If you own a home, chances are you know the basics of homeowners insurance. At Link-Hellmuth Insurance, we are all about insurance and educating homeowners on all the ins and outs of their unique homeowner’s insurance policy. 

Every insurance policy looks different from the next. Did you know these facts about your homeowner’s insurance policy in Springfield, Ohio?

• Some losses will be excluded from most home insurance policies

The standard home insurance policy will not cover loss or damage caused by flood or earthquake. If you live in an area where this is a concern, you will have to purchase additional coverage to have this covered. Your mortgage lender may even require you to purchase flood insurance if you live in a flood-prone area. 

In some areas such as on the coast, home insurance policies may also exclude damage caused by wind. So again, if this is a concern for you, you may need to purchase additional coverage. 

• Some Policies put dollar limits on valuables

If you have generic personal property protection it could be inadequate. Most home insurance policies will have a dollar limit on valuables. So depending on the value of your belongings (Jewelry, furs, art, antiques, electronics) you could need to add additional coverage. It’s a good idea to keep an inventory of your belongings and their values. Check-in with your insurance agent periodically to ensure you still have adequate coverage for your belongings. 

• Home Insurance prices vary

Working with an independent insurance agent at Link-Hellmuth can be incredibly beneficial to the home insurance buying process. Even though there are “standard” or “typical” home insurance policies, prices still vary greatly. Many different factors go into the price of your home insurance policy and our agents can make sure you are getting a good deal. 

• Your Credit Score Can affect your home insurance premium

Speaking of varying prices, one of the many things that can impact the cost of your home insurance is your credit score. Some states ban this practice, but in many others, the better credit rating you have the lower your premium may be. 

• Lack of maintenance could cause claim denials

Another example of the damage that is not covered by your home insurance policy is damage caused by failure to properly maintain your property. For example, if you continue to ignore and choose not to fix a roof leak and then you have water damage, your insurance company could deny your water damage claim due to your lack of roof maintenance. 

Homeowners Insurance Springfield, Ohio

We never want homeowners to be surprised or confused by their homeowner’s insurance policy. If you have questions about the ins and outs of your policy, give our team at Link-Hellmuth a call today.