As a homeowner in the Easton, PA area, it is imperative to make sure you have adequate insurance coverage for your home. The experts at Northeast Insurance Advisors LLC have put together a list of the top misconceptions homeowners have about homeowners insurance.
Home Insurance Myths
1) Home insurance covers normal wear and tear
It is extremely important to maintain your home properly as homeowners insurance does not cover damage caused by normal wear and tear. Not only does homeowners insurance not cover wear and tear it might exclude coverage if it occurs as a result of the policyholder not properly maintaining the home.
2) Homeowners insurance covers the cost of rebuilding your home
The misconception that your policy will cover the cost of rebuilding your home is a costly one. Your policy will only cover the cost of rebuilding your home up to the insurance limit of the policy. It is critical to review your insurance limits and make sure they are high enough to cover the costs of rebuilding.
3) Homeowners insurance will cover my home-based business
If you are running a business from your home, it is critical to speak with your insurance agent and make sure you have appropriate coverage. For example, if you have a client at your home and they slip and fall you may not have coverage.
4) Home insurance provides protection against floods.
Assuming you have coverage under your policy for flooding can be a costly mistake. Almost all homeowners’ policies exclude coverage for flooding so you need to purchase a separate policy if you would like coverage for floods. Homeowners insurance claims from water damage as a result of a burst pipe or leaking appliance.
Reach Out To Us
If you would like to learn more about homeowners insurance, reach out to an expert at Northeast Insurance Advisors LLC today. We proudly serve the greater Easton, PA Area.
Reaching the limit on a home insurance policy means that the policyholder has reached the maximum amount of coverage that the policy will pay out. Once the limit is reached, the policyholder is no longer allowed to file additional claims on that policy in Easton, PA. Continue reading to learn more from Northeast Insurance Advisors LLC about what happens when you reach the limit on your insurance policy and how umbrella coverage can help.
How can a home insurance policy be exhausted?
Home insurance coverage limits are the maximum amount an insurance company will pay for damages to your home or possessions. Your policy limit is determined by the amount of coverage you purchase. For example, if you have a 50% coverage policy with a $100,000 policy limit and your home is damaged by a fire that costs $50,000 to repair, the insurance company will pay $50,000. You will be responsible for the remaining $50,000. In some cases, you may be able to purchase additional coverage to protect yourself from situations in which you could reach your policy limit.
What happens if I still have outstanding expenses when my insurance is exhausted?
After the max amount is exhausted on your policy, you will be responsible for paying the outstanding expenses by yourself. Extra coverage, such as an umbrella policy, can help cover what your central policy does not.
How does umbrella insurance help?
An umbrella insurance policy is an insurance policy that provides additional coverage beyond the limits of the main home insurance policy. This additional coverage can help when the primary policy reaches its limit, and the homeowner is still responsible for damages.
Northeast Insurance Advisors LLC in Easton, PA offers umbrella insurance to protect you from unexpected costs. Reach out to us today to learn more!
Northeast Insurance Advisors LLC provides coverage to the Easton, PA community. We work with several carriers in the region. This allows us to consult with our clients and help them obtain the right policy for their situation. We enjoy educating our clients and helping them assess their options. We look forward to helping you obtain coverage.
Home Insurance Guide To Assist Homeowners
Home insurance helps you protect your Easton, PA residence. The policy provides multiple benefits. Liability coverage is important, especially if you have a lot of guests over to your home. Liability coverage protects you if you cause property damage or if someone is injured while visiting your home. Liability coverage also protects you if your pet causes damage. Home insurance covers any damage to the structure of your home. This includes your roof, ceilings, floors, and walls. The policy may also cover any damage to your garage. This gives you peace of mind if an accidental fire starts and causes damage, or if severe weather moves into the area. If your home is destroyed by a natural disaster, you will be protected if you add alternative living coverage. Dealing with the aftermath of your home suffering severe damage may be tough. However, temporary living coverage assists you by your covering your temporary stay somewhere else until your home is repaired.
Home insurance also covers all of your possessions inside the home. If you are traveling, the policy covers your personal items away from home as well. If you plan to renovate your home in the future, it’s recommended that you add extra coverage. This will allow your policy to reflect the new value of your home.
Northeast Insurance Advisors LLC Will Help You Protect Your Assets
Contact us today to learn more information about home insurance.
Do you own a home in Pennsylvania? Do you have home insurance coverage? Do you know the nitty-gritty of home insurance? You are on the right page because Northeast Insurance Advisors LLC in Easton, PA is an insurance agent with your insurance interests at heart. Today, we have prepared answers to commonly asked home insurance questions to help you understand this coverage better.
What are the different home insurance coverages available?
Home insurance comes in various forms to help homeowners choose the options that fit their needs. Typically, the below are the most common home insurance coverages:
- Liability coverage: There is no bigger guilty feeling than causing damage to your neighbor’s property. Likewise, it’s even more devastating to cause bodily injury to your neighbor. However, home insurance can save the day since it covers third parties’ bodily injury and property damage.
- Dwelling coverage: It protects your structure and other attachments from perils like fire, lightning, hail, windstorms, and so forth.
- Contents coverage: Pays for damage or loss to personal assets like furniture, electronics, clothing, and other personal effects.
- Additional living expenses coverage: Compensates you for costs you incur when your home becomes uninhabitable due to damage by a covered loss.
Does home insurance cover my jewelry?
Yes, but the coverage is limited. Home insurance provides little protection to high-value items like art, silverware, and jewelry. That said, you need to talk to your insurance agent to purchase a personal articles floater coverage, which provides extra protection to your high-value items.
What does home insurance not cover?
While home insurance protects you from various perils, it won’t protect you in certain instances. Home insurance won’t cover damage resulting from:
- Floods and earthquakes
- Wear and tear
- Government acts
- Animals, mold, and pests
Would you like to cover your Pennsylvania home with home insurance? Please contact Northeast Insurance Advisors LLC in Easton, PA for a quote.