Insurance Resources:

Why Wait?

For most, buying a home is the biggest investment they will ever make. Making sure you have the coverage you need, at a reasonable price, should be as important a question as "should I refinance?"

At PolicyNow, we specialize in providing the insurance that new and existing homeowners need at affordable prices. Below are just a few of the credits and discounts that can be applied to your homeowners policy.

Insurance Company Discounts

  • New Home
  • Protective Devices
  • Renewal Credits

You can also make a difference

  • Scheduled Property
  • Home Replacement Cost
  • Where you live

Common Homeowners Insurance Credits

New Home Credit: The age of your home may qualify you for savings because plumbing, heating, and electrical systems of newer homes have lower risks than older systems.

Protective Device Credit: If your home has certain types of fire alarms, burglar alarms, locks, or smoke detectors, you've reduced your risk and may qualify for this credit.

Renewal Credits: You could get credit when you renew your policy, beginning with the first renewal or after you've been a policyholder for a designated number of years.

Reducing Your Home Insurance Costs

Scheduled Property: If you purchased additional insurance coverage for your valuable items, keep an eye on their value and adjust your coverage amount appropriately. Otherwise, some items that have increased in value may be under insured.

Home replacement cost: Insurance should cover only the cost to replace the dwelling structure. Land value should be excluded from the cost of insurance.

Where you live: The distance of your home from the nearest fire department, and the difficulty in actually finding your home (do you live off the beaten path?), may mean you'll pay more. Additionally, if the risk of theft and vandalism in your neighborhood is high, your home may also cost more to insure. And, because flood coverage isn't included with your home insurance policy, you'll have to choose a separate flood insurance policy to protect yourself against losses from flooding.

Deductibles: The deductible amount is what you pay out of your own pocket before your insurance policy kicks in. By choosing a higher deductible (e.g. $1,000), you'll have lower annual premium payments.

Homeowners Policy

This policy is the most common in property insurance coverage. It provides coverage for the borrower's home and Personal Property up to specified amounts for perils not excluded under the Policy Guidelines. It also provides coverage for Medical Payments to Others, Comprehensive Personal Liability, and Additional Living Expenses if the home should become uninhabitable. Endorsements to the policy such as Earthquake or Specific Jewelry Coverage may be added at additional cost. Homeowners coverage for a secondary home may be written in conjunction with primary home. There are several different types of homeowners policies offered by a wide variety of insurance companies and not all coverages are the same or are available in all states. If you have more questions feel free to contact us about your specific insurance needs.

Dwelling (Coverage A): Your house and structures attached to it, such as an attached garage.

Other Structures (Coverage B): Structures on your property that are not attached to the house. For example, a detached garage, gazebo, or storage shed.

Personal Property (Coverage C): Your personal possessions, such as furniture, clothing and appliances. There are certain types of possessions that are excluded or that have limited coverage. Please see Personal Property Exclusions and Limits of Coverage for more specific information.

Loss of Use (Coverage D): Pays for your housing and other living expenses if a major loss makes your house temporarily uninhabitable and you have to find alternative living arrangements.

Personal Liability (Coverage E): Provides coverage for bodily injury or property damage that you are legally responsible for. For example, your dog bites someone, a guest falls down your front stairs or slips by your pool, or your son throws a ball through your neighbor's window.

Medical Payments (Coverage F): Pays all reasonable and necessary medical expenses for a period of three years from the date of an accident to a person or persons injured while on your property. This coverage does not apply to you, the insured or regular residents of the insured's household.

Deductibles:  With a homeowners policy, a deductible applies to that part of the policy that covers your structure and personal property. A deductible is the amount you would have to pay out of your own pocket before the insurance coverage kicks in. Typical deductibles are $500 or $1000. The higher the deductible you select, the lower your premium payment is.

Contents Replacement Cost: After a loss, you would be paid based on the replacement cost ... with no deduction for depreciation ... subject to your policy limits and deductible. This coverage is available on both your dwelling and your personal property, although special limits apply to certain items such as jewelry, watches and furs.