Tips for Reviewing Your Home Insurance Policy Limits

policy limits

With ever-fluctuating home values in Georgia, are you confident your home insurance policy limits are enough to cover the cost of rebuilding your home, should the unexpected happen?

The cost of rebuilding your house may be higher than the price you paid for it or the price you could sell it for today. As a homeowner, you need to protect your investment. The following tips will help you ensure you have the coverage you need—eliminating worry and additional hassles.

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12 Tips for Buying a Home in Atlanta

Whether you’re tired of renting or you’re moving to a new town, buying a new home can be stressful – especially in a big city like Atlanta. There are many diverse neighborhoods and various things to do around the city. You’ll feel like you don’t want to miss out on any of it!

However, there are numerous things to consider before you make that final step. To make the process easier, here are 12 tips for buying a home in Atlanta.

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Theft Prevention Tips

theft prevention

No home is immune to the risk of theft. Whether you’re looking to protect your home while you’re on an extended vacation or simply at the office for the day, it’s important to take precautions to help deter criminals from targeting your property.

Be sure to utilize these theft prevention tips to keep your home secure and help mitigate the likelihood of burglaries while you’re away.

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What to Know about Hard to Place Homes

hard to place homes

Although it’s always important to purchase homeowners insurance to protect your investment, some homes are harder to insure than others. These homes, referred to as “hard to place homes,” are usually exposed to a large number or variety of risks. As a result, many insurance providers are more hesitant to provide coverage for them.

Keep reading to learn more about what makes a home “hard to place.”

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Deductible, premium, and limit: 3 Atlanta home insurance words to know

It's important to know about your premium, deductible, and home insurance limit.

It's important to know about your premium, deductible, and home insurance limit.When you’re dealing with your Atlanta home insurance, there are a lot of vocab words – and numbers – that are important for you to know. You know that you need to get home insurance, but what do all those numbers and words mean? What are some of the things that you need to pay attention to? We’re going to explain three home insurance terms you should know: premium, limit, and deductible.

What is a home insurance premium?

Okay, let’s be real – this is probably the number you’re most concerned about.

And for good reason:

To put it simply, your home insurance premium is basically your home insurance rate. It’s what you pay for home insurance. So, yes, it makes perfect sense that this would be a number you’d want to pay attention to.

Now, you might be wondering how the insurance company decides how much your bill is going to be. Believe it or not, it’s not some sort of trick or mumbo jumbo like a magician pulling a rabbit out of a hat. It’s not a random number that comes from midair.

The truth is home insurance companies look at a lot of different factors about you and your house when they’re setting your premium. They don’t exactly do “random” or “detail-free” when it comes to insurance rates. For example, they may look at the following factors when setting your home insurance rates:

  • Your location
  • The crime rate where you live
  • The building material your home is made of
  • Your credit score
  • How close you are to a fire station
  • Your roof
  • Whether or not you’ve bundled
  • How much it would cost to rebuild
  • How old your house is
  • Any discounts you qualify for

So, that’s home insurance premium in a nutshell. The best way to find out how much your home insurance will cost is to get insurance quotes – and you can do that by filling out our online form or giving us a call today.

What is a home insurance deductible?

Another word to know (and number to be aware of) is deductible.

Your home insurance deductible is the amount you agree to pay towards a claim if you have a loss to your home. You have your portion of the “bill” per se and your home insurance will help you cover the rest of your claim. (You might feel better about the whole thing if you consider that they’ll probably be paying a lot more than you will!)

It’s easiest to explain the concept of how a deductible works by giving an example.

Let’s say you have a $1,000 deductible on your home. A tree very rudely decides to fall and hits your roof. Thankfully no one is hurt, but the tree did cause $5,500 worth of damage. You would pay your $1,000 and your insurance company would pay the remaining $4,500.

Your deductible can also play a part in your Atlanta home insurance rates. It can affect your premium (see, using those vocabulary words already!) because if you choose a higher deductible, you’re less likely to file a claim. And that means you could see lower premiums. However, you don’t want to set your deductible so high that it would be a huge financial burden to pay if you had a claim. You need to consider how much you could comfortably afford to pay if you had a loss.

What is a home insurance limit?

Your home insurance limit is simply how much your insurance would pay out for a claim. (It’s essentially how much home insurance you’ve purchased.) Your home insurance would tap out if your claim hit that amount.

When you’re setting your home insurance limit, it’s important to make sure you have enough home insurance to:

  • Completely rebuild your home from the ground up (meaning you should insure your home for its replacement cost)
  • Cover your liability
  • Replace your personal belongings

Again, it’s important that you have enough insurance. Protecting yourself financially means making sure you have a safety net that will actually catch you – not let you crash to the ground. So, make sure that your limits of Atlanta home insurance are high enough.

