Insurance FAQs For First Time Home Buyers

by Administrator 17. August 2018 05:41

First time home insurance buyers have so many questions pertaining to the best policy for their needs. Being armed with the right information is the first step towards making the right decision in this regard. Following are some frequently asked questions about insurance that can be helpful for those buying a house for the first time:

  • What Is Homeowners Insurance? Homeowners insurance is a policy which protects a homeowner from losses to their house and the possessions in it from unexpected damage or any other type of loss.
  • When To Buy A Policy? You can buy an insurance policy for your home even after purchasing the house. In case you have taken a loan on your house, the mortgage company may require your home to be insured before granting the loan.
  • What Will The Insurance Policy Cover? Home insurance policies generally cover losses that result from damage to the property, property loss, living expenses and personal liabilities. The damage can be partial or total. Losses caused by natural disasters like fires, windstorms, lightning, hail or man-made factors like burglary, theft, riots, vandalism, etc. are covered. Medical payments coverage is required for medical treatment of the owner or anyone else visiting the property at the time of a calamity/accident. Living expenses refer to the costs of an alternate accommodation due to a disaster. You can add a rider policy to your home insurance for added coverage on items of high value.
  • Which Factors Will Determine The Amount To Be Paid? To determine the amount to be paid, home insurance providers consider factors like credit score, claims history of the individual and the area of residence, location, age of home, rebuilding costs, pets, distance from a fire department or hydrant and the selected coverages.
  • Can I Save Some Money On Insurance? Yes. Ask your insurance provider whether there are any discounts being offered. Some insurance providers offer discounts to those who own homes with additional features like a security system. Another hack for cutting down the insurance costs is to raise your deductible in order to lower the premium amount.
  • How To Choose The Right Insurance Provider? Insurance carriers vary in terms of coverage and cost so take out some time to search around in person and on the internet to find the right provider. Compare quotes from different insurance companies and preferably get the assistance of an expert.

We, at Shawn Camp Insurance Agency, Inc., offer home insurance to our clients in Killeen, TX. We are located at 2705 E. Stan Schlueter Loop, Suite 101, Killeen, Texas 76542. You can also call us at (254) 526 – 0535.

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Coverage Included In Homeowner's Insurance

by Administrator 27. February 2018 07:00

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Why Is Home Insurance Important

by Administrator 21. February 2018 08:39

A type of property insurance, home insurance covers your house from accidents, damages and theft. They are usually bought for a stipulated tenure at the end of which the tenure has to be renewed.  This could be anywhere from 1 year to 5 years. Considering that a house is one of the most treasured and costliest asset for many, getting a home insurance is crucial. Following are some reasons for which insuring a home is important:

• Protection From Liabilities

A home insurance policy will protect you from liabilities resulting from personal injuries, damage to the property of guests or third parties who might have been in the house. This type of insurance also covers you and your family members from losses and damages.

• Temporary Living Expenses

If the insured house requires renovation or reconstruction due to an unforeseen damage to the structure, you might have to move out to another house for some time. Certain home insurance policies will cover any expenses that you incur while doing so. Your expenses in the form of rent you pay will be covered by the insurance company until the former house is made livable again.

• Coverage Against Natural And Man-Made Calamities

Home insurance policies provide coverage against losses caused by natural calamities e.g. floods, storms, earthquakes etc. They also cover losses due to man-made acts such as theft, vandalism, riots etc. In case of such events, the amount of compensation from an insurance company helps you recover from the loss and even rebuild your house.

• Compensation For Loss Or Damage To Valuable Assets And Precious Belongings
If you have valuable and expensive belongings such as important documents, precious jewelry, furniture, clothing etc., a home insurance also covers losses or damages against them. The only pre-condition is that at the time of damage, the articles should have been in the insured house. Items like artwork, antiques and furs might require a rider on the policy to be included in the coverage.

• Bank Preference
Most of the banks prefer those with home insurance for sanctioning loans. For some banks, it is a major eligibility criterion. So if you want to figure high on the priority list of banks for a loan, getting your home insured is a sure way to do so.

• Mortgage Contracts
If you are a home owner with a mortgage on your home, it is better to take a home insurance policy. This is because the lender has a monetary stake in the home. Getting the home insured protects you and the lender form any losses and liabilities.

For affordable home insurance in Killeen, TX, contact Shawn Camp Insurance Agency, Inc. We are located at 2705 E. Stan Schlueter Loop, Suite 101, Killeen, Texas 76542. You can also call us at (254) 526 – 0535.

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Why Do You Need Homeowners Insurance?

by Administrator 20. December 2017 11:25

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