What is ‘Homeowner’s Insurance’
Homeowner’s insurance is a form of property insurance that covers losses and damages to an individual’s house and to assets in the home. Homeowner’s insurance also provides liability coverage against accidents in the home or on the property.
BREAKING DOWN ‘Homeowner’s Insurance’
When a mortgage is requested on a home, the homeowner is required to provide proof of insurance on the property, before the lending bank can issue him or her a mortgage. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have his property covered from loss or damages, the bank may obtain one for him or her, at an extra cost. Payments made towards a homeowner’s insurance policy are usually included in the monthly payments of the homeowner’s mortgage. The lending bank that receives the payment, allocates the portion for insurance coverage to an escrow account. Once the insurance bill comes due, the amount owed is settled from this escrow account.
A homeowner’s insurance policy usually covers four incidents on the insured property – interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect, is the out-of-pocket costs for the insured. For example, a claim is made to an insurer on an interior water damage that occurred in a home. The cost to bring the property back to livable conditions is estimated by a claims adjuster to be $10,000. If the claim is approved, the homeowner is informed of the amount of his or her deductible, say $4,000, according to the policy agreement entered into. The insurance company will issue a payment of the excess cost, in this case $6,000. The higher the deductible on an insurance contract, the lower the monthly or annual premium on a homeowner’s insurance policy.
Every homeowner’s insurance policy has a liability limit, which determines the amount of coverage that the insured has should an unfortunate incident occur. The standard limits are usually set at $100,000, but the policyholder can opt for a higher limit. In the event that a claim is made, the liability limit stipulates the percentage of the coverage amount that would go towards replacing or repairing damage to the property structures, personal belongings, and costs to live somewhere else while the property is worked on.
Acts of war or acts of God such as earthquakes or floods are typically excluded from standard homeowner’s insurance policies. A homeowner who lives in an area prone to these natural disasters may need to get special coverage to insure his or her property from floods or earthquakes. However, most basic homeowner’s insurance policies cover events like hurricanes and tornadoes.
Homeowner’s insurance policy is different from a home warranty. A home warranty is a contract taken out that provides for repairs or replacements of home systems and appliances such as ovens, water heaters, washers/dryers, and pools. These contracts usually expire after a certain time period, usually 12 months, and are not mandatory to have in order to be issued a mortgage. While a homeowner’s insurance does not cover damages that result from poor maintenance or inevitable wear and tear, home warranty covers such issues.
A homeowner’s insurance policy also differs from a mortgage insurance, which is typically taken on home buyers making a down payment of less than 20% of the cost of the property. Mortgage insurance covers the lender for issuing a loan to a home buyer who otherwise, might not be able to get the loan required. Basically, a homeowner’s insurance protects the home owner and a mortgage insurance protects the lender.
We’re #1 in online home insurance quotes
Homeowners insurance is designed to protect you from the things that can damage your home, belongings, or hurt you financially. It covers wind/hail damage, fires, lightning, theft, and more. Plus it covers injuries that occur on your property and lawsuits against you, such as someone suing you because they were hurt at your home.
When you get your free homeowners insurance quote, many of your coverages will be automatically included. Plus, you can add even more. We have expert agents standing by to guide you through your choices.
When you should consider homeowners insurance
Homeowners insurance is for you if you own a home, vacation home, or are purchasing a home. If you own a condo, town house, or row home you need condo insurance—or renters insurance if you rent from someone else. Not sure? Get a homeowners insurance quote, and we’ll make sure you get the right policy.
If you have a mortgage, your lender will likely require you to get insurance for your home. We’ll help take care of the details with your lender. Plus, in most situations, you’ll be able to combine your insurance payments with your mortgage bill (called escrow).
Homeowners insurance coverages we offer
We offer coverages for your house, garages, sheds, other structures on your property, lawsuits against you, and more. Get a homeowners insurance quote online, and we’ll have expert agents standing by to help explain all your options. Questions already? See our homeowners insurance FAQs.
Repair/rebuild your home and other structures
Home insurance pays to repair or completely rebuild your house, materials inside like your kitchen countertops, attached, and unattached structures (garage, deck, porch, swimming pool, shed, fence, etc.). You’re covered against fire, wind, hail, tornados, falling trees/limbs, ice dams, the weight of snow, sleet, or ice on your roof, and more.
Example: It snows a ton, and your roof caves in. The snow then falls into your house damaging your walls, kitchen cabinets, countertops, and more. Homeowners covers all of these damages.
Temporary living expenses
If you can’t stay at home during repairs, your homeowners insurance covers hotel stays and even meals (above what you’d normally pay).
Example: A tree crashes through your roof, and you have to spend $2,500 to stay two weeks at a hotel. You’re covered for that bill, plus your meal expenses beyond your usual costs.
Injuries and lawsuits against you
This coverage is called personal liability and covers property damage and injury lawsuits. That means if you/your family members are responsible for someone else’s injuries or damages to their property. You can add coverages for libel, slander, or other lawsuits.
Example: A delivery person falls on your steps, breaks their arm, damages their merchandise, and then their company sues you. Your homeowners insurance will pay for their medical bills, lost wages while they’re injured, and the damaged merchandise.
At Maury Donnelly & Parr, Inc., we know that your home is your castle. It is the place where you make memories with your family and enjoy relaxing at the end of a long hard workday. But, are you adequately covered for the unexpected—such as a fire, theft, or flood?
Having a homeowner’s policy with an appropriate level of coverage is essential to making sure your family is taken care of should an unfortunate event occur. Prior planning can mean the difference between being able to replace lost possessions and rebuild your home versus having to shoulder the financial burden all on your own. In most cases, your mortgage company might even require that you keep regular insurance coverage on your property.