Protecting your home with the right Atlanta home insurance is easy when you work with our team. Get started with quotes by filling out our form or giving us a call today.

Will filing a home insurance claim make my rates go up?

Filing a home insurance claim may raise your home insurance rates.

Filing a home insurance claim may raise your home insurance rates.

You might have heard that filing a home insurance claim will make your insurance rates go up. And maybe it doesn’t seem quite fair – the whole reason that you have insurance is to use it when you need it. And the thing is that while your Atlanta home insurance will protect you from financial loss, it’s important to understand the effect that certain claims could have on your Georgia home insurance rates. We’ll explain about how claims can affect your home insurance rates.

Will filing a claim make my home insurance rates go up?

The short answer is … it could, yes. A home insurance claim could raise premiums.

What kind of home insurance claims will make your rates go up?

Liability.

Usually, claims that are related to liability could cause your rates to rise. For example, if your dog bites someone, that would be a liability-related claim. (Dog bite claims can be very expensive, which is why some insurers have a “dangerous dog list” of breeds that they won’t insure.) This kind of claim can cause your premiums to increase.

Burglary and vandalism.

Burglary and vandalism claims could also cause your premiums to go up because these things can happen again in the same area.

What’s a CLUE report and why does it matter to my rates?

But wait – how do insurance companies know what claims you’ve made and when?

Your CLUE report comes from the Comprehensive Loss Underwriting Exchange, which is a database of home insurance-related information that insurance companies can access. A CLUE report is essentially a record of all the claims you’ve made – it gives your name, the address where the loss occurred, what the loss is, and the amount the insurance company paid out. Your CLUE report goes back about seven years, and if your insurance company looks at your report and decides you’ve had too many claims, that could be trouble.

There’s no hiding the fact that you’ve made claims. It’s right there in the CLUE.

How can you keep your home insurance rates from going up?

Here are some tips to protect your home insurance rates.

1. Try not to file minor claims.

Try to reserve your home insurance for major catastrophes that you can’t cover on your own. If there’s minor damage to your home from a storm or another loss, you might want to consider taking care of it on your own and paying out of pocket rather than filing a claim. Yes, your insurance is there to help you when you need it. But you might not want to use it for every minor thing – if you do, you risk making your rates go up.

2. Consider your deductible.

Your deductible is the amount of money that you agree to pay if you have a claim. You pay your deductible and your insurance covers the rest of the claim. You probably don’t want to file a claim that’s close in value to your deductible because you’ll still have to pay your deductible – insurance would only cover a small portion of the claim anyway, and then you’ve got that home insurance claim on your record.

For example:

Let’s say your deductible is $750. You have a home insurance claim for $1,100. Yes, you could file the claim and insurance would pay the $350 that’s left after you pay the deductible. But is it really worth filing that claim when you already have to pay $750 anyway? At that point, it might just be more prudent to take care of the entire claim on your own.

3. Check your CLUE report.

Your CLUE report, as we mentioned earlier, gives a history of your claims – and possibly even claims inquiries. If you’re concerned that your claims history isn’t looking too great, get a copy of your CLUE report and check for any mistakes that could be hurting your rates. If you find any, politely ask for them to be corrected.

4. Really think about filing that second claim.

You might want to give some real thought to filing that second claim if you’re worried that your coverage could be nonrenewed or your rates could go up. Remember, filing too many claims could lead to that outcome. So, take out your calculator and think about your finances and if it’s worth filing a claim based on your deductible.

If you face a loss and there’s damage to your home, you’ll have to decide whether or not to file a home insurance claim. So, it’s important to really consider when filing a home insurance claim. However, that’s not to say that you shouldn’t use your insurance when you need it – that’s what it’s there for, after all.

Do you want to save money on home insurance in Atlanta? We can help. Our agents are experts at helping homeowners shop for their rates and get the coverage that they need at a great price. All you have to do to get Atlanta insurance quotes is fill out our online form or give us a call today.

Source:

https://www.houselogic.com/finances-taxes/home-insurance/can-one-home-insurance-claim-bump-your-annual-premium/

http://money.cnn.com/2014/10/19/real_estate/homeowners-insurance-claims/index.html

https://www.houselogic.com/finances-taxes/home-insurance/your-clue-insurance-report-matters/

Does my roof affect my Atlanta home insurance rates?

Your roof can make a difference to your home insurance rates.

Your roof can make a difference to your home insurance rates.

