Homeowners Insurance2021-07-05T05:32:36-04:00

Homeowners Insurance

Home insurance typically provides some degree of coverage for the dwelling (plus attached fixtures and structures), personal property of the occupants, liability and living expense if you need to be relocated during repairs.

Some folks assume that if you have homeowners insurance and disaster strikes your house, the insurance will pay to have your home rebuilt and refurnished. In actuality, the industry terms within your policy dictate how much you will get paid.

For example, the following terms will all offer different payouts: replacement cost, guaranteed replacement cost, extended replacement cost or actual cash value (ACV). The best way to navigate the fine print of your policy is with an experienced agent who has your best interest in mind.

At Daigle & Travers, we pride ourselves on being those kinds of agents.

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Bundle your home owners insurance with hazard insurance.

Hazard insurance is not a separate type of coverage from a homeowner’s insurance policy. Rather, it is synonymous with a homeowner’s policy, and it will provide protection for the structure of your home. There is a misconception that hazard insurance is something different than a personal homeowner’s policy. When, in fact, the word ‘hazard’ is becoming quite prevalent because of the financing industry. Many banks and institutions providing mortgages to home buyers are using the word ‘hazard’ insurance, when, as stated before, simply means a personal homeowner’s policy that protects your against specific hazards.

Hazard insurance gets its name because of the fact that it covers various ‘hazards’ that can occur in and around your home. These hazards are called “named perils” and include, but are not limited to:

Fire damage
Theft
Hail damage
Vandalism
Extreme storms
Earthquakes and other natural catastrophes

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In the event of being exposed to any of these circumstances, hazard insurance will provide coverage for the contents of your home. These include your clothes, furniture, books, and non-attached personal belongings. When it comes to protecting your possessions, there are two types of hazard insurance to choose from.

FAQs

How home insurance is calculated?2021-07-05T05:17:58-04:00

There are many variables when it comes to factoring insurance. The obvious ones are deductibles chosen (is a hurricane deductible applicable), home replacement values, age of homes, location of homes (state, zip code, proximity to the coast), quality of interior construction, etc.?  Are there multiple lines of business…auto, umbrella or collections policy that is potentially triggering a package discount?  Then you can dig deeper and some other factors contributing are insurance scores, claim history, etc.

Do I need homeowner’s insurance if my home is paid off?2021-07-05T05:17:32-04:00

Are you required to carry insurance by a mortgagee/bank? No.  Should you still have insurance? Yes.  Some questions you should be asking yourself to better understand the answer…do you have the financial resources to rebuild your home after suffering a major or total loss?  What percentage of your assets are you willing to lose in the event of a major lawsuit brought against you?  If your answers are no and zero, respectively, then you should absolutely have a home policy in place, properly protecting your home and your assets you’ve worked very hard for

How can I lower my homeowner’s insurance?2021-07-05T05:16:41-04:00

There are many steps you can take to manage your insurance costs, most come down to simply being a responsible homeowner. Insurance policies are there to share the risk of damage to your property and to protect you and your family from financial devastation in a catastrophic scenario. As such, be diligent in not putting through minor claims against your home insurance policy. It’s important to weigh what is the cost of the repairs/claim versus the impact to your insurance standing? Be sure to maintain your home as needed, items like roof, heating, plumbing, etc., all require routine maintenance and doing so will help manage your insurance costs. Last but not least, be certain to pay your bills on time. It’s often a good idea to enroll is automatic payments to avoid any potential missed or late payments which would impact your policy pricing going forward.

How much is a typical homeowners insurance policy?2021-07-05T05:16:09-04:00

That depends on how you quantify a “typical homeowners policy”? Each client and every home has different characteristics, risks, priorities, and risk tolerance. The annual premium for Homeowners insurance policies in our area averages between $2,000 – $3,000 per year, but there are any number of factors that can impact the annual cost of homeowners insurance. How big is the house, how old is the house, has it been updated, is the home along the coast, have there been prior insurance claims, what is the policy deductible? These are just a few factors that will go in to determining the cost of your home insurance policy.

For a free quote for your business or personal insurance, send us a message or call us at (203) 655-6974

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