As a homeowner, you know that your home is a lifetime investment. Not only is it a place to shelter yourself and your family, but it’s also where all of your life happens. That’s why protecting your home with the right insurance policy is so important.
However, with all of the different coverage options and policy features out there, it can be confusing and overwhelming to try to figure out what you need. That’s where our team at Peachy Insurance comes in. Our experienced agents are ready to answer all of your questions and help you determine exactly what homeowners insurance coverage you need.
Don’t wait until it’s too late–contact us today and let us help you protect your most valuable asset.
What is homeowners insurance?
Homeowners insurance is a type of property insurance that covers your home and belongings in the event of damage or theft. It can also provide liability coverage if someone is injured on your property.
What does homeowners insurance cover?
Homeowners insurance typically covers the structure of your home, your personal belongings, and liability. However, there are different levels of coverage available, so it’s important to talk to one of our agents to figure out what exactly you need.
How much does homeowners insurance cost?
The cost of homeowners insurance varies depending on a number of factors, including the value of your home, the amount of coverage you need, and where you live. That’s why it’s so important to work with an experienced agent who can help you find the right policy for your needs.
Homeowners Insurance FAQ (Frequently Asked Questions)
Who needs homeowners insurance?
Homeowners insurance is typically required by lenders if you have a mortgage on your home. However, even if you own your home outright, it’s still a good idea to have coverage in case of damage or theft.
How much homeowners insurance do I need?
The amount of homeowners insurance you need depends on a number of factors, including the value of your home and belongings and the amount of liability coverage you want. Our agents can help you determine how much coverage you need.
What does homeowners insurance not cover?
Homeowners insurance typically does not cover flood damage or earthquakes. If you live in an area that is prone to either of these natural disasters, you may need to purchase separate insurance policies.
Does my credit score affect my homeowners insurance rates?
Yes, in most cases your credit score will affect your homeowners insurance rates. Insurance companies use credit scores to determine how likely you are to file a claim. The higher your credit score, the lower your rates will be.
Does my home have to be insured for its full value?
No, you do not need to insure your home for its full value. However, it’s important to make sure that you have enough coverage to rebuild your home if it is destroyed. Our agents can help you determine how much coverage you need.
What is replacement cost coverage?
Replacement cost coverage is a type of homeowners insurance that covers the cost of rebuilding your home if it is destroyed. It does not cover the value of your land.
What is actual cash value coverage?
Actual cash value coverage is a type of homeowners insurance that covers the cost of rebuilding your home minus depreciation. This means that if your home is destroyed, you will only receive the depreciated value of your home, not the full replacement cost.
Is homeowners insurance mandatory?
Homeowners insurance is typically required by lenders if you have a mortgage on your home. However, even if you own your home outright, it’s still a good idea to have coverage in case of damage or theft.
Related Homeowners Insurance Terms
Dwelling coverage
This is the portion of your homeowners insurance policy that covers the structure of your home.
Personal property coverage
This is the portion of your homeowners insurance policy that covers your personal belongings.
Liability coverage
This is the portion of your homeowners insurance policy that provides protection if someone is injured on your property.
Replacement cost coverage
This is a type of homeowners insurance that covers the cost of rebuilding your home if it is destroyed.
Actual cash value coverage
This is a type of homeowners insurance that covers the cost of rebuilding your home minus depreciation.
Deductible
This is the amount you will pay out-of-pocket before your insurance policy kicks in.
Premium
This is the amount you will pay for your homeowners insurance policy.
Policy limit
This is the maximum amount that your homeowners insurance policy will pay out.