Does homeowners insurance cover fire damage?
Written by webtechs

Does homeowners insurance cover fire damage?

Your home and belongings are typically covered by homeowner’s insurance. Most insurance policies have provisions that could assist in covering the cost of repairing or replacing your home’s contents in the event of a fire.

Your home is likely your most valuable asset, and homeowners insurance can help to protect you and your home in the event that an unfortunate event, like a fire, should occur. The National Fire Protection Association reports an average of 346,800 residential fires annually, caused by everything from electrical problems to candle accidents. Knowing what your insurance policy covers and how much protection it might offer are important components of being prepared.

What does homeowner’s insurance cover?

In the event of a fire, homeowners insurance frequently contributes to the cost of repairing your house, any detached structures on your property, and your possessions. Here are some examples of how each type of insurance might be useful:

Housing protection.

A home’s foundation as well as any attached structures, like a garage, are typically covered by homeowners insurance. Repair expenses would probably be covered if a potholder was left too close to the stove and caused a kitchen fire. Homeowners insurance typically assists in covering costs associated with having to live away from your home, such as your hotel and restaurant bills, if your home becomes uninhabitable while being rebuilt or due to repairs.

Detached buildings.

Most homeowner’s insurance offers “other structures coverage,” which covers items like sheds, detached garages, fences, and other non-home related structures on your property.

Private property.

Appliances, furniture, and clothing are typically covered under homeowner’s insurance. Personal property is typically protected by homeowners insurance against specific risks (referred to as “perils” in most policies), like fire and lightning strikes. The cost of replacing or repairing your possessions if they are damaged or destroyed in a fire may be covered by your homeowners insurance.

The III adds that a typical homeowners policy might also assist in covering landscaping. You might be compensated in part or full for the value of trees and shrubs that are destroyed by a fire on your property.

Your homeowners insurance might help pay for wildfire damage, depending on where you live. It’s crucial to read your policy to determine whether it offers any wildfire coverage.

How much fire protection do I need under my homeowners insurance?

When deciding on your coverage limits, there is no universal formula. Your limit is the highest amount your insurance will pay you after a covered loss. The value of your house and possessions, for example, can be used to determine how much coverage you need. When selecting coverage limits, keep the following factors in mind:

Choosing the limit of your personal property insurance

Increase your personal property insurance limits if you believe you’ll need more protection to replace your possessions in the event of a fire. Remember that certain items, like jewelry, may have lower coverage limits available under your policy. You might want to think about getting more insurance to help safeguard those items.

Check your policy to see if it offers coverage for replacement cost or actual cash value. While replacement cost value coverage typically helps pay to buy a new item at today’s price, actual cash value coverage typically helps reimburse you for the depreciated value of damaged items.

Choosing your dwelling coverage limit

As construction costs and home values change, the cost of rebuilding after a fire might not be the same as the amount you paid for your house. According to the III, it’s crucial to estimate how much it might cost to rebuild or repair your home at the going rate.

Homeowners insurance might not cover fire damage.

All types of fire damage might not be covered by homeowners insurance. For instance, you will typically find that homeowners insurance will not pay to repair the damage if you intentionally start a fire in your home. Additionally, damage brought on by a war act is typically not covered by homeowner’s insurance. To find out what risks are not covered by your insurance, read your policy or get in touch with your insurer.

A smart way to help protect yourself from fire is to have smoke detectors and fire extinguishers in your home. However, homeowners insurance might assist you and your family in recovering financially if a fire damages your home or property.

A local Klimes Insurance agent can help you find all available insurance discounts. If you want to bundle multiple insurance policies or need to add a new type of protection to an existing policy, a nearby agent can provide support, answer questions and identify ways to help you save. Call us at  (480) 596-9456 for more information.

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What is liability coverage?
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What is Liability Coverage?

You might be held accountable in court for costs like medical or legal bills if you cause an accident or injure someone on your property. Understanding the liability coverage your insurance policies provide and the applicable limits is a good idea because liability coverage can protect you from these kinds of costs. If something unexpected happens, having the right protections in place could keep you safe.

Personal liability insurance is frequently included in policies for homes, apartments, and renters. However, liability protection might also be included in other kinds of insurance contracts. Here is an overview of the types of liability protection that are frequently provided in various insurance policies:

Vehicle Liability Insurance

Most auto insurance policies include liability insurance as standard coverage, which is a requirement in most states. Auto liability insurance offers protection in two different ways. Auto bodily injury liability insurance may assist in covering the victim’s medical expenses if you are found to be at fault for the accident that injured them. If you cause damage to someone else’s property with your car, auto property damage liability coverage also aids in covering the cost of repairs.

