Dryden-Kamis Insurance Agency can help you find the homeowner's insurance you need in Illinois. There are two primary reasons to purchase homeowner's insurance. First, you have to protect your assets. If you purchase homeowners insurance, your house structure and your personal property will be protected. Second, you need to satisfy your mortgage lender. The vast majority of mortgage lenders insist that you must have homeowners insurance for however long you have a mortgage, and you must also list them on the policy as a mortgagee. There are six standard coverages that fall under a homeowner’s insurance policy. The first coverage is Personal Property. This coverage generally reimburses you for the worth of your possessions, including all electronics, clothing, furniture and appliances even when these items aren't on your property, but being used by your child who is away at school, or are stored in an off-site storage locker. The second coverage is dwelling. This pays for damage to your home, and includes damage to wiring, plumbing, heating and AC systems. Third is Other Structures. This coverage pays for damage to tool sheds, guest cottages, fences, freestanding garages, etc. Fourth is Loss of Use. When your house is being repaired, this covers a portion of your additional living expenses. The fifth coverage is Medical Payments to others for medical expenses for guests (invited or otherwise) who are injured at your home. Finally, there is Personal Liability, which covers you if you're sued, or found legally responsible for damages or injuries to someone else.
There are many different types of homeowner's policies, including one just for your dwelling, one for property only, and a modified coverage policy for older homes. A policy called the Special Form protects your property against all perils, with the exception of any perils specifically named and excluded in the policy. Contact the Dryden-Kamis Insurance Agency today to discuss buying homeowners insurance or to use their online quote feature.
1. You can often save money by buying multiple policies from the same company. It is quite common, for example, for companies that offer both homeowner’s and automobile insurance to give a discount if you purchase both from them.
2. As with most other insurance policies, prices vary considerably for the same coverage. Also as with the others, what is covered, and how well, can be quite different (a Dryden-Kamis Insurance agent can help you find a better solution for your needs).
3. If you are shopping for a new home, on-line estimates of your mortgage payments are not likely to be anywhere near your actual payment. This is because the lender will want to take care of paying your property taxes and homeowner’s insurance, and add the expense to your monthly payment (called escrow). If you fail to provide them with an insurance policy, your bank may provide its own, which will probably only cover the debt remaining to the bank, and nothing for you (although you still pay for it—sometimes more than you would for full coverage).
4. Homeowner’s insurance does not cover any damage to your house if the company believes it was already present before you purchased your policy. Companies often require inspections (with photos) before agreeing to insure your property. If they don’t, it may be wise to protect yourself by requesting such an inspection.
5. Certain coverages (like flood insurance) often need to be purchased separately. If you live in an area where these are a common problem, your mortgage holder may require such a policy.
6. Keeping your property maintained/upgraded (such as roofing, electrical, plumbing, and HVAC), can keep your payments from going up, or actually drive the premiums lower—sometimes saving $$$/year.