Homeowners Policy Basics

Charles Goodman Group: Trustworthy Insurance Agents of Chappaqua NY

Most people will never need to submit a home insurance claim. However, no one is immune to time and unforeseen occurrences. Within the limits stipulated by the policy, homeowners insurance provides reimbursement for financial losses that happen suddenly and that are accidental. This means that these losses are difficult if not impossible to predict or to prevent. Speaking to a Chappaqua insurance agent is a great way to determine what insurance policies are best for a particular area.

There is no standard home insurance policy. Coverage will vary based on the requirements stipulated by the state as well as the options each insurance company provides. It is the homeowner’s responsibility to get a clear picture of what their policy covers and what perils are and are not covered.

Homeowners insurance is not required by law. However, the majority of mortgage companies will require a person who is financing their home to purchase coverage. Additionally, renters could be required to purchase some form of insurance that will protect the property from any damage they might cause and provide protection for their personal belongings.

Not all home insurance policies are the same, nor are they all created equal. In addition to examining the quotes an insurance company offers, it is also good to look at their customer service record.

The insurance agent experts at the Charles Goodman Group of Chappaqua NY can assist you with any questions regarding life insurance or property insurance.

When a homeowner is dealing with a disaster, they already have enough stress in front of them. The last thing they are going to want is to have to deal with an insurance company that does not return calls, is slow about sending an adjuster and is reluctant to pay claims.

Learn about discounts and incentives an insurance company offers. Some incentives include discounts for those who install fire systems, alarm systems and sprinkler systems. There are also discounts given to individuals who purchase multiple insurance policies and to long-term customers. Homeowners should understand the deductibles that they will have to pay as well as any penalties, such as a coinsurance penalty.

It is advisable to avoid the temptation to over insure or underinsured a home. If a residence is underinsured and a disaster strikes, whatever expense the policy does not cover will be paid for by the homeowner out-of-pocket. On the other side of the coin, a homeowner may pay high premiums for a home that is over insured, yet when a disaster strikes, they will only be reimbursed for the actual value of what was lost, not for the value of the policy.

Home insurance provides excellent coverage that protects homeowners from unneeded stress and financial liability. In order to get the most of their home insurance policy, it is good for a customer to be diligent, thoroughly research options and talk to a qualified insurance agent.