Homeowners Liability

If you are found liable after a visitor suffers an injury at your house, homeowners liability coverage offers financial protection. Let’s say a visitor trips and falls on your pool deck or a set of stairs. Liability insurance may assist in covering their related medical or legal costs if you are held accountable for their injuries. While limits — the most an insurer will contribute to a covered claim — will apply, this coverage is typically included in a standard homeowners insurance policy.

Renters Liability

Nobody anticipates a visitor getting hurt, but it can happen. Renters liability insurance may assist in covering the guest’s medical expenses if you are held legally liable for an accident that results in an injury while they are a visitor to your rented house or apartment. Or, if your child unintentionally breaks a neighbor’s window with a ball, personal liability coverage in a renters policy might also assist in covering the cost of the window’s repair.

Condo Liability

A typical condo insurance policy typically includes personal liability protection. This insurance can help to protect you, for example, if you’re held accountable for someone getting hurt at your condo or causing damage to someone else’s property. The majority of condo insurance policies also provide guest medical protection, which can shield you financially in case someone gets sick after getting hurt at your condo.

Boat Liability

The liability coverage in a boat insurance policy helps shield you from paying out of pocket if you’re found liable for someone else’s injuries or property damage if you cause an accident with your boat.

Bike Liability

On a typical motorcycle insurance policy, liability protection typically comes in two different forms. If you’re found liable for someone else’s medical costs or lost wages as a result of a motorcycle accident you caused, bodily injury liability coverage can help to protect you. If you’re found to be at fault for an accident involving your motorcycle, property damage liability coverage helps keep you from having to pay out of pocket for replacement or repairs to someone else’s car or property.

ATV Liability

ATV insurance policies typically provide two types of coverage, similar to many other types of liability protection. In the event that you cause an accident and injure someone else, bodily injury liability coverage on your ATV policy assists in covering their medical expenses. Property damage liability insurance would assist in covering repairs if you caused damage to someone else’s property while operating your ATV.

Snowmobile Liability

Nobody plans on hurting someone while cruising over a fresh snowfall or smashing through a fence. Accidents can, however, occur. You will probably need to have a separate policy to help protect you and your snowmobile since snowmobiles are typically not covered under a homeowners or auto insurance policy. If you’re found liable for someone else’s medical expenses or property damage as a result of an accident you caused while operating your snowmobile, snowmobile liability insurance can help to protect you.

Landlord Liability

Despite not living in the rental property they are renting out, landlords still have obligations as the owner. Consider a scenario where a tenant trips over a damaged step. You could be held financially responsible for any medical costs associated with an injury if it is determined that you were careless in maintaining the property or neglected to warn the tenant of a potential risk. Liability coverage is frequently included in landlord insurance policies, which may help pay for costs associated with these kinds of circumstances.

Commercial Liability

There are many different kinds of business liability coverages available because small business owners are susceptible to certain events like data breaches or work-related accidents. A typical commercial insurance policy may already include some liability coverages, such as commercial general liability. However, there are other forms of commercial liability insurance that you might want to take into account. These include cyber-related coverages like errors and omissions insurance, employment practices liability insurance, and liability insurance for data breaches. A covered accident that might occur at your place of business could result in things like legal fees or medical bills that business liability insurance could help cover.

Individual Umbrella Coverage

Some liability protection may be provided by an insurance policy, but keep in mind that your policy’s limits will still apply. If an insurance policy holder is found responsible for another person’s loss and the costs exceed the policy’s limits, they may still be required to pay out-of-pocket expenses. A personal umbrella policy could be useful in this situation. In addition to extending the liability protection provided by another insurance policy, an umbrella policy also helps to increase protection from expensive medical expenses and home repairs. As an illustration, suppose you cause a car accident and the injured party sues you for $1 million to pay for their medical bills, lost wages, and other expenses. If the liability coverage limit on your auto policy is $500,000, you may be liable for the extra $500,000 in costs. You can avoid scrambling to cover the remainder out of your own pocket by using a personal umbrella policy to help cover those additional expenses.

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Does homeowners insurance cover fire damage?
Written by webtechs

What Is An Insurance Limit?

A limit is a critical concept to grasp when evaluating an insurance policy. A coverage limit on an insurance policy establishes the maximum amount of money that an insurance company will pay for a covered claim.

IS AN INSURANCE POLICY SUBJECT TO MULTIPLE LIMITATIONS?

A typical insurance policy consists of a number of coverages, each of which has a monetary limit. As a result, you’ll almost certainly have multiple limits within a single policy.

