Homeowners Insurance

A standard homeowners insurance policy can help cover your home and possessions. With homeowners insurance, you can protect yourself financially after an accident or other covered event. A homeowners insurance policy typically includes the following five types of coverages: 

1. Dwelling coverage 


2. Personal belongings coverage 


3. Personal liability coverage 


4. Additional living expenses coverage 


5. Other structures coverage 


How Home Insurance Works 


When you have homeowners insurance, you must pay a premium in exchange for the coverage listed in your policy. For example, if a covered incident such as a burst pipe or a fire causes property loss, you can file a claim with your insurance provider. They will review the claim and determine if your policy covers the cost of the loss minus any applicable deductible and up to the policy’s limit. 


How Home Insurance Claims Work 


Insurance carriers can handle claims in various ways depending on the type of the claim, but the following are the basic steps one may take after a property loss: 


1. Report your claim. It’s important to contact your insurance provider as soon as possible to report your claim. 


2. Work with your insurer to go over the damages. Your insurance provider will typically discuss the incident and possibly make arrangements to inspect the damage in person. 


3. Document your losses in detail. Make a list of everything damaged in your home and take pictures and videos if possible. 


4. Keep your receipts. If you need to make immediate repairs to protect your property from further damage or relocate temporarily, save those receipts. You may be asked to provide them as part of the claims process. 


5. Receive a payment. If the claims professional determines that your policy covers the damage, you may receive compensation based on an estimate of the damage and in accordance with your policy’s terms. 


Keep in mind that the procedure for claims may differ due to the many variables involved. 


How Home Insurance Deductible Works 


A home insurance deductible is the amount of money you are responsible for paying out of pocket before your insurer will begin to pay out for certain covered losses. Typical home insurance deductibles range from $250 to $5,000.  


For example, if your deductible is $1,000 and you file a claim for $10,000, you would pay $1,000 and your insurance provider would pay $9,000 if the claim is approved. 


How Much Home Insurance Do I Need for a Mortgage? 


The amount of home insurance a mortgage lender requires varies based on a few factors, such as the following: 

• The amount of your down payment

• The amount of the loan

• The replacement cost of your home

• If the location or features of your home call for additional coverage

Some lenders may only require you to carry enough insurance to cover your loan amount. However, you may want to insure your home for its total replacement cost to ensure you can rebuild it if it is destroyed.  


Homeowners Insurance Quote in Woodbridge, CT 


If you are interested in obtaining a homeowners insurance quote, contact Svendsen Insurance Agency. We can help you find the policy you need. 

Check out this video for a Quick overview on what Homeowners insurance covers

 

Thank you for your interest in Svendsen Insurance Agency. We work with multiple A+ carriers to bring you the best coverage, knowledgeable staff and quality customer service. Please feel free to call our office at 203-397-3993 or email your questions and an insurance agent will reply promptly.

Svendsen Insurance Agency Insures:
Woodbridge, New Haven, Hartford, Litchfield, Branford, Wallingford, Meriden
and surrounding areas throughout Connecticut.