#1 What are some ways to pay lower rates for homeowners insurance?
Many
insurance companies offer better rates if a home is disaster resistant. For example, modern heating and electrical systems
reduce the risk of fire. Discounts may also be available if a home has smoke detectors, security devices such as burglar alarms
or dead-bolt locks. Contact us to find out if you are eligible for these discounts.
#2 Why do I need flood insurance?
Federal law requires your lender to make sure you have flood insurance if you have a home loan and live in a federally
designated flood hazard area.
#3 I'm thinking about buying a condo. What kind of insurance might I need?
A
condo association should have a master policy that covers the basic structure of the building. Contact us about a condo owners
policy that would cover the things inside the unit you own.
#4 Will my rate go up if I file a homeowners insurance
claim?
Usually, one claim will not cause a rate increase. However, more than one probably will.
#5 Is
my personal computer and printer covered by homeowners insurance?
Many policies cover computers and equipment. Generally,
policies limit how much will be paid if there is a covered loss. Limits on computers average between $2,500 and $5,000. If
yours is worth more, you may want to ask your agent about adding extra coverage.
#6 When should I call my agent
to find out if I need more homeowners coverage?
Check with your agent any time there are changes to your home and
life. Some examples include: adding a room to a home, starting up a home-based business, and purchasing especially valuable
items such as jewelry, fine art and antiques.
#7 My water heater leaked while I was on vacation and the flooring
in the utility room is ruined. Does homeowners insurance cover all of this?
Homeowners insurance will pay for damages
to the flooring. It will not pay for a new water heater.
#8 Why is the coverage amount quoted for homeowners insurance
lower than the purchase price of my home?
The purchase price of your home reflects the market value - an amount that's
based on the value of the land, the dwelling, the location of the property and other factors. The insurance coverage amount
reflects only the dwelling's value because the land and location would not be destroyed if there were a fire or other covered
loss.
#9 My home loan company hasn't received a copy of my homeowners insurance policy. What should I do?
Contact
your agent or your insurance company. Either will provide the lender with the necessary paperwork.
#10 How do I find
out more about my homeowners insurance policy?
Your insurance agent can answer most of your questions. Contact us
with questions about insurance coverage.
Stauffer & Associates Insurance Agency Inc. 401 Tenney
St. P.O. Box 328 Kewanee, IL. 61443
