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Home Insurance

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.

 

 

When you’re ready to take the next step just click “request a quote” and enter some basic information.  Let us know how you would like to be contacted and we will get back to you promptly, usually within 2 business hours!



Homeowners Insurance FAQ

Why buy home insurance?

  • Owners: To protect both your house and personal property.
  • Tenants: To protect your personal property.
  • Everyone: Protection against liability for accidents that injure other people or damage their property.

How much home insurance do I need?

  • Asset protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer.  You need enough liability coverage to protect yourself from lawsuits resulting from your possible negligence.
  • Lender requirements: Your lender may require you to cover the house for at least the amount of the mortgage. You are not required to purchase insurance from the insurer recommended by your lender.
  • Policy requirements: Insurers may impose some conditions for replacement cost protection, including insurance of the property to value.

What affects home insurance prices?

  • Type of construction: Frame houses usually cost more to insure than brick.
  • Age of house: New homes may qualify for discounts. Some insurance companies offer limited coverage or may not insure older homes.
  • Local fire protection: The number of fire hydrants and fire departments and the availability of water are some factors that determine your area’s fire protection class. If you reside in an area without fire protection, you will pay more for fire insurance.

What’s a peril?

A peril is a condition that can cause a loss. Three examples are fire, windstorm, and theft.

What deductible should I choose?

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.”

What basic coverages are available?

The most common basic coverages are: property damage, additional living expenses, personal liability and medical payments.

What does personal property insurance coverage include?

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.

What does additional living expense or loss of use cover?

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.

What is personal liability insurance coverage?

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.

What does medical payments insurance cover?

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.

What is replacement cost?

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.

What is actual cash value?

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).

What should I do if my premium increases and I want to get quotes from other companies?

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.

How can I get a lower premium?

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.

What if I receive a notice of nonrenewal?

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.

Does my homeowner insurance policy cover flood damage?

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.