Chances are, if you’re looking for homowners insurance then you are either planning on buying a home, or you fee like you’re spending too much. But did you know that purchasing your home and auto policies together can save you hundreds of dollars a year? That’s more than enough reason to get them quoted by the professionals at OhioLTC.
We have created an easy to use online form to submit your information. If you don’t wish to submit your information electronically fell free to visit the CONTACT US page and call or email us. We also have an quick contact form that you can use to have us contact you.
A peril is a condition that can cause a loss. Three examples are fire, windstorm, and theft.
The deductible applies only to the coverages on your house and personal property. It is the amount you have to pay out of your pocket on each claim. You can collect on your insurance policy once the deductible amount is exceeded. A policy with a $100 deductible will cost more than one with a $250 deductible. Higher deductibles also will result generally in fewer claims, at a time when insurers are nonrenewing if the number of claims is considered “excessive.”
The most common basic coverages are: property damage, additional living expenses, personal liability and medical payments.
In general, the contents of your home and other personal belongings owned by you or family members who live with you are covered under the policy equal to 50 percent of the value carried on your dwelling. However, high-valued personal property such as jewelry and cameras should be listed on the policy so that you are adequately protected.
Most home insurance policies cover extra costs you incur if your home is damaged by an insured peril and you cannot live there while repairs are made or if you are denied access to your home by government order. The coverage is generally subject to duration limits and commonly covers any expense incurred by you so that your household can maintain its normal standard of living. In some instances, this coverage may include the costs of a motel, eating in a restaurant or storing some property.
Personal liability coverage protects you and all family members who live with you against a claim or lawsuit resulting from (non-auto and non-business) bodily injury or property damage to others and for which you become legally obligated to pay. Defense costs are included, but the insurance company has no duty to defend you after the limit of liability on the policy has been exhausted.
Regardless of fault, this coverage pays the reasonable expenses for others accidentally injured on your premises or the areas immediately adjoining your property such as sidewalks or alleys. Medical payments coverage does not apply to your own injuries or those of family members living with you or injuries arising out of activities involving a business that you operate out of your home, your intentional acts, or rental use of your premises.
Replacement cost is the amount necessary to replace or rebuild your home or repair damages with materials of similar kind and quality without deducting for depreciation.
Actual cash value usually means amount needed at the time of the loss to repair or replace the property destroyed, less depreciation (a “new” 10 yr old tv). Most standard home insurance policies cover the contents of your home (i.e., personal belongings) on an actual cash value basis, however, OhioLTC always recommends replacement cost coverage (a brand new tv).
Ohio only requires insurers to give you 30 days notice on your renewal, which often is not enough time. If you need more time, considering paying monthly installments until you make a final decision on your insurer.
Strongly consider a higher deductible so you can cut your premium. In the current insurance market, don’t tempt yourself with the possibility of a small claim, considering that many insurers now refuse to renew polices with a claim history and refuse to accept new customers with prior claims. View your homeowners insurance as catastrophic coverage only, and set aside your premium savings to cover minor repairs.
Explore whether your company will extend your coverage if you increase your deductible. With many insurers dropping frequent claimants, the higher deductibles will mean fewer claims and, if nothing else, buy time until you have the opportunity to find another insurer.
Apply for coverage with several companies simultaneously. Ohio LTC can shop around for you by submitting your information to multiple companies simultaneously.
Make every effort to get regular coverage, even though you can expect to pay more than for your current policy. The alternatives in Ohio are the Ohio Fair Plan, which provides a fire policy (no liability) with no more than $100,000 in coverage for your home and contents combined, or the surplus lines market, which seldom insures any home less than $100,000 and provides very expensive coverage.
If you have a mortgage and your coverage lapses, the finance company or bank may be able to provide insurance and charge you high rates for inadequate coverage; these forced placement contracts only covers its stake in your home’s value, not your equity.
Generally, homeowner insurance policies do not offer protection against flood losses. You should check your policy under Section I – Exclusions. It would probably be listed under “water damage.”
Flood insurance is available through the federal government’s National Flood Insurance Program (NFIP). It may be purchased through any licensed property/casualty insurance agent or through many private insurance companies that are now writing flood insurance under arrangements with the Federal Insurance Administrator. Learn more about the NFIP and flood insurance.