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What Is Homeowners Insurance?
What is homeowners insurance? What does homeowners insurance cover? I heard Brent Norkus of Goosehead Insurance is GCA Mortgage Group’s preferred homeowners referred insurance agent. Can Brent Norkus answer the general concept of homeowners insurance to first-time homebuyers?
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14 Replies
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Also, can you explain how homeowners insurance is priced and is it worthwhile to shop for homeowners insurance?
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Homeowners insurance is a type of property insurance that provides coverage for a person’s home and its contents. It offers financial protection in the event of damage to the home or its contents, as well as liability coverage for accidents that may occur on the property. Here are some key aspects of homeowners insurance:
Dwelling Coverage: This covers the structure of your home, including the walls, roof, floors, and other structural components. It protects against perils such as fire, windstorm, hail, lightning, and vandalism.
Personal Property Coverage: This aspect of the insurance protects your personal belongings, such as furniture, clothing, and electronics, from covered perils both inside and, in some cases, outside the home.
Liability Coverage: This provides protection if you or a family member is found responsible for causing harm to others, either on your property or elsewhere. It can cover legal expenses and damages.
Additional Living Expenses (ALE) or Loss of Use: If your home is damaged and becomes uninhabitable, ALE coverage can help with the costs of temporary living arrangements, such as hotel bills or rental expenses.
Medical Payments to Others: This coverage pays for medical expenses if someone is injured on your property, regardless of fault.
When purchasing homeowners insurance, it’s important to consider factors such as the coverage limits, deductible, and any additional endorsements or riders that can be added to customize the policy. Additionally, insurers may offer discounts for security features, such as alarm systems, and for bundling home and auto insurance.
It’s advisable to review and update your homeowners insurance policy periodically to ensure it adequately reflects changes in the value of your home and possessions. If you have specific questions about homeowners insurance or need advice on selecting a policy, it’s recommended to consult with an insurance professional.
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If I had an insurance claim ten years ago, can my homeowners premium get reduced? I had a $40,000 homeowners insurance claim ten years ago and my premium went from $700 per year to $3,500. I just got it reduced to $3,000 per year but it is still high. When will my homeowners insurance premium get lowered to $700 -per yea.
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@otis Claims typically take 3-7 years to fall off your record as a surcharge. It still may affect your overall insurance score, but with a HARD insurance market, rates may have just increased in your area.
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Home insurance is priced based on risk information. That can be several things like roof age, home systems age, state, zip code, dogs, what breed it might be, whether a trampoline, pool, or hot tub, or whether the property is fenced—prior claims or inquiries about claims ( A 0 dollar payout still affects eligibility and premium). I help navigate all of these things for you to find the best option. It is always worthwhile; the game has changed in a way that saves you time and money!
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Is it better to apply for insurance after you have maximized your credit scores?
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Rusty, I do not think you need to maximize your credit, but it is considered when applying for new policies. That said, there is not necessarily a hard credit pull, but other factors like insurance score and claims history also have an effect.
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Great information Brent. Also, if you have any tips for renters on how to prepare of getting the lowest premium for their homeowners insurance, it will be greatly appreciated.
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I highly suggest you shop for homeowners insurance. I have lowered my homeowners insurance in Texas from $5,000 per year to $2,000 a year on my investment home. Goosehead Insurance had the lowest homeowners insurance premium by far. It was a fix and flip property and after it was done, Farmers Insurance quoted me just under $5,000 and told me it was a great deal. My loan officer at Gustan Cho Associates referred me to Goosehead Insurance agent and the agent was not responsive but eventually got back to me and got it done. The insurance agent ended up quitting two weeks later. I am glad GCA Mortgage Group has a preferred referral insurance agent Brent Norkus I can contact.
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My appologies Lillian. The Goosehead Insurance agent we referred you, Evan Wanek was a phenomenal agent and disappeared on us. I think he left the insurance field and we did not know who at Goosehead Insurance was the point of contact. We got shuffled around multiple times including myself. I have Goosehead Insurance and got shuffled from one Goosehead Insurance agent to another. However, I personally met Brent Norkus of Goosehead Insurance and I highly recommend him. Brent Norkus will be our insurance agent of choice.
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I am not a goodehead agent but as an insurance agent and agency owner I don’t mind answering your question.
Homeowners insurance is a policy that protects the home that you live in. What it covers depends on coverages selected, how the policy is written and on what form. Banks will oftentimes refer to it as hazard insurance
That is the simplest answer. For a deeper dive feel free to reach out to me directly farah@gustancho.com.
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Farah, you and Brent norkus should talk.
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Sure.
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Homeowners insurance is a class of property insurance that gives homeowners financial security in case their properties are damaged or lost, as well as injuries sustained thereon. It usually covers:
Dwelling Coverage:
- This policy secures your home from hazards such as fire, storms, vandalism, and other natural occurrences.
Personal Property Coverage:
- If damaged, destroyed, or stolen, furniture, electronics, clothing, and other personal items within the house will be covered.
Liability Coverage offers protection in the event someone gets injured on your premises or because you or a family member damages somebody else’s property; it can help pay medical expenses and legal fees.
Additional Living Expenses (ALE):
- If your home becomes uninhabitable due to a covered event (like a fire), this coverage helps pay for temporary living costs such as hotel stays and meals.
Other Structures Coverage:
- Damages to structures not attached to your house within your compound, such as fences, sheds, or garages, are covered here.
It should be noted that homeowners’ insurance does not typically include flood and earthquake damage to homes or normal wear and tear; instead, separate endorsements or policies could be placed to serve this purpose.
Brent Norkus of Goosehead Insurance can give first-time homebuyers detailed and personalized advice. He has the experience to explain what you need to know about homeowners insurance in simple terms and demonstrate why it is important to properly protect your home and personal assets. Moreover, he could help them choose the most suitable policy, considering their requirements and financial resources since they are new in this industry. Contact him for more details if interested; your clients can benefit from that!
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