Here are the things you need to know about home insurance:
When planning to get a mortgage for your home, the bank requires a copy of the insurance policy. This a prerequisite by the bank's needs before issuing a mortgage. The owner has the option to acquire it from any insurance company, and if not, from the lending bank itself. With a wide range of choices, homeowners can now choose the policy which they think is best for their needs. For this reason, it is more advisable to acquire home insurance outside of the lending bank.
Home Insurance Coverage
Generally, insurance policies cover four major incidents. These are :
- Interior damage
- Exterior damage
- Personal properties/assets inside the home
- Damage or Injury while inside the home
Should any of the above happens, the insured is qualified for claims. However, there are certain fees which the insurance company charges upon claiming. The percentage of these fees varies, depending on the insurance policies acquired by the homeowner. It is also important to know that the higher the deductible on an insurance contract, the lower the premium it has.
Home Insurance Exclusion
Natural disasters like earthquakes or floods are normally not covered by a typical policy. Including these cases on the policy is an additive which would mean a higher premium. Yet, damage due to hurricanes and/or tornadoes may be part of any regular insurance policy.
Difference Between Home Insurance and Home Warranty
Home insurance should not be mistaken as the same with a home warranty. The latter only covers certain home installations and is limited to a short period of 1 year at the most. Whereas home insurance excludes property age-based damages, a home warranty may include it in its typical coverage period.
At Meyerson-Roth Co Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (516) 432-5800 or Click Here to request a free quote.