Homeowners Insurance
As a responsible homeowner, you should take time to assess and address risks and perils that may threaten your property. Even if you diligently secure and maintain your home, certain incidents may be beyond your control, making adequate loss control measures, such as homeowners insurance, a critical investment.
What Is Homeowners Insurance and Why Is It Important?
Homeowners insurance can provide a versatile and robust safety net for you, your home and your finances. Also known as home insurance, an adequate homeowners insurance policy can ensure you have access to the funds and resources needed to manage the aftermath of various incidents, such as the following:
- Fires
- Hail
- Lightning
- Theft
- Vandalism
- Explosions
- Falling objects (e.g., tree limbs)
Without sufficient homeowners coverage, you may lack the means to repair your house, replace your belongings or otherwise financially manage difficult situations.
How Do Homeowners Insurance Claims Work?
If a covered incident damages your home or possessions, it’s important to know how to navigate the claims process. Although the exact details of how to submit a claim may vary depending on your policy and insurance company, the process generally includes the following steps:
- Report the incident—If you experience losses involving your home or property, you should contact your insurance provider as soon as possible. If necessary, law enforcement officials should also be involved.
- Keep evidence—Document your damages using photographs and videos, and retain any invoices, estimates or receipts related to repair or restoration services.
- Work with your adjuster—Insurance companies typically assign a claims adjuster who may visit your home and inspect your losses before making a judgment on your claim and subsequent payout.
- Receive funds—Your insurance provider may provide financial aid up to your homeowners insurance policy’s limits, minus any applicable deductibles. Payouts may be made as a single lump sum or over a series of payments.
What Is a Homeowners Insurance Deductible and How Does it Work?
Your deductible is a critical component of your homeowners insurance policy. These clauses establish a minimum amount you must pay out of pocket in a single plan year before your insurance provider will begin paying out for additional losses. For example, if you have a $1,000 deductible, you must pay $1,000 for covered incidents yourself before receiving any funds. In some cases, homeowners insurance may include multiple deductibles, such as a separate out-of-pocket requirement for hurricane-related losses.
Get the Right Coverage
At Alan Insurance, we have the knowledge, experience and dedication to ensure that homeowners, families and individuals are financially protected by appropriate coverage solutions. Contact one of our agents today to learn more or get a personalized quote.