When you buy Home insurance in California, you’re not just protecting your House – you’re protecting your family and your way of life. Integrity Now Insurance Brokers is committed to giving you the best home insurance protection available.
Do you know how much money is in your piggy bank? I don’t either.
Having a checklist of all the items inside of your home will help you collect the maximum amount of money from your home insurance carrier. When you have a fire this is one of the first items your homeowners insurance carrier will request to determine how big of a check they owe you to replace all of your personal items.
We have made this process easy for you so you are prepared in the event of a loss. Click on the following to download your checklist.
When you are considering obtaining home insurance selecting enough liability coverage is important. Many people have their liability limit the insurance agent picked and depending on that insurance agent’s pricing you might have a very low limit.
As your Insurance Broker we represent many different home insurance carriers so we don’t have to skimp on your liability protection. Most of our clients have a minimum of $500,000 in liability protection and for a select few insurance carriers we can add up to $1,000,000 in liability protection (when available) for a few dollars more each year.
Most people believe that their liability insurance coverage found within their home insurance policy only extends coverage for injuries to third parties within their home or on their property. This is actually not the case.
The liability policy found within your homeowners insurance policy follows you where you go within the coverage territory (when not in your car as that is covered by your auto insurance). Your coverage territory is also very broad as this term is defined as the United States of America (including its territories and possessions), Puerto Rico and Canada. Please always refer to your home insurance policy for all terms, conditions and limitations.
There are three different ways your insurance agent is able to insure the structure and contents of your home when providing you with a home insurance quote:
Replacement Cost. Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount.
Extended Replacement Cost. An extended replacement cost policy, one that covers costs up to a certain percentage over the limit (usually 20% or 25%). This gives you protection against such things as a sudden increase in construction costs.
Actual Cash Value. This covers the cost to replace your home minus depreciation costs for age and use. For example, if the life expectancy of your roof is 20 years and your roof is 15 years old, the cost to replace it in today’s marketplace is going to be much higher than its actual cash value.
In California most preferred insurance carriers offer extended replacement cost coverage. Some of the non-standard insurance carriers only offer actual cash value coverage. The price difference between all three coverage options is usually less than $50 a year between each option. Please make sure you know what type of home insurance coverage you have in place.
The short answer to this question is; No.
In 2011, California started requiring insurance agent to run a replacement cost estimator for all home insurance policies they provide an insurance quote for.
The replacement cost is not based on the sales value of the home but rather it is based on the re-construction cost in the event of a loss. This system looks at the type of structure, square footage of your home, material cost, the number of bedrooms, the number of bathrooms, quality of the kitchen, and local wages in order to come up with the total value.
While this method may not be full proof it does provide homeowners added peace of mind knowing their home insurance agent was provided tools to help ensure coverage will be adequate in the event of a loss.
Earthquakes and Floods caused by a natural disaster are not a covered cause of loss that are provided by your home insurance policy.
In order to have coverage for either flood damage or earthquakes you would be required to purchase a separate insurance policy for each of these losses.
When purchasing these policies you will not only need to consider the premium but also the deductible. Earthquake policies assign a deductible that is based on a percentage of the total building amount and contents coverage amount listed on your homeowners policy. The deductible can range from as low as 2% to as high as 25% verses having a flat $1,000 deductible. This means you have 2 separate deductibles (one for the building and one for your contents) that can be very high in the event of a loss.
The cost of home insurance is different for everyone. Why you ask? This is because insurance is based on a number of factors to include:
These are just a few factors that insurance carriers look at. If you would like to know what the average cost is by state CLICK HERE. Please keep in mind this is an average cost only. This does not mean this is what you will pay.
6285 East Spring Street, #457
Long Beach, CA 90808
CA Insurance License 0D42517