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February 5, 2025
Understanding Water Damage: Insurance Coverage Options
Types of Water Damage a. Clean Water Damage This type of damage is caused by clean water sources, such as broken pipes, overflowing sinks, or rainwater. Clean water damage is typically the least harmful and can often be addressed…
January 29, 2025
Your Insurance Score: What It Is and How It Affects Your Costs
What is an Insurance Score? An insurance score is a numerical representation of your risk profile based on various personal and financial factors. Your insurance score is typically derived from your credit report and includes several important factors. It’s…
January 22, 2025
Admitted vs. Excess & Surplus Carriers: Understanding the Difference
What Are Admitted Carriers? Admitted carriers are approved by the state’s insurance department. This means they must follow strict regulations and offer policies that are backed by the state’s guaranty fund. If the company becomes insolvent, the guaranty fund…
January 15, 2025
The 411 on Lender-Placed Insurance
What Is Lender-Placed Insurance? Lender-placed insurance (also known as forced-placed insurance) is a policy your mortgage lender buys when you don’t maintain the insurance coverage required for your property. It ensures the property is covered, but often provides less…
January 8, 2025
Types of Home Insurance Policies: A Guide for Every Homeowner
HO-1: Basic Form Covers a limited set of perils such as fire and theft. This policy is rarely used today because of its restricted coverage. HO-2: Broad Form Offers slightly expanded coverage for events like windstorms, hail, and vandalism. HO-3:…
January 2, 2025
High-Value Home Carriers: What You Need to Know
What Are High-Value Home Carriers? High-value home insurance caters to homeowners whose properties exceed the limits of standard policies. These carriers specialize in insuring homes with high market values (typically $1.5 million or more), distinctive architecture, and valuable contents like…
December 26, 2024
5 Unexpected Factors Impacting Your Home Insurance Costs
1. Credit Score Your credit score doesn’t just impact loan approvals; it also influences your home insurance premiums. Insurers often rely on credit-based insurance scores to gauge risk, and those with higher scores may enjoy lower premiums. For example,…
December 18, 2024
Prepping for a Hurricane
Understanding Your Risk The first step in hurricane preparedness is understanding your home’s vulnerability. Assess your risk by: Review Your Insurance Policy Your insurance policy plays a pivotal role in hurricane preparedness. Here are key components to check: Take the…
December 11, 2024
Understanding Flood Insurance: Who Needs It and What It Covers
Who Needs Flood Insurance? Homeowners in High-Risk Zones: If you live in a designated flood zone (often labeled as a Special Flood Hazard Area, or SFHA), flood insurance is usually mandatory if you have a mortgage backed by a federal…
December 4, 2024
Will My Home Insurance Cover Home-Sharing?
Understanding Home-Sharing Home-sharing allows homeowners to rent out their space to travelers, providing an excellent opportunity to earn extra income. However, it’s essential to recognize that this can also introduce new risks, which standard homeowners’ insurance may not cover. Standard…