Rest Assured with Schwab Agency
All homeowner policies are NOT the same any more. Know what you are buying!
Basic Form Policy
Often the most economical. Basic form policies offer limited coverage on a Named Peril basis.
Special Form Policy
The most common policy today. Special form policies offer a more customized plan and ALL Risk protection.
Comprehensive Form Policy
The broadest coverage available. Comprehensive form policies offer enhanced coverage on an ALL Risk basis.
Things you need to know
- What is a Peril and how is it covered? A peril is an event, like a fire or break-in, that may damage your home or belongings. There are two ways perils are covered in a homeowner policy. named perils and all risk or open perils.
- What does Named Peril mean and what is included in a Named Peril policy? A named peril policy is a policy that specifically names the perils that will be covered. Often times, things such as fire, lightning, explosion, smoke, wind, hail, vandalism, riots, and certain types water damage are covered. Depending on the policy, what is covered will vary but if it’s not listed, it will not be covered.
- What does All Risk or Open Perils mean and what is included in an All Risk policy? An all risk or open peril policy will cover any peril that is not excluded from the policy. Common exclusions for a homeowner policy are war, earth movement, floods, and nuclear hazards. Again, each all risk policy will have different exclusions, but unless it’s specifically excluded in the policy, it will be covered.
- Replacement Cost verse Actual Cast Value. Replacement cost insurance pays for the full replacement cost of your items, whereas actual cash value insurance only pays for the depreciated value. With replacement cost insurance, you’ll have enough money to replace your belongings.
- Water damage, what coverages are available? Water damage is the number one non-weather related claim in Texas. There are four primary water coverages available; sudden or accidental discharge, continuous and repeated leakage, sewer backup and overflow and foundation/slab leak.
- Are these water damage coverages included in all homeowner policies? No! Depending on the carrier and type of homeowner policy coverage for water damage can very. Be sure to question your agent and ask to verify. Simply put, if it is not listed in the policy it is not covered.
KNOW YOUR OPTIONS
Insuring your home is an enormous responsibility and researching the homeowners insurance policies available to you can be pretty complex. Nevertheless, when it comes to investing in your safety and the safety of your home, you can always use a helping hand. Having a licensed insurance agent at your side can be just what you need to finding the perfect insurance policy for you.
LEARN WAYS TO SAVE
Having an insurance agent to help you is an invaluable option, particularly when it comes to saving money on your homeowners insurance policy. Not only can an agent help you put together a coverage combination to both suit your budget and protect your property, but they can even help you discover discounts you may not know existed. For instance, simply improving your home security or making your home more disaster resistant could dramatically lower the cost of your homeowners insurance policy. As a homeowner, having a licensed insurance agent to help you is an invaluable resource that you should never be without.
GET A PERSONAL EXPERIENCE
Every home and every homeowner is different, so why should you settle for a standard policy that doesn’t exactly fit your needs? By working closely with your trusted insurance agent, you will be able to work out the perfect homeowners insurance policy to protect your property without paying for unnecessary coverages. An insurance agent can also let you know about getting coverage for certain perils and risks to your home that may or may not already be included in your coverage. Arming yourself with a personalized homeowners insurance policy by working with an agent won’t only help you better protect your home, but will also give you a helping hand to rely on in case of disaster.
SOMEONE TO HELP IN TIMES OF NEED
The thought of something terrible happening to your home is scary enough, but in the event that something should actually happen, every homeowner deserves to have someone to be there for him/her. Developing a long-lasting, personal relationship is the key to every agent/client relationship and having someone to trust during a disaster is one of the most important parts. For the rest of the time, it’s the peace of mind that makes having a trusted agent at your side the ideal solution for purchasing your homeowners insurance.