As long as your roof isn’t leaking and turning your home into a swimming pool, you might not give too much thought to it. It protects you from those pop-up Atlanta summer storms, the cold in the winter, and the stifling Georgia summer heat. While the roof on your house may not always be at the forefront of your mind, your home insurance company definitely gives it a lot of thought. Why? We’ll explain. We’ll also explain how your roof affects your home insurance rates and discuss roof-related home insurance discounts.

Question 1: Does my roof affect my home insurance rates?

Roofs are the first line of defense during storms. It takes the brunt of the beating, and its job is to protect your home. The stronger it is, the better it can do that. And your insurance company probably has an interest in any factor that can protect your house and minimize damage to your house.

First, let’s talk about the roofing material. Roofs can be made of many different materials, of course, but certain materials hold up better against wind and hail damage.

Okay, now on to your roof’s age, which can also affect your home insurance. Newer roofs have weathered fewer storms and sustained less damage than older ones. An older roof has most likely been worn down from the weather, and it may not protect your home as effectively as a newer one would.

The material your roof is made out of can make a difference to your home insurance rates.

Question 2: Can I get a home insurance discount because of my roof?

There are many potential home insurance discounts you could qualify for, and some of them are related to roofing. Of course, each of the Georgia insurance companies offers different discounts for different amounts, so you’d have to check with your specific company. However, the following are some possible discounts to look into…

New roof discount:

If you just got a brand-new roof, let your insurance company know. They might throw a discount your way because it’s going to protect your home from storm damage – and it’s still tough and able to hold up against the weather.

Pro tip: If you know you need a new roof, reach out to your insurance agent first to see what you need to know about getting a discount.

Impact-resistant or metal roof:

Certain materials are less likely to be damaged by wind or hail damage – they’re a little tougher. Because of the lower chance of damage, some insurance companies offer a discount for impact-resistant roofs. It might be something worth looking into.

Fire-resistant roof:

Insurance companies really don’t like fire. If you have a fire-resistant roof, your home could experience less damage if you ever have a fire. That’s why some insurance companies might offer a discount for it, although it’s a little less common than a discount for impact-resistant roofs. Still, it could be worth reaching out to your agent if your roof happens to have fire-resisting superpowers.

These are just a few roof-related discounts that could be available to you. Do some research on discounts offered by your insurance company to see what opportunities they have to save money on your Georgia home insurance rates.

So, that’s the deal with roofs and home insurance. Roofs function a little like armor and protect the houses they’re attached to – they’re more than just glorified umbrellas.

Getting a new roof can help you get a home insurance discount.

Wondering how you can save money on your home insurance? Our team of insurance agents can help you shop your rates and save. Getting multiple quotes will allow you to compare coverages and pricing. And all you have to do to get in touch with us is fill out our quote form or give us a call today.

Source:

https://www.schulteroofing.com/latest-news/top-5-insurance-discounts-roofing

How is an Atlanta homeowners insurance premium calculated?

Your home insurance premium is determined by many factors.

Your home insurance premium is determined by many factors.

Along with being a homeowner comes the need to get home insurance. Whether you’re in the process of buying your first home or you’re just switching insurance companies, you might be wondering what affects home insurance rates. Maybe you have a general idea of the average cost of home insurance in Georgia, but how do insurance companies come up with your premium? They don’t just pull a number out of thin air (though it may feel that way sometimes.) We’ll explain how home insurance premiums are calculated by giving a run-down of the factors that affect your rates.

1. Your home’s replacement cost influences your premium.

If your home was completely destroyed by a fire, you would need enough insurance to be able to rebuild it. That means insuring your home for its replacement cost, which takes the expenses of the building materials and the contractors’ labor into account. The replacement cost is different than the market value of your home and the amount left on your mortgage.

2. Your claims history.

The more claims you’ve filed, the higher a risk you are to insure. Insurance companies tend to avoid risk where possible, so you’ll probably pay more in premium if you’ve had a few claims in the past few years.

3. Your credit score.

The main reason why your credit score impacts your home insurance premium is that it’s an indicator of risk. A high credit score shows that you’re a low risk while a poor credit score makes you a higher risk. Basically, that means the better your credit score, the better your home insurance premium could be.

4. The age of your home.

Newer, younger homes tend to have lower premiums. Older homes may have unsafe electrical wiring that could cause a fire, and they may be made out of materials that aren’t easy to upgrade or replace.

5. Whether you have a pool or trampoline.

Pools and trampolines are called attractive nuisances because they’re irresistible and dangerous. Someone could get hurt while swimming in your pool or bouncing on your trampoline, which opens you up to more risk. So that means you could end up having higher premiums.

6. How close you are to a fire department.

If you’re close to a reliable fire department, they’ll be able to respond fast to a fire at your home. You may end up facing less damage to your home, and that means that you could get lower home insurance premiums.

