Will my rates be
higher if I have a wood stove?
Possibly yes. In many cases, insurance companies
are adding a surcharge to policies that insure a home with a wood
stove. Studies have proved that a wood stove increases your chance
of a claim due to a fire or just smoke damage.
Can I get a discount
on my homeowners policy if I have smoke alarms installed in my
house?
Most companies do offer a discount, usually
2%, off your homeowners premium for installing and maintaining
smoke alarms.
What does it mean
to have a split deductible on my homeowners policy?
An example of a split deductible may appear
as $500/$1,000. A split deductible means that you have one deductible
for all losses except for wind and hail. In this example the $500
deductible would apply to all losses except for wind and hail
losses you will have a $1,000 deductible. The wind and hail deductible
is higher than the deductible for other types of losses.
If my house has a market value of $50,000, why does an insurance
company want to insure it for $60,000 or higher?
Insurance is based on replacement value,
not market value. If your home was damaged by a covered loss,
it may cost more than the market value of your home to repair
the house to the same condition as it was prior to the loss.
What types of property
can be scheduled on my policy so I can have the correct amount
of coverage?
Examples of items that can be scheduled
on a homeowners policy include musical instruments, computers,
jewelry, coin collections, cameras, furs, and firearms. You should
contact your insurance agent to find out if other items can also
be scheduled.
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