Homeowners Insurance
Hi Lo Insurance specializes in offering a wide variety of high-quality and fully customizable homeowner's insurance products and solutions for all of our clients’ insurance needs. Since there are many different types of homeowners policies and each type can offer even more options, it is important to know some common terminology. The following are common coverages you will see when comparing quotes. Some insurers will preset the amounts based on a percentage of the dwelling amount, while others will allow you to choose your coverages. It is a good idea to set the dwelling amount to the full replacement cost of the structure.
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Dwelling: Pays for damage to your house and to structures attached to your house. This includes damage to fixtures, such as plumbing, electrical wiring, heating and permanently installed air-conditioning systems.
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Other Structures: Pays for damage to fences, tool sheds, freestanding garages, guest cottages and other structures not attached to your house.
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Personal Property: Reimburses you for the value of your possessions, including furniture, electronics, appliances and clothing, damaged or lost even when they aren’t on your property, such as those at an off-site storage locker or with your child at college.
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Loss of Use: Pays some of your additional living expenses while your home is being repaired.
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Personal Liability: Covers your financial loss if you are sued and found legally responsible for injuries or damages to someone else.
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Medical Payments: Pays medical bills for people hurt on your property or hurt by your pets.
Deductibles
A deductible is the money you have to pay out-of-pocket on a claim before the policy pays the loss. The deductible applies to coverage for your home and personal property and is paid on each claim. Higher policy deductibles mean lower policy premiums. A policy with a $1,000 deductible will have a lower premium than the same policy with a $500 deductible. In some locations, there are also catastrophe deductibles, which are expressed as a percentage instead of a dollar amount.
Windstorm (Hurricane) and Flood Insurance
Not all homeowners policies cover wind and hail, and most do not cover floods. Windstorm and hail can be added to your standard homeowner's policies, but flood insurance must be written on it's own. All three of these hazards can cause thousands upon thousands of damage to a home. In most cases you can obtain coverage for an very affordable cost.