For instance, a car insurance policy that covers liability, collision, and comprehensive will have three distinct limits.

HOW ARE LIMITATIONS ON COVERAGE DETERMINED?

The method by which limits are determined varies according to the type of coverage.

Limits on Automobile Insurance Coverage

State law requires minimum liability coverage limits for automobiles. Each state establishes minimum insurance requirements for drivers. Bear in mind, however, that this is only a starting point and, depending on your circumstances, you may wish to increase your liability limits by purchasing additional coverage.

The limits on comprehensive and collision coverage are equal to the vehicle’s actual cash value at the time of the accident. In other words, if your car is totaled in a collision, your policy may pay up to the vehicle’s current value, depreciation included.

Limits of Coverage for Home Insurance Policies

You select the limits for additional coverages, such as dwelling or personal property. Your choice should be based on a number of factors, including the cost of repairing, replacing, or reconstructing your property. The limits you select have an effect on the cost of coverage — the higher the limit, the higher your premium is likely to be.

In the event of a covered claim, you may be required to pay a deductible up front, with your insurance covering the remainder — up to the limits of your coverage. Anything beyond that is your responsibility.

HOW IS AN INSURANCE LIMIT DEFINED?

A policy limit refers to the maximum amount of money that an insurer will pay on a covered claim. Your premium may increase as your coverage limit increases. Frequently, limits apply to various types of coverage within a policy. For instance:

Insurance for homeowners

When determining the limits of your homeowners insurance coverage, you’ll likely want to consider a number of factors. These may include the following:

  • The estimated cost of rebuilding your home at today’s construction costs (dwelling coverage)
  • The worth of your possessions (personal property coverage)
  • The amount of liability coverage that may be available to you if you are legally liable for a guest’s injuries or damage to another’s property.
  • An insurance agent can assist you in determining which types of coverage are appropriate for your situation.

Insurance for automobiles

Typical auto insurance policies include distinct limits for various types of coverage, including the following:

  • Each state establishes minimum liability limits that all drivers are required to purchase. However, you may wish to consider increasing the limits of your liability insurance coverage to help protect yourself against the unexpected.
  • Uninsured/underinsured motorist coverage: Similar to auto liability insurance, certain states require these coverages and establish minimum coverage limits. By selecting higher coverage limits, you may be able to increase your coverage.
  • Personal injury protection (PIP) coverage may be required or optional in “no-fault” states. Where PIP is required, states impose minimum coverage requirements on drivers. You may be able to obtain a policy with a higher coverage limit.
  • Medical payments coverage: Typically, this coverage is optional. You may have the option of selecting your coverage limits, up to a limit specified by your insurer.
  • Comprehensive coverage: Typically, the limit on comprehensive coverage is the car’s actual cash value (i.e., its depreciated value).
  • Collision coverage: The collision coverage limit is typically equal to the vehicle’s actual cash value.

Your insurance agent can assist you in ensuring that your coverages and limits comply with state requirements.

 

When you purchase multiple policies from Klimes Insurance, you’ll work with a local agent who will take the time to understand your needs based on your lifestyle, location and current stage of life. In addition, you may qualify for multi-policy discounts by getting a bundled quote with Klimes Insurance. Having multiple Klimes Insurance insurance policies can help you save money and time. For example, you may save money on your premiums with our multi-policy discounts when you bundle home and auto insurance. In addition, by going through one insurance company, you’ll gain easy online access to your policies with a single log-in. A local Klimes Insurance insurance agent can help you choose the protections that fit your specific needs and let you know of any available

A local Klimes Insurance agent can help you find all available insurance discounts. If you want to bundle multiple insurance policies or need to add a new type of protection to an existing policy, a nearby agent can provide support, answer questions and identify ways to help you save. Call us at  (480) 596-9456 for more information.

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What Does Loss of Use Mean in Home Insurance?
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What Does Loss of Use Mean in Home Insurance?

If your policy covers damage to your home and you are required to vacate it while it is repaired, where would you stay? Could the cost of a hotel or a temporary apartment be accommodated within your budget? Loss of use coverage, which is typically included in homeowner’s insurance policies, can assist. If your home is damaged as a result of a covered loss, loss of use coverage may help pay for temporary housing and living expenses while your home is repaired or rebuilt.

What Is Homeowners Insurance’s Loss of Use Coverage?

Loss of use coverage, also known as additional living expenses (ALE) insurance or Coverage D, can help cover the additional costs associated with reasonable housing and living expenses if a covered event renders your home temporarily uninhabitable during repair or reconstruction.

