Home Insurance

Homeowner’s insurance is not merely an added expense to go with your monthly mortgage and property taxes. Your home is one of, if not the, biggest investment you’ll own. Homeowner’s insurance is necessary to protect your investment from events ranging from natural disasters to theft. Are you aware that every year, 1 in 15 homeowners files a claim with their insurance company?

Do I really need Homeowner’s Insurance?

Not only are you responsible for your mortgage and upkeep to your home, but any investments you’ve made to improve it also needs to be protected. Without homeowner’s insurance, if a major disaster occurs, you could be responsible for paying thousands of dollars for repairs that you don’t have just lying around your home. Lenders require you to have a certain amount of insurance in your home to protect their interests until the balance is paid off.

What Does Basic Homeowner’s Insurance Cover/Not Cover?

A basic policy typically pays for damages to your personal property and possessions if fire, vandalism or theft occurs. It also pays for alternative shelter costs if you need to stay somewhere else while repairs are being made if your home becomes uninhabitable. Here in more detail is what a typical policy will and will not cover.

Typical exclusions to homeowner’s policies include earth events such as landslides and earthquakes, power failure, improper zoning, bad workmanship or repairs and flooding. Water damage depends on your policy and usually includes rainwater or a broken pipe, but doesn’t cover damage from flooding or a back-up in sewage. Supplemental coverage might be a smart decision in areas prone to these kinds of natural events.

The minimum coverage might not be enough for what you need. If you want to protect your personal interests, you should consider buying other coverage, such as liability that protects you if someone tries to sue you for an incident that occurred on your property. Extra valuable belongings, such as high-priced jewelry, might also have limits on a basic policy. This might require you to purchase additional coverage to ensure that if something happens you’ll be able to recover the entire cost, not just a small portion, of what was lost. The laws do not require that you carry homeowner’s insurance once your mortgage is paid off, but it is highly advisable to continue to keep your policy active to keep your investment well-protected.

Property coverage

• Dwelling
  • What is covered? Your dwelling is your home and any structures attached to it. It also includes materials and supplies located on or next to it that can be used to construct, alter or repair your home.
    What is not covered? The policy will not cover the land itself.
• Other Structures
  • What is covered? These are structures that are set apart from the dwelling by clear space. They could be connected to the house by a fence, utility line, or similar connections. Private garages are covered.
  • What is not covered? Again, the policy will not cover the land itself. It will also not cover other structures that are rented or held for rental–where business is conducted or used for business purposes. There is a limit of liability on structures rented to others as a private residence.
• Personal Property
  • What is covered? Coverage of personal property owned or used by an “insured” while it is anywhere in the world. These items include and are not limited to:
    • Money
    • Bank notes
    • Bullion
    • Gold
    • Securities
    • Accounts
    • Deeds
    • Evidence of debs
    • Letters of credit
    • Notes other an banknotes
    • Manuscripts
    • Passports
    • Tickets
    • Stamps
    • Trailers and its furnishings/equipment and outboard engines or motors
    • Semitrailers
    • Jewelry
    • Watches
    • Furs
    • Precious and semiprecious stones
    • Etc.

*Each have different monetary coverage

• What is not covered? There are various items that are not covered including, but not limited to:
  • Animals, birds, or fish
  • Aircraft
  • Property of roomers, boarders and other tenants
  • Landlord’s furnishings
  • Business property
  • Credit cards,
  • Electronic fund transfer cards or access devices used solely for deposit
  • Grave markers

* Each have different terms and conditions

• Loss of Use
  • What is covered? This is the total of limit for three things:
    1. Additional Living Expense: we cover any necessary increase in living expenses incurred by you so that your household can maintain its normal standard of living.
    2. Fair Rental Value: If the property held in rental is not fit to live in.
    3. Civil Authority Prohibits use: If you are prohibited from the use of the residence premises as a result of direct physical damage to neighboring premise
  • What is not covered? It does not cover loss or expense due to cancellation of a lease or agreement
• Additional Coverage
  • What is covered? There are many divisions to this coverage which include debris removal; reasonable repairs; trees, shrubs and other plants removal due to fire, lightning, riot or civil commotion, aircraft, vandalism or malicious mischief and theft; fire department service charge; property removal; credit card, electronic fund transfer car or access device, forgery and counterfeit money.
  • What is not covered? The coverage will not hold for the use of a credit card by a resident of your household. Nor will it hold for loss arising out of business use or dishonesty.

* There are other areas covered including loss assessment, glass or safety glazing material, landlord’s furnishing, ordinance of law, grave markers, refrigerated products coverage, and inflation coverage. Please ask for more details.

• Liability Coverage
  • Personal Liability
    If a claim is made or a suit is brought against an insured for damages because of “bodily injury” or “Property damage cause by an “occurrence” we will pay up to our limit of liability and provide a defense at our expense.
• Medical Payments to others
  • What is covered? We will pay the necessary medical expenses of an accident causing “bodily injury”. Medical expenses means reasonable charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, prosthetic devices and funeral services.
  • What is not covered? This does not apply to you or regular residents of your household.

Costs of Insurance

The price of homeowner’s insurance isn’t set at a flat rate. Many factors go into determining your premium such as how much your home is worth, how much coverage you need and whether you are eligible for any discounts due to safety measures. You can receive a discount for installing a security system, and even something as simple as putting a deadbolt on your door can save you money. Factors such as your credit history and how many claims you’ve filed in the past also have the potential to increase your premium. An advisable way to save money is through bundling policies with the same company, which typically gives you a certain percentage off of your total rate.

Getting Adequate Coverage

KSA Insurance is an independent full-service insurance agency serving Virginia, Maryland and Washington D.C. We help match you to the best home insurance based on your needs and budget without requiring you to spend hours searching for a policy that fits you.
We represent many of the top-rated insurance companies and we can help you find great homeowners insurance coverage for your homes, apartments, condos, townhouses, or cooperatives. Protect your home, property and your family with homeowners insurance that covers everything that you expect it to.

Get your Free Homeowner’s Insurance Quote

Are you ready to start saving money without a hassle? Contact KSA Insurance to get your homeowner’s insurance quote and start saving today!