Factors that often determine how much you will pay for a premium vary. Some of these include:
The age of your home
The type of construction of your home
Your home’s distance from a fire hydrant
The zip code in which you reside
Your past credit and claims history
In some cases, discounts are available to help lower the overall premium of your homeowner’s insurance policy. These are often factors such as having an alarm system, installing a metal roof, or never filing a property insurance claim. You may also qualify for a special rate incentive if you also have your auto insurance policies with the same carrier.
One of the benefits of working with our firm is that we are able to sit down and determine the right carrier for your unique property coverage situation. Our knowledgeable staff at MDP will help you determine the right level of insurance to suit your needs. We can also assist with purchasing policies for vacation homes, rental homes, and commercial buildings. Additionally, renter’s insurance coverage is available for those who do not own their home or apartment directly.
The home insurance policy is one of the most misunderstood policies that an individual can purchase. Many changes to this type of insurance policy have occurred through the years to expand what is covered and also to clarify what the policy excludes. Our dedicated protection team will guide you through this selection process to make sure you are comfortable with the various provisions and coverages within the homeowners policy.
To be very clear, the ultimate purpose of homeowners insurance is to enable the homeowner to rebuild his or her home and life, even in the event of total destruction.
A good homeowners insurance policy will cover:
- Your residence
- Any detached structures, like garages or garden sheds
- Your personal belongings
- Additional living expenses in the event of a loss
- Personal liability
- Medical expenses to others who may be injured on your property
Our office will provide you with the most comprehensive policy available on the market today which will help to put your life back in order in the event of a catastrophic loss.
Not all home insurance policies are alike. To be sure, there are many insurance companies in the market today that will quote an inexpensive policy but most of them are only giving you the «bare bones» coverage. When quoting your home insurance premium, we will use a full replacement cost valuation to be sure that you can replace your home in the event of a total loss.
We will also make sure you are clear about any areas of the policy that have limitations and exclusions. Items such as earthquakes, landslides and floods are excluded from the policy but may be purchased separately.
Other items such as jewelry, coins and collectible items have limitations in the policy but can be added by providing appraisals and paying a small additional premium.
Discounts are available for newer homes, central station alarm systems and higher deductibles.
As you can see, our protection team understands the way home insurance works. Let us identify the kind of policy and coverage you need while working hard to provide you with the best value.
YOU CARE ABOUT YOUR PROPERTY, AND TDECU INSURANCE AGENCY, LLC IS HERE TO PROTECT WHAT’S IMPORTANT TO YOU.
No matter how long you’ve owned your home, we know that you care about protecting one of your largest assets. At TDECU Insurance Agency, we are here to help homeowners find the most coverage at the best value for their needs, no matter what those needs are! Whether you’re just getting the insurance process on your new home started or you’re looking for new solutions for your beloved property, our agents are here for you. Since 2008, we’ve been improving the lives of our Members – we’re here to help protect what’s most important to you and your family.
AT TDECU INSURANCE AGENCY, LLC, WE GO BEYOND BARE-MINIMUM PROTECTION FOR YOUR PROPERTY
TDECU Insurance Agency is committed to going above and beyond in providing value for our clients throughout Texas. We are committed to meeting your property insurance needs in more ways than one. Whether you’re looking for a homeowner’s insurance policy, condo, renters coverage solutions, or anything in between, our agents can help. We also offer some of the following insurance products, services and features for your unique property needs:
- Liability in the event of injury or damage
- Windstorm coverage
- Flood insurance coverage
- Protection for personal articles, jewelry, and other valuable items
- Umbrella insurance and excess liability coverage
- Policies that cover both primary and secondary residences
- Strong relationships within our credit union, including connections for the real estate agents and mortgage options and title coverage
- And more!
At TDECU Insurance Agency, we recognize your needs are not “cookie-cutter,” and we seek to go the extra mile to provide insurance solutions of the utmost value to you and your property.
YOUR HOME IS UNIQUE – YOUR INSURANCE SHOULD BE AS WELL
As a well-established independent agency, TDECU Insurance Agency has the competitive advantage of being able to shop providers to find the best rates, and detailed coverage that fits your unique needs. When you buy a home, you require protection that you can feel good about. Fortunately, our knowledgeable agents are ready to meet your needs. We are dedicated to serving you.
Trusted Homeowners Insurance in Massapequa Park
Got $10,000 to spare? On average that’s the amount you may have to find if you suffer property damage or theft and don’t have homeowners insurance in Massapequa Park. Worse still, fire damage will set you back an average $30,000.
Yet, for just a small fraction of that amount you could be protected against these costs by PRK Insurance.
In Massapequa Park and surrounding New York communities, PRK Insurance is the name thousands already trust for their home insurance.
They know they can count on us not only for competitive, low-cost homeowners insurance rates but also the fast and friendly service and support that only a local insurer right here in Massapequa Park can provide.
Your Home is Unique — Your Protection Should Be, Too
We can customize your policy so you get precisely the protection you need for:
- The structure of your property in Massapequa Park.
- The contents, including your valuables.
- Your liability to others for damage caused by something on your property.
- Theft of your personal property while traveling.
- And much more!
PRK Insurance can also secure valuable discounts on home insurance rates, for example if we protect you against other insurance risks.
Interested? We can tell you quickly and at absolutely no cost or commitment, how little your homeowners insurance would cost you.
PRK Insurance: Your Protection Partner
All you need do is complete the Free Quotation Request form on this page and we’ll get working on finding the best home insurance protection for you.
So, if you don’t already have homeowners insurance or you’re existing coverage is due for renewal, contact us now for a quick response.
Find out why in Massapequa Park and other New York areas, PRK Insurance is the best name for home insurance.
Simply fill out the form now. It’ll just take seconds and could save you a fortune.