Additional Living Expenses (ALE) Insurance – What Is It?

ALE insurance compensates homeowners for additional living expenses incurred as a result of a covered loss. For instance, if your home is severely damaged in a fire, your loss of use coverage will reimburse you for the cost of a hotel room up to the amount specified in your policy.

Numerous homeowners insurance companies include loss of use coverage in their policies and set a deductible as a percentage of the dwelling coverage. For instance, if your limit is 30% and your dwelling coverage limit is $200,000, your loss of use coverage would cover you up to $60,000 in total. Because policy limits vary by insurance company and policy, you should contact your insurance representative if you have any questions about your specific loss of use coverage limit. Typically, for an additional fee, you can increase your coverage limit.

The loss of use coverage applies only to damage to your home caused by covered perils. For example, if your home is flooded and you do not have flood insurance, your loss of use claim will be denied.

What Is Covered by Loss of Use Protection?

As previously stated, loss of use insurance typically covers additional living expenses incurred as a result of a covered loss. In simpler terms, this means that you would be covered for expenses that you would not normally have if you lived alone. For instance, suppose you normally spend $100 per month on gas, but that amount has increased to $150 because you are staying in a hotel farther from work while your home is being repaired. In this case, you would receive a reimbursement of $50 for the incremental cost. The following is a list of common additional living expenses that are typically covered by loss of use insurance.

  • Expenses associated with temporary housing, such as a hotel or motel.
  • Utilizing public transport.
  • Pet boarding.
  • Additional expenses for food.
  • If you rent your home or a portion of it and it becomes unlivable as a result of a covered loss, Travelers will compensate you for the rental income you lose. Bear in mind that your insurance company will not cover expenses such as utilities that are not incurred during this time period.

What Is Not Protected by Loss of Use Insurance?

Loss of use insurance does not cover expenses for which you were already liable prior to the loss. You will continue to be responsible for mortgage payments, insurance, and child care costs, among other things. The critical point to remember is that loss of use coverage compensates you for additional expenses incurred as a result of your inability to live in your home.

For instance, if your family typically spends around $200 per week on food but is now staying in a hotel without a kitchen, you may find yourself eating out for the majority of your meals. You’re spending $300 per week on eating out. The $100 additional expense per week would be covered under loss of use coverage.

Is a Deductible Required for Loss of Use Insurance?

Other aspects of your claim may be subject to a deductible. Your homeowners insurance representative can explain your deductible in greater detail and assist you in determining which additional coverages to add to your homeowners policy. The objective is to ensure that you have coverage that is appropriate for your circumstances.

How Much Coverage for Loss of Use Do I Need?

Each individual’s insurance requirements are unique. Typically, loss of use coverage is based on your dwelling coverage and is calculated at approximately 20% to 30% of the dwelling coverage limit. Consider whether this amount is sufficient to cover any necessary increases in living expenses if your residence is not habitable during the repair or replacement process.

Consult your insurance agent about your specific policy to determine the amount of loss of use coverage you have; this is contingent upon the policy’s terms and conditions.

From offering liability protection to you and your family to helping you get reimbursed for personal property damage, auto insurance provides many types of coverage. Learn more about Home-Owners Insurance Coverage or get a free home owners insurance quote from Klimes Insurance today.

Does homeowners insurance cover fire damage?
Written by webtechs

Home and Auto Insurance Bundle Quotes

When you purchase multiple policies from Klimes Insurance, you’ll work with a local agent who will take the time to understand your needs based on your lifestyle, location and current stage of life. In addition, you may qualify for multi-policy discounts by getting a bundled quote with Klimes Insurance. Having multiple Klimes Insurance insurance policies can help you save money and time. For example, you may save money on your premiums with our multi-policy discounts when you bundle home and auto insurance. In addition, by going through one insurance company, you’ll gain easy online access to your policies with a single log-in. A local Klimes Insurance insurance agent can help you choose the protections that fit your specific needs and let you know of any available discounts or savings when you request a multi-policy quote.

Home + Auto + Life

Save the most when you purchase home, car and life insurance policies from Klimes Insurance. A local agent can explain what additional discounts are available when you bundle these three policies.

Home + Auto

Save up to 25%* when you bundle Klimes Insurance home and auto insurance policies. You can also save if you bundle your car insurance policy with condo or renters insurance. Contact an Klimes Insurance agent to learn more about bundling your car and home policies.

Home + Life

Gain peace of mind when you have Klimes Insurance protection for your home and life. A local agent can help you review your coverage options and get you a home and life insurance quote.

