Nothing is more frustrating than buying home insurance based on wrong facts. It can be nasty when disaster strikes, only to find out that you are not covered. With many home insurance myths being peddled about, The Sirover Agency LLC is here to set the record straight to help Wayne, PA homeowners buy home insurance plans free of bias. Here are the facts.
Myth #1: Your home should be insured against the market value
The insured value of your home you should be looking at is how much it will cost to rebuild your house from scratch — not the amount it will fetch if you were to sell it today. The cost of replacement is usually below the market value because it excludes the cost of land.
Myth #2: All your valuables are covered
While its true home insurance covers your furniture, electronics, and other assets against loss or damage, high-value items like art, cash, and jewelry have limited protection. So, it’s vital to check with a specialist insurer for optimal protection if you have high-value items.
Myth #3: All damages are covered
Homeowners with home insurance protect their home and other assets against numerous risks, including theft, vandalism, fire, and select natural calamities. While home insurance protects you from various threats, it doesn’t cover damage resulting from:
- Normal wear and tear
- Mold and pest infestation
- Acts of war
- Floods and earthquakes
It’s critical to go through all your home insurance exclusions to avoid a surprise when making a claim.
Myth #4: Home insurance pays for your family injuries
While your home insurance may have bodily injury coverage, it doesn’t cover you or your family members. It pays for guest’s medical expenses for injuries sustained while on your premises.
Not yet covered by home insurance? Please contact The Sirover Agency LLC, serving Wayne, PA, and the surrounding areas today.
Do you own a pup? Our team at The Sirover Agency, LLC wants to make sure you know how this directly affects your property coverage. Here’s what every dog owner needs to know about home insurance.
Home Insurance Includes Liability Coverage
Perhaps the most important aspect of home insurance for dog owners is the liability component. This is what kicks in if someone comes to your home and your dog injures them in any serious way. As an example, let’s say your child has a friend from school over who ends up bitten and requires stitches. In this case, the liability portion of your policy would pay for those medical bills.
Furthermore, liability also pays if your dog gets out and causes damage to someone else’s property. An example of this would be a pet that destroys a neighbor’s fencing or causes significant damage to a home down the street. In this scenario, your liability coverage might pay to fix these damages.
When Your Pet Damages Your Own Home
Many Wayne, PA dog owners want to know if there’s coverage when their pet damages a portion of their home. Need an example? An anxious dog who eats through a wall or tears up the carpet. Sadly, the answer to this is no. Homeowners’ insurance does not typically cover damages to your own home caused by your dog.
Does Home Insurance Cover Vet Bills?
This is one of those questions that really depends on the situation. If your pet is injured or becomes ill for normal health concerns, your home insurance would not pay for treatment. However, if your dog is injured as part of a bigger claim on your home, there might be some payment. For example, if your purebred Labrador is injured in a house fire and needs extensive veterinary care, there’s a potential chance that your policy might cover it. The reason? Pets are considered personal property. However, this isn’t true with every insurer, so it is important to ask your agent to clarify your specific policy.
Not All Breeds Are Accepted
While you likely know that your canine companion is a good boy or girl, your insurance company does not. Most have a list of statistically more likely breeds to cause injury to humans, and they won’t insure properties where this type of pet lives.
Interested in learning more about home insurance coverage in Wayne, PA? Please contact our team at The Sirover Agency, LLC to schedule an appointment.
Home insurance is something most people take for granted. You usually get a policy when you buy your home, and after that, the policy renews every year without you having to do anything. While that is the easy way to do things, it might not be the best thing for you. Your home insurance should be reviewed from time to time to make sure the coverage you have is the right coverage. In Wayne, PA, the Sirover Agency, LLC is your independent agency choice. Why settle for only one carrier when you can have a choice of many?
Things can happen in your life and in your home that affects your insurance coverage. That is why most carriers recommend a yearly home insurance review. That may seem a little frequent, and perhaps it is, but certainly, every other year is reasonable.
Reasons why you may want to review your home insurance:
- Major home repairs: There are home repairs that increase the value of your home. Adding new siding or a new roof, a room or garage addition, a new kitchen, or a bathroom update are all things the may require a review of the value of your home insurance.
- Adding a new pet may require that you increase the liability insurance you have on your home policy. If you put in a pool or a trampoline, these are also things that may cause financial issues if you don’t increase your liability.
- If you get a new piece of expensive jewelry, artwork, oriental rugs, or costly electronics, this can all affect the value of your content.
- Adding a new security system can make your house safer and save you a little money, so lt is essential to let your insurance company know about them.
Your life and your home change over time, and your home insurance policy must keep up with you. Call The Sirover Agency, LLC in Wayne, PA to set up an appointment to discuss your needs.
When it comes to home insurance in Wayne, PA, the most important thing to remember is that you need home insurance. While it may not be required, everyone will need protection against liability for any accidents that can injure others and cause damage. It’s also important to protect the home and your belongings in the house.
Determine How Much Coverage You Want
The better coverage you have, the less you will have to pay out of pocket if disaster strikes. Sometimes your lender will require how much coverage you need, which is typically at least the amount of the mortgage. It’s important to note the amount of coverage you buy will affect your monthly premiums.
Actual Cash Value or Replacement Costs?
You may have the option to choose between actual cash value and replacement costs. Replacement costs are the amount it takes to replace or rebuild your home with similar materials without depreciation. You want to insure your home for at least 80% of its replacement value.
The deductible is the amount you have to pay on each claim. You should choose a policy where you can afford to pay the deductible. If your policy has a lower deductible, it will usually cost more.
Read Your Policy Carefully
Each policy is different, so you should read your policy carefully. Doing so will help you know what is covered and what isn’t. Keep it in a safe place, and know the name of your insurer. For example, home insurance doesn’t cover flooding.
Review Every Year
Check with your agent at The Sirover Agency, LLC to see if you need to update your policy to make sure you have enough coverage. New insulation, remodeling, or an addition of a room can add value to your home and increase the replacement costs.
Contact The Sirover Agency, LLC, serving Wayne, PA, to get a quote on home insurance.