questions regarding
homeowner’s insurance, so we thought we would share a few of the commonly asked questions. These are great questions, so keep them coming!
1.
“Does the law require me to have homeowner’s insurance?” No, homeowner’s insurance e is not a legal requirement; but your lender will most likely require it.
2.
“What if I rent, do I still need homeowner’s or renter’s insurance?” If you rent a home or apartment, the landlord may also require you have renter’s insurance for the liability coverage afforded.
3.
“If the loss is an act of God (i.e., wind, snow, lightening damage) does my deductible still apply?” Yes, your deductible will apply to all losses or claims.
4.
“I had a loss that was $100 over my deductible, is it worth filing a claim?” This depends on your ability to cover the damage out of pocket. We like to think of insurance for the larger losses or damage. Filing too many claims will cause your premiums to increase.
5.
“Is flood covered?” No, you need a separate flood policy.
6.
“I constructed a shed ($1,000 value) in my back yard, is that covered?” Yes, usually homeowner’s policies have an automatic value for shed or outbuildings. There is a maximum, so check with our office.
7.
“How are my homeowner’s insurance premiums determined?” Premiums will depend on the construction type of the home, the location of the home, and the amount of insurance needed. Also part of the underwriting process will be the home’s proximity to a fire station, installed smoke detection, age of the home and the use of a wood stove.
8.
“How much insurance do I need?” That will depend on the replacement cost of your home and personal property. We recommend you develop a
home inventory of all your personal property to determine the actual replacement cost.
9.
“How much liability insurance do I need?” That will depend on your assets and lifestyle. If you are a young couple just starting out, you may be ok with “standard” limits. But if you own a boat, have a rental home, or have developed wealth, you may want to consider limits of $1,000,000 or more.
10.
“How do I get the best premiums?” Have an independent agent like us market your insurance with many different carriers.