Auto + Life

You can save on premiums when you purchase both car and life insurance policies. Contact a local agent to learn about potential discounts when you buy life insurance and auto insurance together.

Renters + Auto

Qualify for savings when you carry both renters insurance and car insurance from Klimes Insurance. Talk to a local agent to learn about auto and renters insurance bundle discounts when you purchase coverage for your vehicle and your rented home.

Renters + Motorcycle

Bundle renters insurance with protection for your motorcycle to help reduce your coverage costs. A local agent can help you customize your policies to fit your needs. You may benefit from bundled insurance policies if you need multiple types of protection — for instance, bundling your auto and homeowners insurance. When you purchase multiple Klimes Insurance insurance policies, you can quickly access them with a single sign-in, where you can review your coverages and make payments. And, when you have questions or need to adjust your coverage, you’ll work with a dedicated Klimes Insurance agent who is familiar with you and your insurance needs. Multi-policy discounts are just one of the ways Klimes Insurance helps you save on insurance. Learn about other possible savings you may qualify for when get a quote for home, car or renters insurance from Klimes Insurance.

A local Klimes Insurance agent can help you find all available insurance discounts. If you want to bundle multiple insurance policies or need to add a new type of protection to an existing policy, a nearby agent can provide support, answer questions and identify ways to help you save. Call us at  (480) 596-9456 for more information.

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Does homeowners insurance cover fire damage?
Written by webtechs

How to Calculate Homeowners Insurance Cost

When shopping around for homeowners insurance and comparing quotes from multiple companies, make sure the coverage estimates in the provided quotes reflect your actual coverage needs.

To ensure you’re getting an accurate cost comparison, you’ll want to know the rebuild cost of your home at today’s construction and labor prices, the value of your personal belongings (excluding vehicles), and the value of your combined assets in the event you’re held liable for an accident and sued.

Estimate the replacement cost of your home

A replacement cost estimate will inform your policy’s dwelling coverage, which is the portion of your policy that protects your house, plumbing and electrical, and built-in systems like your HVAC in the event of a covered loss. Your dwelling coverage limit should be equal to your home’s rebuild cost, not its fair market value or sales price.

There are a few different ways to obtain a replacement cost estimate of your home: by using an online replacement cost calculator, by hiring an appraiser that specializes in replacement cost appraisals, or by calculating your home’s rebuild cost yourself. However the simplest method is to just rely on the estimate your home insurer will generate when you apply. However if you want to come up with an estimate on your own, you can:

  1. Use a home insurance calculator

For a quick and accurate estimate, take advantage of the Policygenius homeowners insurance calculator above. You’ll simply answer a few questions about your home, like its square footage, the type of heating system you have, whether you have a basement, and more. We’ll then send you an estimate detailing your coverage amounts as well as rates with multiple insurance companies.

 

  1. Estimate your home insurance coverage limits yourself

Here’s a shorthand formula for calculating your home’s replacement cost if you’re looking to obtain a rough estimate:

Home square footage x price-per-square-foot to build in your area ≈ replacement cost

You can find the average price-per-square-foot in your area by contacting a local builder or contractor. They’ll inquire about the construction type of your home and give you a price-per-square-foot estimate based on that. You then multiply the estimated amount by your home’s square footage. That will give you a general idea of how much dwelling coverage you should have in your policy.

Although, we must stress that the above formula is very much a ballpark estimate. There are several other factors that influence your home’s rebuild estimate, including the style of your cabinetry and countertops, flooring, foundation and roof type, and more.

  1. Use the coverage limits from a prior policy

If you’ve previously insured your home with a different company, you could also transfer the information in that policy to your current insurer, provided all the information in the old policy is up-to-date and correct. (Your dwelling coverage amount should be updated every year to reflect any increases/decreases in the cost of construction material). If you go that route, the insurance agent will likely ask for your old policy’s declarations page to verify the information is correct.

  1. Consider hiring an appraiser

If you’re into playing it safe, you could also hire an appraiser that specializes in replacement cost appraisals to get an up-to-date rebuild cost valuation. An appraisal that factors your home’s curb appeal into its RC valuation isn’t a proper replacement cost appraisal. What you’re looking for is an estimate of how much it’d cost just to rebuild the home based on current construction materials and labor.

Talk to your insurance agent or a local builder for local appraiser recommendations. The appraiser will conduct a component-by-component analysis of the home from the ground up.

