{"id":2634,"date":"2011-11-16T22:16:25","date_gmt":"2011-11-17T04:16:25","guid":{"rendered":"https:\/\/www.kbmco.com\/ins-fl\/?page_id=2634"},"modified":"2018-03-07T11:18:35","modified_gmt":"2018-03-07T17:18:35","slug":"home-insurance-tips","status":"publish","type":"page","link":"https:\/\/www.kbmco.com\/ins-fl\/insurance\/knowledge-center\/home-insurance-tips\/","title":{"rendered":"Home Insurance Tips"},"content":{"rendered":"

Homeowners Insurance Knowledge Center:<\/h2>\n

Click any of the following general topics to reveal all the helpful details.
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Statements on this website provide general information only as it relates to policies and coverages. All coverages are subject to the terms, conditions and exclusions of the actual policy issued so contact one of our licensed agents for questions regarding your specific needs and policy.<\/p>\n<\/div>\n

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THE BASICS<\/h2>\n
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<\/span>Keen Battle Mead & Company<\/div>\n

Understanding the Basics of Homeowners Insurance<\/h2>\n
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What is homeowners insurance?<\/p>\n

Homeowners insurance is a policy covering your home (the structure) and its contents (personal belongings). It can save you from severe financial loss if your home is damaged or destroyed. It covers your family’s possessions and can provide compensation for liability claims, medical expenses, and other amounts that result from property damage and personal injury suffered by others. Most lenders require homeowners insurance in order to obtain a mortgage.<\/p>\n

What is covered?<\/p>\n

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  • Your dwelling, structures attached to it, and building materials stored on the property<\/li>\n
  • Structures not attached to the dwelling (tool shed, detached garage, etc.)<\/li>\n
  • Personal property including furniture, clothing, stereo equipment, and outdoor items<\/li>\n
  • Loss of use \u2014 living expenses if your home is uninhabitable due to a covered loss<\/li>\n
  • Personal liability for injury or property damage suffered by others<\/li>\n
  • Medical payments to others injured on or near your premises<\/li>\n<\/ul>\n
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    A named perils<\/strong> policy specifies which perils are covered. An open perils<\/strong> policy covers you broadly against risk of direct loss \u2014 but includes an extensive list of specifically excluded perils. The HO-3 policy type insures the dwelling on an open perils basis and personal property on a named perils basis.<\/p>\n<\/p><\/div>\n

    What is not covered?<\/p>\n

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    • Flooding \u2014 separate flood insurance required<\/li>\n
    • Earthquake damage \u2014 separate endorsement or policy required<\/li>\n
    • Business activities conducted in the home<\/li>\n
    • Registered motor vehicles<\/li>\n
    • Intentional misconduct<\/li>\n<\/ul>\n<\/div>\n\n<\/div>

      COVERAGES<\/h2>\n
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      <\/span>Keen Battle Mead & Company<\/div>\n

      Homeowners Insurance Coverages<\/h2>\n
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      Standard Coverage Components<\/p>\n

      Coverages Available<\/div>\n
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      <\/svg>Coverage A \u2014 Dwelling<\/div>\n
      <\/svg>Coverage B \u2014 Other Structures<\/div>\n
      <\/svg>Coverage C \u2014 Personal Property<\/div>\n
      <\/svg>Coverage D \u2014 Loss of Use<\/div>\n
      <\/svg>Coverage E \u2014 Personal Liability<\/div>\n
      <\/svg>Coverage F \u2014 Medical Payments<\/div>\n
      <\/svg>Replacement Cost Protection<\/div>\n
      <\/svg>Scheduled Personal Property<\/div>\n<\/p><\/div>\n
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      It is important that your policy cover 100% of the replacement cost of your home. If your policy limit is less than 80% of the replacement cost, any loss payment may be subject to a coinsurance penalty. An inflation guard endorsement ensures your coverage amount increases each year to keep up with inflation.<\/p>\n<\/p><\/div>\n

      Special Limits of Liability<\/p>\n

      Homeowners policies set specific dollar limits for particular personal property categories \u2014 including $200 for money\/coins, $1,000 for securities\/deeds, $1,000 for theft of jewelry\/furs, $2,000 for theft of firearms, and $2,500 for silverware\/goldware. You may increase these limits by purchasing a Scheduled Personal Property endorsement or floater.<\/p>\n<\/div>\n\n<\/div>

      CLAIMS<\/h2>\n
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      <\/span>Keen Battle Mead & Company<\/div>\n

      Homeowners Claims & Cost Management<\/h2>\n
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      How Much Should Homeowners Insurance Cost?<\/p>\n

      The cost of homeowners insurance is influenced by rising construction costs, increasing liability lawsuits, your needs, policy choices, and habits. Keep in mind the difference between market value and replacement value \u2014 in many cases, it costs more to reconstruct a house than it would bring on the open market.<\/p>\n

      Ways to Lower Your Premium<\/p>\n

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      • Raise your deductible<\/strong> \u2014 Increasing from $250 to $500 can reduce premiums by up to 10%.<\/li>\n
      • Install safety systems<\/strong> \u2014 Fire extinguishers, sprinkler systems, and burglar alarms qualify for discounts.<\/li>\n
      • Bundle policies<\/strong> \u2014 Placing both home and auto policies with us often yields multi-policy discounts.<\/li>\n
      • Inventory your possessions<\/strong> \u2014 Keep an accurate inventory in a safe off-premises location for faster claims.<\/li>\n<\/ul><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n