Richard C. Beggs Agency, Inc.
We shop the insurance market place so you don't have to.
Homeowners Insurance
A
homeowners insurance policy can help protect one of your most valuable assets
from unexpected loss. Taking into consideration your specific needs, we can
advise you on which policy options can provide the right type of coverage for
you.
Benefits
Guarantied Home Replacement Coverage - For homes insured to 100% of their replacement value, damage resulting from a covered peril will be repaired often over the stated limits on your declarations page. Your deductible still applies.
Contents Replacement Coverage - Replacement cost coverage provides for the total replacement of your contents that are destroyed by a covered loss up to the policy limits, without any deductions for use or depreciation. Your deductible still applies.
Electronics and Valuables Coverage - You can add additional protection for your valuables such as jewelry, furs, stamp and coin collections, silverware, home computers, and cellular phones. Check with us regarding the limits of your homeowners policy, and if one or more of these additional coverage's would be right for you.
Package Policy - By combining your homeowners/renters/condo coverage with your auto insurance and personal liability insurance, you can get additional protection and higher limits than you could with separate policies. Best of all, a package policy costs less than separate policies.
Plus you have; one helpful agent, one policy, and one renewal date.
While you're thinking about it: don't forget your valuable items such as jewelry, coins, stamp collections, and coverage for your boat.
Discounts
Some or all of these discounts may be applicable to your situation. Check with us to see which ones apply to you, and how much they will reduce the cost of your insurance.
Who decides on the insurance when you have an escrow account - the bank or me?
You do. The mortgage company collects a set amount from you each month in order to pay for the premiums due on your homeowners insurance. This money is put in escrow and covers your insurance and taxes when they fall due. However, the policy is still yours and you may select the insurance you feel offers the best coverage at the best rates. In fact, if you allow the mortgage company to choose, you might well end up paying more for your homeowners insurance.
What exactly does a homeowners policy cover?
"Exact" coverage is tricky to define because there are different policies and about 900 insurance companies writing most of the property/casualty business in the United States. However, 80 percent of homeowners policies are based on a standard form. All homeowners policies cover two important areas: property and liability.
These cover your structures and possessions - property insurance - and protect against personal liability. Personal liability, as its name implies, means you are legally obligated to pay money to another person for actions caused by you, your family, or your property. That liability extends to medical payments to others for injuries caused by you or your family.
Are floods, earthquakes, and other natural disasters covered?
Most catastrophes are covered; flood and earthquake damage, however, are not covered by a standard policy and both are more common than many people realize.. Check with your agent about special catastrophic policies for normally excluded conditions like floods and earthquakes.
Are there exclusions I should know about?
There may be exclusions listed and defined in your policy such as neglect, intentional loss, "earth movement," general power failure and even damage caused by war. If you fail to take care of your property (e.g., a leaky roof), you may not be covered. Obviously, if you intend to lose an object or damage your property, there is no coverage.
One other exclusion that can be costly is the Ordinance or Law exclusion. Building codes established by governmental bodies that drive up the cost of rebuilding or repairing after a loss occurs may not be covered by your insurance policy. Thus, if you discover when replacing damaged property that current law demands higher grade or more expensive materials than the original ones being replaced, the new materials may not be covered for the full price.