Estimate the value of your personal property

You’ll want to make sure you have enough personal property coverage to cover all of your personal belongings, such as clothes, furniture, electronics and jewelry. Although your personal property coverage limit is typically set at 50% of your dwelling coverage limit by default, most insurers will give you the option to increase your limit, upgrade your loss settlement terms to replacement cost instead of actual cash value, or modify your payout limits for expensive valuables with typically lower sublimits, such as jewelry, art, and fine furs.

To ensure your personal belongings are fully covered, consider the following:

Take a home inventory

The best way to gauge your personal property coverage needs is to take a proper inventory of everything you own. Inventories make it easy to categorize and value your personal belongings by room and property type. The type of items you’ll want to include in your inventory include, but aren’t limited to:

  • Kitchenware
  • Furniture
  • Clothing
  • Electronics
  • Expensive valuables
  • Camp and sports equipment
  • Consider raising coverage limits on certain valuables

Most insurance companies have reimbursement limits, or sublimits on rare and expensive types of personal property. A sublimit is the most an insurer will pay out in the event of a covered loss. Jewelry, art, fine furs, expensive electronics, and rare and vintage instruments typically have sublimits in the range of $1,000 to $2,500. To increase reimbursement limits on your most expensive valuables, consider adding a scheduled personal property coverage add-on to your policy.

Estimate the value of your assets

Personal liability coverage is the part of your policy that covers your assets in the event you’re held legally responsible for injuring someone or damaging their property. Common liability insurance claims involve “slip and falls” inside or outside the home, dog bites, and trampoline accidents. Between legal fees and the court settlement, lawsuits are expensive and can put all of your assets as risk.

Most insurers offer personal liability limits between $100,000 and $500,000 in $100,000 increments. So how much liability coverage should you get? It depends largely on two factors:

Keep in mind that personal liability coverage in homeowners insurance is general liability; it doesn’t just cover your liability if someone is injured on your property, it also protects you if you accidentally injure someone or damage their property away from your home.

If you injure somebody and they sue, they can go after all of your assets in a lawsuit, not simply assets related to the insured property. If you own two homes with a combined value of $400,000, that’s $400,000 in assets alone that you should protect with liability coverage.

You should also consider the liability risk attached to your home. If you have a pool, a trampoline, a treehouse, or any other “attractive nuisances”, that should all be taken into account when deciding on a liability coverage amount.

Homeowners Insurance Quotes in Arizona

From offering liability protection for you and your family to helping you get reimbursed for personal property damage, homeowners insurance provides many types of coverage. Learn more about Homeowners Insurance Coverage or get a free homeowners insurance quote from Klimes Insurance today. Call us at  (480) 596-9456 for more information.

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What is Hazard Insurance
Written by webtechs

What is Hazard Insurance?

Hazard insurance is a term sometimes used to describe the coverages that homeowners insurance provides for certain risks, according to the Consumer Financial Protection Bureau (CFPB). If you hear someone mention hazard insurance, they are likely referring to a homeowners insurance policy. Some common examples of hazards (also referred to as perils) that are typically covered by homeowners insurance include fire, theft and vandalism, among others.

If you have a mortgage, lenders usually require proof that you have a homeowners insurance policy to help pay to repair damage caused by those hazards, says the CFPB.

WHAT DOES HAZARD INSURANCE TYPICALLY COVER?

Homeowners insurance typically helps cover damage from hazards such as:

  • Fire and smoke
  • Wind
  • Hail
  • Explosions
  • Theft
  • Vandalism
  • Falling objects
  • Damage caused by the weight of snow, sleet or ice
  • Water damage caused by a household appliance or burst pipe
  • Power surges
  • Civil unrest or riot

It’s important to remember that not all insurance policies are the same. Be sure to read your policy or check with your agent to learn what risks may or may not be covered by your policy. For example, damage caused by floods and earthquakes are typically not covered by homeowners insurance.

HOME INSURANCE COVERAGES THAT PROTECT AGAINST HAZARDS

Homeowners insurance generally includes three types of coverage that help protect your home, other structures on your property and your belongings. Here’s an overview of how a typical homeowners insurance policy may help protect you from perils such as the ones listed above.

Dwelling coverage.

The physical structure of a home is protected by dwelling coverage. For instance, if fire damages your walls or hail dents your siding, this coverage may help pay for repairs.

Other structures coverage.

Homeowners insurance typically extends to structures other than an actual home. If you have a fence, shed or detached garage on your property, you may find insurance will help pay to repair or replace them after a covered loss.

Personal property coverage.

Personal property is a term used to describe your belongings. Think about all of the items you own: your clothes, electronics and housewares, for example. All of those items are considered personal property. Suppose your television is stolen or your furniture is damaged by a fire in your home. This coverage may help pay to replace items damaged or destroyed by a fire and certain other perils.