7. If you have jewelry that requires extra insurance.

If you own expensive jewelry, artwork, or collectibles, you may not have enough coverage included in your policy to fully cover them. So, you’ll need to figure out how best to insure your jewelry, and that could mean adding a rider or endorsement (basically extra coverage) to your policy.

8. If you have a dog.

Yes, it’s true – your dog can affect your home insurance rates in a pretty big way. Insurance companies usually have a “dangerous dog list” that consists of breeds that are known for their aggression. The list includes breeds like pit bulls, Dobermans, Rottweilers, and even huskies. Dog bites are a major cause of liability-related home insurance claims, so if your dog has bitten someone or you have a high-risk breed you may face significantly higher premiums.

Yes, we know Fluffy is completely harmless. It’s just that the insurance company isn’t convinced.

9. How long you’ve been with your current insurance company.

Insurance companies really value loyalty. You may receive some sort of discount if you’ve been with them for years and years.

10. Discounts.

If you qualify for discounts on your home insurance, you could be looking at getting some pretty nifty savings on your premiums. For example, having a home security system could qualify you for a homeowners insurance discount, as could bundling your home insurance and your auto insurance. And you could get a discount if you go for a certain amount of time without having a claim.

At any rate, check and see what discounts could be available to you. They play a significant role in how much home insurance costs.

These are some of the most common factors used to determine home insurance premiums. Risks are a major part of calculating home insurance premiums; the lower a risk you are, the better your insurance rates could be.

If you think you’re paying too much for home insurance, we can help. Our agents are experts at saving people money on their insurance by helping them shop around for the best coverage at the best price. All you have to do to get started with your home insurance quotes is fill out our online form or give us a call today.

How to choose a homeowners insurance deductible in Atlanta

It can be hard to know how to choose a home insurance deductible.

It can be hard to know how to set your home insurance deductible.If you’re a homeowner, you know the drill with getting home insurance. You’ve done the whole “insurance shopping” thing and done your research about the best Georgia home insurance companies. You had to choose a deductible, and maybe you looked at all the different options, shrugged, and picked one. But maybe now you’re wondering how your deductible affects your home insurance rates, or maybe you’re considering raising it to save money on home insurance. At any rate, you’re wondering how to choose a home insurance deductible – and, perhaps, what a deductible is. Well, sit tight – we’ll answer both of those questions!

Your home insurance deductible explained.

To explain briefly, your deductible is the amount you agree to pay if you have a claim before the insurance company will step in to cover the claim. Basically, it’s your portion of the loss (you have your piece, the insurance company has the rest.)

For example, let’s say you have a house fire. You end up with $18,000 worth of damage to your home. If your deductible is $1,500, you’d pay $1,500 and your insurance company would pay the leftover $16,500. 

How does your deductible affect your home insurance rates?

That’s the question. See, the thing is that your deductible influences your home insurance premium (the amount you pay for insurance.) The higher you set your deductible, the lower your premium. That’s because you’re accepting more risk, and at the same time you’ll be less likely to file a small claim – it’s not worthwhile to file a $1,800 claim if your deductible is $1,500. You would only get $300 back, and filing too many minor claims can lead to your coverage being nonrenewed. If you have a lower deductible, you’ll most likely have higher premiums to compensate.

So. It’s more than just a number to pick out of thin air.

Pro tip: When you’re shopping, ask if you can compare deductibles to see how changing it would affect your premium. That will give you an idea of exactly how much you can save if you can comfortably afford a higher deductible.

How to choose a home insurance deductible

There are a few questions to ask yourself.

  • How much cash or savings do you have set aside for emergencies?
  • How financially secure are you?
  • Would you rather pay more if you have a claim and have a lower premium, or pay more in premium and have insurance cover more of a claim?

It’s kind of like giving yourself an insurance-related interview. You have to consider how much money you can comfortably afford to pay if you have a home insurance claim. Sure, you may want to save some money on your home insurance, but you don’t want to be staring forlornly at an empty piggy bank, turning out your pockets and scouring the couches for change if you have a claim. The idea is to not go broke if you have a claim.

Pro tip: Set aside an emergency fund that can cover your deductible in case you have a claim.

So, you have some choice when it comes to choosing your deductible. You get to set it, but take care not to select an amount that’s more than you can afford to pay if you have a claim. Yes, it’s highly tempting to shave some money off of your home insurance bill, but you need to find the balance that works for you.

If you’re looking to save money on your Atlanta home insurance, we can help you. We can get home insurance quotes from some of the top carriers in the nation, and we would love to team up with you to help you save money on your rates. All you have to do is fill out our online quote form or give us a call today.