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Homeowners Insurance Information
Homeownership is typically a significant milestone in life. Purchasing a home can often provide stability, security and safety for you and your family. However, buying a home may also be one of the most expensive financial commitments you ever make. With that in mind, it’s essential to take steps toward protecting your property and investment. An adequate homeowners insurance policy is a vital loss control measure.
How Does Homeowners Insurance Work?
Homeowners insurance, also known as home insurance, provides financial protection for your home, family and personal property. By purchasing a homeowners insurance policy, you agree to pay regular (e.g., monthly) premiums. In exchange, your insurer can help cover losses caused by specific incidents, such as fires, criminal activity (e.g., theft, vandalism and riots), lightning and hail.
In addition to physical structures and personal possessions, most homeowners insurance policies also include personal liability protection; this can render financial assistance if you or another insured are responsible for the property losses or bodily injury of a third party, such as neighbors or passersby. Furthermore, your homeowners policy may also cover additional living expenses (e.g., hotel accommodations, restaurant meals) if a covered event forces you to vacate your home temporarily.
How Do Homeowners Insurance Claims Work?
It’s advisable to be familiar with the general process of submitting a homeowners insurance claim in case you need to. In most cases involving property loss, this will include the following steps:
1. Report your losses. If you accrue losses due to a covered event, you should report them to your insurance company as soon as possible. This can typically be completed by phone or online.
2. Provide documentation. Your insurance company may require documentation of your losses, such as photos or videos of damage, receipts or invoices for professional repair or replacement services and a detailed inventory of damaged or lost items.
3. Meet with an adjuster. Generally, a claims adjuster is assigned to your case and will typically schedule a visit to your home to assess your damages. The adjuster will then determine the amount to be paid out for your claim based on your losses and the details of your coverage.
4. Receive payment. Once your claim is approved, your insurer will issue a payment to cover costs up to your policy’s limits. Depending on the extent of your losses, you may receive these funds in a single lump sum or spread across a series of payments.
Liability claims are generally treated differently than property loss claims and usually have a different claims process. Contact your agent for more information.
How Much Homeowners Insurance Do I Need for a Mortgage?
If you have purchased your home using a mortgage, your lender will likely require you to maintain certain homeowners insurance coverage. The amount of coverage you need may depend on your lender’s requirements and the value of your home. Lenders generally require that you carry enough coverage to pay for the replacement cost of your home, meaning the estimated amount it would take to rebuild it entirely, including the cost of labor.
It’s also important to regularly review your homeowners insurance policy. As the value of your home changes over time, or if you conduct renovations or build additions, you may need to adjust your coverage accordingly.
Get the Right Coverage
We’re here to help. With 40 years of experience serving Beaumont and much of southeast Texas, the agents at Miller Insurance are well-equipped to help you assess and address your homeowners coverage needs. We will work with you to compose an optimal policy capable of offering protection for your finances and future at an ideal price. Contact us today to get started.
Insurance information for the savvy consumer