DEDUCTIBLES AND LIMITS

When a covered hazard, such as fire or theft, prompts you to file a homeowners insurance claim, you may have to pay a deductible, which is the amount of money you have to pay out of pocket before your insurance company begins to help pay for a claim. The deductible for each coverage in your homeowners policy is stated in your policy declarations.

It’s also important to understand that each coverage has a limit, which is the maximum amount your insurer will pay toward a covered loss. Any expenses beyond your coverage limit are your responsibility. Your insurance agent can help you raise or lower your coverage limits to suit your needs.

HOW MUCH IS HAZARD INSURANCE?

The amount that you’ll pay for hazard insurance — which, again, refers to the homeowners insurance coverages that help pay to repair damage caused by certain risks — depends on a number of factors. For instance, the deductibles and limits you select, as well as the types of coverage in your policy are among the factors that help determine the cost of homeowners insurance.

Homeowners Insurance Quotes in Arizona

From offering liability protection for you and your family to helping you get reimbursed for personal property damage, homeowners insurance provides many types of coverage. Learn more about Homeowners Insurance Coverage or get a free homeowners insurance quote from Klimes Insurance today. Call us at  (480) 596-9456 for more information.

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Does homeowners insurance cover fire damage?
Written by webtechs

Does Homeowners Insurance Cover Roof Leaks and Damage?

Here are some things to consider when it comes to homeowners insurance coverage for a damaged roof.

WHAT KIND OF ROOF DAMAGE DOES HOMEOWNERS INSURANCE COVER?

Commonly covered perils include fire, wind and hail damage. So, if your roof needs repairs after it is damaged by hail or by a tree that topples onto it during a windstorm, you may find that your dwelling coverage helps cover the cost. Meanwhile, the roof of an unattached structure on your property, such as a shed or detached garage, may be covered by the other structures protection in a homeowners insurance policy. It’s important to keep in mind that you will likely need to pay a deductible before homeowners insurance will help pay to repair a damaged roof, and your coverage limit will apply. 

DOES HOMEOWNERS INSURANCE COVER ROOF LEAKS?

Homeowners insurance may cover a roof leak if it is caused by a covered peril. For example if your roof is damaged by fire, hail or wind. which results in a leak.Homeowners insurance generally does not cover damage resulting from lack of maintenance or wear and tear. Instead, it typically helps pay to repair sudden, accidental damage. So if its age or an unresolved maintenance issue are to blame for your leaking roof, homeowners insurance likely won’t pay to repair the leak or the resulting damage. Roof leaks are covered by home insurance if the leak is caused by a covered — or named — peril. A peril is a situation or weather-related event that can damage your home and personal belongings.

Homeowners Insurance Quotes in Arizona

From offering liability protection for you and your family to helping you get reimbursed for personal property damage, homeowners insurance provides many types of coverage. Learn more about Homeowners Insurance Coverage or get a free homeowners insurance quote from Klimes Insurance today. Call us at  (480) 596-9456 for more information.

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What Does Loss of Use Mean in Home Insurance?
Written by webtechs

How to Choose Homeowners Insurance

Homeowners insurance can offer you peace of mind by helping to protect your investment in your home. When selecting a homeowners insurance policy, the Insurance Information Institute (III) suggests getting at least three quotes. Price should not be the only thing homeowners should consider, it is also paramount to make sure your policy offers the right types and amounts of coverage for your home. Consider the following:

Coverage Types

Homeowners insurance typically helps protect your home against risks (described in some policies as “perils”). Examples of covered perils may include fire, lightning and theft. Now lets look at some popular coverage options:

Dwelling Coverage

This coverage may help pay to repair or rebuild the physical structure of your home if it’s damaged by a covered peril.

Other Structures Coverage

This type of coverage may help protect certain structures on your property that are not attached to your home, such as fences and sheds.

Personal Property Coverage

This type of coverage may help protect your belongings (for instance, clothing, furniture and electronics) from covered perils.

Liability Coverage

If a guest is injured at your home and you are found legally responsible, this coverage may help cover expenses such as medical bills or legal costs.

Additional Living Expenses

If your home is damaged by a fire (or other covered peril) and you can’t live there, some policies may pay the additional costs associated with having to relocate temporarily while your home is being repaired or rebuilt, the III explains.

Consider Limits And Deductibles 

Your policy’s deductible is the amount you’ll need to pay out-of-pocket before your insurer will begin paying your claim. A policy with a higher deductible may be less expensive to purchase. Make sure that each of the policies you compare has the same deductible.

