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Home and Auto Insurance Policy Basics

Summer is a busy time when people are on the move. But even if you aren’t getting a new address, it’s the perfect time to review home and auto insurance basics to make sure you have the right insurance coverage for you.  Before you get started, it’s helpful to understand home and auto insurance basics. We’ve outlined them for you below so you will be in-the-know when you talk to your SelectQuote licensed agent.  Auto Insurance Comprehensive Coverage Sometimes accidents happen. Maybe it’s a natural disaster, such as a flood, tornado or earthquake. Or maybe your car was damaged while parked at the store, stolen or vandalized. Whenever damage occurs, such as non-impact physical damage, theft and unoccupied accidents, comprehensive coverage covers your loss Liability Coverage Liability only is when a policy only includes coverage for bodily injury liability and property damage liability. It protects the people in the other car…

Understanding Home Insurance Coverage

Whether you’re a first-time homebuyer or someone looking for different home insurance coverage on the house you’re already in, comparison shopping is key to getting the homeowners insurance at a fair price. After all, insurance adds to the monthly cost of home ownership and needs to fit comfortably within your overall budget. Here are some basics for anyone seeking home insurance coverage. If You Have a Mortgage, Home Insurance is a Must When you buy a new house, your lender will require home insurance to complete the loan. As long as your lender holds the title on your home (i.e., until you pay off your mortgage) insurance needs to stay current. You can change providers, but you need to keep your home insurance coverage up to date to protect your lender’s investment. Homeowners Insurance Coverage Basics Insurance policies involve painstaking detail that can leave anyone feeling lost. Here are some…

Best Homeowners Insurance in Texas

The adage everything is bigger in Texas also includes homeowners insurance premiums. Homeowners insurance in Texas are among the top 10 most expensive in the United States. Homeowners insurance in Texas is important protection for your home and its assets. In Texas, the average annual home insurance premium is $1,937. That figure is quite a bit higher than the national average for an annual home insurance premium of $1,083. High homeowners insurance premiums in Texas can be attributed to an abundance of severe weather events, including floods, tornados and even hurricanes that punished the state over the last few years. Texas falls behind California as the second largest economy in the United States. The economic impact of natural disasters, such as 2017’s Hurricane Harvey, totaled $190 billion. With a large land area and the second most populous state behind California, the Texas countryside and cityscapes vary from arid in the…

How to Get a Free Home Insurance Quote

Whether you’re closing on the purchase of a home or trying to reduce insurance costs, getting home insurance quotes tops your to-do list. But, before you pick up the phone or go online to shop for homeowners insurance, do your homework. Having information about your house readily available saves time when speaking with an agent or filling out forms online. While no one likes to spend time researching or paying for a product they hope never to use, protecting your financial future and one of your most significant investments – your home – is priceless. Let’s review what you’ll need to receive your free home insurance quote. The more prepared you are before you start, the faster the process will be. Shopping For Homeowners Insurance Sue Callies, regional coaching manager at SelectQuote, recommends obtaining at least three home insurance quotes to compare. She explains an accurate home insurance quote takes…

Do You Need Flood Insurance?

Anyone who has watched the news of a major hurricane or another intense storm has seen the aftermath of flooding. According to the Federal Emergency Management Agency (FEMA), flooding is the number-one natural disaster in the United States. So, how do I know if I need flood insurance over and above what my current homeowners policy covers? Given flood’s #1 status, you might assume a lot of people have flood insurance—but that’s not the case. FEMA statistics from the National Flood Insurance Program show there are more than 5 million flood insurance policies in effect, nationwide. Just one inch of water in a one-story, 1,000 square-foot home can cost more than $10,000 in damages. FEMA has a cost-of-flooding tool to get a ballpark idea of what a little bit of water might mean for your home. How to Be Sure You’re Insured Against Flooding Just because you have a homeowners insurance…

How Much House Can I Really Afford?

Turn one calendar page and it’s spring – prime time for the housing market to open exciting new doors after a long winter lock-down. But before you contact your real estate agent, stop and ask yourself “how much house can I afford?” Dreaming of luxury kitchen appliances, soaring ceilings, spacious walk-in closets, granite countertops, wood floors and a three-car garage means it’s time to house hunt. But before you contact a real estate agent, stop and ponder this question: How much house can you really afford? A little homework ahead of your house hunt will help you set realistic expectations, save you time and ultimately land you in the right place without making you “house poor.” Increasingly, financial advisors recommend using the 28/36 rule to help determine how much house you can comfortably afford. Ramit Sethi, in his bestselling book, “I Will Teach You to be Rich,” spells out how…

Shopping for Homeowners Insurance? What you Need to Know

Whether you are purchasing your first home insurance policy or seeking to update your coverage, talk with your SelectQuote agent to make sure you’ve got your bases covered. Things may seem complicated, even with a basic understanding of how home insurance coverage works. It makes sense to have questions for an expert when you shop for homeowners insurance. Here are five important questions to ask your SelectQuote agent about homeowners insurance. Does my homeowners insurance policy cover replacement cost or the actual cash value? Insurance agents strongly suggest replacement cost policies. However, some homeowners purchase actual cash value policies because they cost less. Saving money upfront may cost significantly more in the end. Actual cash value policies figure in depreciation so you won’t get the same amount back you paid. Sue Callies, regional coaching manager at SelectQuote explains if you choose cash value and not replacement coverage and have to…

9 Reasons Homeowners Insurance Claims Are Denied

Year after year, you send that premium payment for your homeowners policy. When accidents happen, you expect the insurance company to cut a check for the full extent of the damage to your home, no matter the amount or what caused it. It doesn’t always work that way. What you think you’re entitled to under your policy and what the carrier believes they owe you are often two very different dollar figures. Don’t take it personally. Remember, carriers have to price your coverage based on statistics, probability and risk. They can only pay to the extent a claim is based in cold, hard facts, policy language and evidence. If your claim falls under one or more of the criteria below, there’s a good chance it will be reduced or denied altogether. But alas, insurance companies don’t take claims personally, either. We’ll follow with ways to ensure your property is covered…

Home Sweet Homeowners Insurance: Everything You Need to Know About Getting Covered

There’s no place like home. That’s why it’s so important to protect your home with homeowners insurance. While the paperwork can sometimes seem overwhelming, there’s nothing more rewarding than the peace of mind that comes from knowing you have the right amount of homeowners insurance. If you’re ready to get a better understanding of how your coverage works and to see if you need to make any updates to your policy, these tips can get the job done faster than you imagine. Homeowners Insurance Requirements First things first. For most of us, homeowners insurance isn’t optional. Why? We don’t actually own our homes. Banks do. Until your mortgage is paid, your bank or mortgage company is going to require you to carry homeowners insurance. They want their investment protected. The exact specifications can vary, but generally, your lender will want you to have coverage at least up to your outstanding…

How to Inventory the Contents of Your Home

Should the unfortunate happen and you need to make a claim against your homeowners policy, it’s smart planning to take inventory of the items inside your home. If you have this information readily available, you will be able to share it with an insurance adjuster when you make the insurance claim. Here’s how to get started with your own home inventory today. Plan Ahead Before you begin the process of recording all of the items in your home, spend some time coming up with a plan. Gather equipment. Decide what equipment you will use for the inventory. The camera on your smartphone should work well. Ideally, a device that will record video, capture audio and take photos is what you need. Organize your thoughts. You will want to inventory all of the items in each room of your home. That means you need to know what is in each room…