Homeowners Insurance Information
Homeowners Insurance- including Bellefontaine, Marysville, Columbus and Central Ohio
A typical homeowners policy includes:
- Coverage A- The house itself. This can include the house and any extra items attached to the house, such as an attached garage, a deck, a sunroom or enclosed porch.
- Coverage B- Detached outbuildings. Detached buildings NOT part of the house. Think of detached garages and utility buildings. When in doubt, ask!
- Coverage C- Contents. Includes items not considered part of the house- think furniture, clothing and appliances. Here's a handy tip to decide what are contents and what are not: Imagine turning your house upside down. Whatever falls out are contents items. Most household contents in a detached building (hand tools, lawn mower, etc). would qualify too.
- Coverage D- Loss of Use. Provides money should you need to relocate elsewhere temporarily due to damage from a covered claim. Examples of expenses where this money could be used include: hotel room, apartment, Laundromat, dry cleaning and meals.
- Coverage L- Personal Liability. Pays if you're legally liable for causing bodily injury or property damage to someone else. Here's two examples: 1) your pet or animal gets loose and runs in front of a vehicle causing damage to the vehicle and 2) a visitor gets injured while using your swimming pool or hot tub. Common limits for personal liability include $100,000 to $500,000. Additional liability of $1,000,000 or more can be added with an Umbrella Policy.
- Coverage M- Medical Payments. No-fault coverage to pay for medical bills sustained by a visitor to your home. Example: your friend trips over something in your house, falls and breaks a leg, through no fault of your own. Medical payments will step in and pay the medical bills. We call it "goodwill" insurance.
Homeowners Insurance Coverage Types
Many different type of policies exist depending on what you own, but the most common type you’ll find is called the HO-3 policy. It provides the property and liability coverage already discussed and offers the broadest coverage when it comes to claims. Keep in mind that this policy is designed for a home that you own and occupy (and that isn't a condo).
Homeowners insurance claims are paid based on the perils of the policy. Perils are the risks that cause damage on home insurance. The HO-3 doesn’t list the perils that are covered, but instead lists only the ones that aren’t. So it is broader than other types and offers the best option. Sometimes an HO-3 is also referred to as “Special Form” coverage.
If you rent, then you need a renters insurance policy. If you own a condo, then a condo insurance policy is the right choice.
When Do I Need to Purchase Homeowners Insurance?
If you’re a new home buyer and will have a mortgage on your property, you will need to purchase your homeowners insurance BEFORE the closing. Here’s a tip: contact your insurance agent as soon as your offer has been accepted as the closing typically happens 30-60 days later.
Your insurance agent needs time to calculate the amount of coverage necessary, make recommendations and review it with you. If they go the extra mile like us, they may also inspect the property, so some extra time is worthwhile to get everything just right for you.
If you’re an existing homeowner with your mortgage in escrow, then 45-60 days before your renewal is the best time to make a switch. This gives enough time for the old policy to be cancelled and a bill from the new insurer to be sent to the mortgage company.
If you’re an existing homeowner with no escrow (or no mortgage at all), then the choice is really up to you. Keep in mind the effective date of the policy (date policy starts) is also the due date for your premium.
Contact Alan Galvez Insurance Today
Request your home insurance quote with Alan Galvez Insurance NOW.
5 QUICK questions will get you started! Note: By submitting this form you won't get an "instant" rate- instead you get a team that will shop our companies to find the best policy for you at the best premium. We have several companies in-house and access to MANY more. So you can stop shopping and leave the hard work to us! A member of our helpful team will contact you within one business day, but usually much sooner!
Helpful Tip: You might want to consider packaging your home insurance with auto insurance and umbrella insurance for the best coverage and discounts.
STRAIGHT FROM OUR CUSTOMERS.........
Stephen N. says "Friendly customer service. Helped us find the right insurances for us. It wasn't just a selling of insurance but a true getting to know what we needed and didn't need. When we left the office we felt we had made a new friend. We feel that Carrie and everyone at Alan Galvez Insurance are there for us."
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Get the Book: Insuring Your First Home
Our own agent, Carrie Reynolds, has written a book about homeowners insurance. Called "Insuring Your First Home: Your Must-Have Guide to Make Home Buying Painless", it's an easy read, about 50 pages long. The book walks you through the process of buying your first home, start to finish, from an insurance perspective. Chapters include:
- Playing "House": What Determines How Much I'll Pay for Insurance?
- Insurance Deal Makers and Breakers: What You Need to Know When House Hunting.
- SOLD! We've found the perfect house. What Happens Next?
- Limitations and Exclusions of a Homeowners policy that directly affect you.
You can view a sample chapter, read reviews and purchase a copy.
(Kindle and paperback versions available).