-
9 Surprising Things Your Home Insurance May Cover
Are you planning on buying a home in Central Oregon? If so, you know that you need homeowners insurance but, did you also know that there are a variety of additional things that homeowners insurance covers? In this article, we will provide you with more information on all of the things that homeowners insurance covers, so that you will know what to expect when you get a policy. Surprising Things Homeowners Insurance Covers Theft of Personal Items It only makes sense that personal items that are stolen from your house would be covered by your homeowners insurance policy. But, if you have personal items in your car — like your…
-
Does Homeowners Insurance Cover Sewer Lines?
Being a homeowner can be an adventure, especially when a sewer line breaks! When this happens, one of the most common questions that people have is if homeowners’ insurance covers sewer lines. In this post, we will answer this question and provide you with insight into how to handle a sewer line break at your property. No, Homeowners Insurance Doesn’t Cover Sewer Lines Sadly, no homeowner’s insurance doesn’t cover sewer lines but in some cases, a homeowner can get a special endorsement that extends the homeowner’s insurance coverage to the sewer line. When does homeowners insurance cover sewer lines? While sewer line damages are typically excluded from coverage in a…
-
Can you choose the wrong homeowners insurance coverage? Yes!
If you own a home, homeowners insurance isn’t just a luxury. Rather, it’s a necessity. Without insurance, you might get stuck footing the bill for costly repairs if your home sustains damage during a weather event or fire. Plus, you need homeowners insurance in case someone gets injured on your property. Otherwise, you could end up having to shell out money to cover a visitor’s medical bills. But as important as homeowners insurance is, it’s just as important to have the right policy. That means, among other things, having adequate coverage so that if your home were to get destroyed, you’d be able to rebuild it. But if these signs apply to…
-
How the youngest buyers are shaping the housing market
All eyes have been on millennials the past several years, as they have come of age (26-41) to buy homes and build families. They’ve become the dominant generation in home-buying activity, but there’s also good reason to look toward their younger counterparts. Gen Z adults (ages 18-25) are making it clear that they share the goal of homeownership with millennials. Many of them have already purchased homes, while others are taking steps toward achieving their goal. Recent realtor.com research quantifies the momentum of Gen Z buyers, revealing that 72% of them say they’d like to buy a house in the future; 43% expect to do so within five years. Almost half, 45%, are…
-
5 Red Flags That Should Be Deal Breakers When Buying a Home
If you’re buying a home, it’s easy to act based on emotion and move forward with making an offer if you fall in love with a particular property. But you should remember that buying a house is a huge investment and will likely come with a large mortgage payment, so you don’t want to rush into the process of picking a property and end up with a place that has major issues. The good news is, by looking out for a few key red flags, you should be able to avoid a mistake that could come back to bite you. Here are five big signs that suggest you should probably walk away from…
-
Are homeowners required to have homeowners insurance?
Homeowners insurance is a vital way to protect your home from the unexpected — from fires to disasters to crime. It’s so important, in fact, that your mortgage lender will require you to carry it. If you don’t have a mortgage, though, there’s no law requiring you to purchase homeowners insurance. Is home insurance required? Homeowners insurance is generally not required by state law. But if you have a mortgage, your lender almost certainly will require you to carry a policy. Before you close on your mortgage, you’ll usually have to prove to your lender that you carry an insurance policy on the home you’re buying. If you own a condo…
-
3 ways to reduce your homeowner’s insurance premium as costs rise in 2022
Homeowners may see an increase in their homeowner’s insurance premiums this year. In October 2021, S&P Global Market Intelligence reported a 3% to 30% rate hike in insurance premiums across major home insurance providers, with State Farm having the most significant rate increase. The report also found that Texas saw the most significant increase in homeowners’ insurance rates compared to other states in the US. The Insurance Information Institute cited three main developments that led to the rise in homeowners’ insurance premiums. 1. Extreme weather and natural disasters One primary reason for home insurance rate hikes is the rise of extreme weather and natural disasters. According to data from the III, the number of claims…
-
Homeowners Insurance Deductible – What Does It Cover?
Understanding your home insurance deductible can help you decide how best to protect what may be the most expensive purchase you ever make. Unfortunately, it’s not always easy to understand your policy’s fine print. Keep reading to learn how a homeowners deductible works, how it affects your premium, and how much of a deductible you may need. What Is a Home Insurance Deductible? Simply put, a home insurance deductible is the amount that a homeowner must pay before their insurance steps in to cover the remaining expenses on a claim. The deductible is expressed as a fixed dollar amount – usually $500 to $2,000, but it can be higher –…
-
What does homeowners insurance cover?
Homeowners insurance is known as a “multi-peril” policy, meaning it contains a variety of coverages in one package. A peril, in the insurance industry, is something that causes damage to a house or property. Your homeowners insurance policy may specifically list the perils you’re protected against, or cover you against all perils except ones specifically excluded. Common perils that homeowners insurance usually covers include: Fire Lightning Explosions Civil unrest Smoke Vandalism Theft Volcanic eruption Falling objects Ice, snow, or sleet Sudden, accidental outflows of water from the plumbing system or appliances, including burst pipes Your policy may also cover the cost of debris removal after a disaster, replacing plants and shrubs, and…
-
Solved! How Much Homeowners Insurance Do I Need?
Q: I’ve heard homeowners insurance is important o make sure your assets are covered in the event of a loss. But how much homeowners insurance do I really need, and how do I determine the right amount? A: The question of how much homeowners insurance you really need is a detailed one to answer. There are different coverage types that handle different assets. Someone might need to take out additional insurance, such as flood insurance, for certain types of disasters. And how much insurance a homeowner needs can also depend on how much their home and possessions are worth. These points are just for starters. Homeowners insurance comprises several different types of coverage,…