You may also know each type of coverage in a homeowners insurance policy has its own limit, which is the maximum it will pay out for a covered loss. For example, dwelling coverage comes with a maximum amount the policy will pay out if, say, a fire damages your home. When comparing quotes, you’ll likely want to make sure each policy offers the same coverage limits. 

Homeowners Insurance Quotes in Arizona

From offering liability protection for you and your family to helping you get reimbursed for personal property damage, homeowners insurance provides many types of coverage. Learn more about Homeowners Insurance Coverage or get a free homeowners insurance quote from Klimes Insurance today. Call us at  (480) 596-9456 for more information.

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Written by webtechs

What is Homeowners Insurance?

Homeowners insurance assists in providing financial protection for your home and personal possessions. Learn the essentials of what homeowners insurance is and what is covered by it.

Get A Home Quote

When it comes to safeguarding your home, having quality coverage makes a huge difference. Klimes home insurance is here to help take care of what matters most to you.

What Is Homeowners Insurance?

Homeowners insurance comprises of coverages that helps pay to repair or replace your home and possessions if they’re damaged by certain threats, like flooding or theft. It also helps cover costs if you accidentally damage someone else’s property or if a visitor gets injured while at your home.

How Much Does Homeowners Insurance Cost?

The cost of homeowners insurance depends on several factors, comprising of the coverages you choose, features of the home and the value of your personal possessions. There can also be added costs for additional coverage or heightened coverage limits. An insurance agent can help you decide on the coverages that will fit your needs and help establish if you are qualified for any policy discounts.

What Is Covered by Homeowners Insurance?

Homeowners insurance usually covers:

  • Your home
  • Other facilities on your property
  • Personal effects
  • Liability for damages to someone else’s property or injuries

You might also be able to buy additional coverages for even more protection. Typical policies provide coverage for damage that are caused by fire, windstorms, lightning strikes, and hail. However, it’s important to know that not every natural disaster is covered by homeowners insurance. For instance, damage that is caused by earthquakes and flooding aren’t usually covered by homeowners insurance. You might be able to buy separate policies to help safeguard your home and possessions against those kinds of threats.

Dwelling Protection

One of the primary coverages for a homeowners insurance policy is called dwelling protection, that helps cover the structure of the home that you reside in, such as the home’s foundation, roof and walls. Dwelling protection can also help cover other structures attached to the home, like a garage or pool deck, against certain threats.

Structures Protection For Other Structures

A lot of homeowners insurance policies also comprise of coverage for other structures on your property but are separate from your home, such a detached garage, shed or fencing.

Personal Property Protection

Homeowners insurance not only helps cover damage to the home. It can also provide coverage for the personal belongings you keep inside it. Maybe your flat screen TV is stolen from your home or your furniture gets damaged by fire. Personal property protection is there to help pay to repair or replace your belongings when they are damaged or destroyed by a covered threat. A lot of insurers provide optional coverages that can additionally help protect the things you own. For example, you might be able to buy extended coverage for things like a coin collection, jewelry and watches that are valued above the personal property coverage ceiling.

Liability Protection

Typical homeowners insurance policies offer liability coverage when an individual not living with you is injured while they’re on your property. Maybe a visitor slips and falls on your backyard deck. Bodily injury liability coverage can assist in paying for your ensuing legal expenses or your visitor’s related medical bills if it is founded that you are at fault. You might be able to increase your liability coverage ceiling with the addition of a personal umbrella policy. Klimes Insurance can explain what your coverage options are.

Coverage Limits And Deductibles

Remember that each coverage in homeowners insurance policies are subject to limits — the maximum amount the policy would pay out towards a covered loss. You might be able to adjust your coverage limits to suit your needs — accounting for, for instance, the value of your home and possessions and how much it might cost to repair or replace them if they get damaged or destroyed by a covered threat.

In a lot of cases, you will usually have to pay your deductible prior to your insurance benefits kicking in to help cover damage or a loss. Go over your policy or speak with your agent to review your coverage ceilings and deductibles. Most likely you can typically modify them to suit your needs.

The protections provided by a homeowners insurance policy can serve as a safety net when the unexpected occurs. Klimes Insurance can help you choose the types of coverage and ceilings that make sense for you and your home.

Homeowners Insurance Quotes

From offering liability protection for you and your family to helping you get reimbursed for personal property damage, homeowners insurance provides many types of coverage. Learn more about Homeowners Insurance Coverage or get a free homeowners insurance quote from Klimes Insurance today.

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