Lenders require your home to have a home insurance policy on it before they establish a mortgage. For most people, homeowners insurance is not something that they shop for often, so it’s sometimes difficult to tell what the most important features of a home insurance policy are.

The first thing to find out is the actual replacement value of your home. You don’t need homeowners insurance coverage that is far higher than what you would actually get in a claim. Outside of the home’s value, you also want to pay attention to the deductible associated with a claim. If you have damage to your house or property, you need to know how much of the cost you need to cover. Some insurers may require you to pay a percentage of the value for specific circumstances, as opposed to a flat deductible. It pays to read the fine print so you aren’t surprised when you make a claim.

In addition to house damage, a home insurance policy also covers replacement or repair costs for your possessions. If your overall asset value is higher than the value of your home, you need to add additional coverage for personal property to cover claims.

If a natural disaster makes your home unlivable, look for displacement provisions in the insurance policy. These provisions pay for alternative housing while you are unable to occupy your home, so you can cover a short term rental or a hotel room during repairs.

It’s also essential that you understand common natural disaster risks for your area. This is particularly true if you live in an area prone to flooding, as flood insurance is not commonly included by default by a homeowners insurance policy.

It’s a commonly held belief by many home business owners that their homeowners insurance policy completely covers all of their business insurance needs. As your independent agent, we know that all types of insurance coverage varies by state, so it’s not wise to make assumptions about what’s covered.

Depending on the state, it’s possible that your West Hartford homeowners policy may offer limited coverage for certain items, but if it does, the maximum covered amount will have some type of cap for things like business equipment used in the home office, and a smaller amount for business equipment that’s used outside the office when you travel, or during outside business meetings.

As your insurance agent, we’re here to offer you help, suggestions, and guidance. For example, whether it’s your home, or commercial business insurance policy, you may want to consider deductible options for your required payment toward any type of covered loss before your insurance company will even start to pay a claim.

Based on the specific terms of your Connecticut insurance policy, higher deductibles can help save on your premium payments. The recommended amount in today’s economic environment is a minimum deductible of $500. and even higher if possible for added savings.

There’s no reason for you to attempt to figure out the variables on your own. It’s important that you call us to gain better insight. Since you’re located in the West Hartford area, there are other considerations like flood and windstorm deductible to consider. In fact from the latest data, Hartford is scheduled to receive the most Connecticut State aid the next fiscal year amounting to $257 million.

When your son moves out of your home in West Hartford, Connecticut, you may worry about his personal property and the possible liability concerns that may arise. Depending on the situation, he may still be covered under your homeowners insurance policy, but it usually will not apply if he is renting an apartment.

Apartments vs. a Dorm

During college, some young adults are still covered by their parent’s home policy. The reason is because the young adults live in a college dorm rather than an apartment. When your son rents an apartment, he is no longer covered under your current plan because he is saying that he is independent by renting on his own.

A dorm room is not the same. Your policy may cover a young adult who is staying in a college dorm because the dorm is considered a temporary living area.

Renter’s Insurance

If your son is renting an apartment, then he will need to purchase a renter’s insurance policy. A renter’s policy is designed to address all of his concerns when he rents a property. For example, it will protect his personal belongings and offer some liability protection, but it will not protect the building from fires. It is the responsibility of his landlord to pay for damages to the property if a fire occurs. Furthermore, it may offer some protection in case the rental property is damaged and he cannot live there, such as paying for hotel costs until he can find a new apartment.

Although your son may be your child, he is responsible for his own insurance if he is renting an apartment. To learn more about the different rental insurance options, contact us to talk to an independent agent today.

Living with roommates in West Hartford, Connecticut may help reduce your living expenses, but it can also be difficult when you are looking for homeowners insurance. Roommates are not usually covered under a basic homeowners policy, especially if you have more than one person living in the apartment, so it is usually best for every individual to obtain their own personal renter’s policy.

What is Renter’s Insurance?

Renter’s insurance is designed to address the needs of individuals who are renting a space rather than buying the property. It is appropriate when you have several roommates in the home and need your own protection plan because it helps protect your personal property. It also offers liability coverage in case an accident takes place in your personal space or a guest is injured in the apartment.

The insured individual has protection, but other individuals living in the apartment will not have coverage in most cases.

Policies for All Individuals

Every individual living in the apartment may need insurance to protect their personal assets and ensure that they are prepared for the worst-case scenario. Depending on the property and the amount of personal property that your roommates own, the coverage that they may require can vary.

It is usually best to seek insurance personally rather than trying to obtain a policy with any of your roommates. It will simplify the process of finding an appropriate policy and it will reduce the risk of being denied when your application is processed.

It may seem bothersome or challenging when you are first looking for an appropriate policy to cover your belongings, but an independent agent can help you find the best option for your goals and needs. Contact us to talk to an agent for more details today.