Our staff is a team of a dedicated and family-structured team ready to handle all your needs. Unlike other companies where your claim could be assigned to a large department leaving it unhandled for some time, we try our best to clear our client’s claims within the shortest time possible.

This is perhaps a good reason to source your home warranty from Choice Home Warranty. Despite providing more coverage than small companies, we make our services personable better than large companies in the industry.

Why Choose Choice Home Warranty?

Like other home warranty companies, there are endless reasons why we could be the company you are looking for. First and foremost, we are among the top-rated home warranty company in Arizona. Besides, we not only fix the repairs in your home systems and appliances if they break down but also take out the stress that comes with dealing with such inconveniences to homeowners.

For Choice Home Warranty, our mission is to help homeowners get quick solutions to their home appliances and system problems. Our technicians are readily available to handle your problem as it arises. We also offer exceptional services at a modest fee, giving you a value for your money.

Apart from the mentioned features, it is of immense importance if you get to understand the various characteristics of a top home warranty company in Ohio. These are some of the features that homeowners need to consider when searching for a firm to contract for a home warranty.

What to Look For In a Top Home Warranty Company

Your home is perhaps the most valuable investment, protecting it makes a lot of sense. This is where you turn to home warranty companies for their services. Finding the right company goes beyond finding the two “Cs” – Coverage and Company, right.

Finding the right coverage provides an assurance that you have the exact protection you need. On the other hand, finding the right company ascertains that your needs get quickly addressed, and warranty claims are honored swiftly and appropriately.

Home Warranty Coverage

Perhaps the first task before researching for companies is understanding what home warranty is. Generally, this is a cover for repair and replacement of electrical and mechanical systems such as garage doors, air conditioners, and plumbing systems.

This warranty differs greatly from your well-known health insurance in that you cannot claim on anything that goes wrong. Rather, you claim on the warranty is limited to replacement or repair of the covered items only that wear or tear due to normal use.

Home warranties coverage is not meant to replace home insurance that covers disasters like flood, fire or robbery. However, they are a complementary package, which when combined with home insurance, protects you from unexpected expenses.

Home Warranty Company

As mentioned before, finding the right company is the receipt of a hastened and proper claim delivery. However, with the increasing number of home warranty companies, finding the right firm requires extra caution. Note that there is no simple answer nor a one-size-fits-all solution when it comes to home warranty companies.

Like you can do with other investments, you should find the best that provide great services. That said, below are some of the questions and steps to finding the right home warranty service.

Do you need it?

Before buying anything, you need to decide whether you need it or not. However, this is pretty simple to decide with home service contracts. There are several questions you should ask yourself to determine this. First, is the home you intend to cover brand new?

Secondly, are you looking to cover all the appliances? If your answer is no, then you don’t need a cover. If the answer is yes, your next question should be whether the items to be covered are out of manufacturers’ warranty or any other service contract.

If the items are still under retailer’s warranty, you probably do not need another cover. You should wait until the appliances are no longer covered before looking for a company for a contract. Similarly, if your appliances and systems are old, having a home warranty is prudent.

How much coverage do you need?

This is the important step. You should identify your livable square footage and the value of items you want to cover before stepping out to shop for a home warranty company. Knowing this ahead will help you in getting the most appropriate price and coverage quote from the company.

Avoid going with a generic price or cover quote as it may later affect your compensation claims. Similarly, avoid buying everything entirely online but consider speaking to the company’s representative to ascertain that the contract you are purchasing is what you need.

Does the company cover your area?

Where you reside plays a big role in this step. You could be living in a populated area or a scarcely populated region. Note that the presence of service technicians is directly proportional to the population. This also affects how the company will cover your home.

It pays to identify if the company covers your area or not before examining its coverage and price quotes. Otherwise, you will waste time with distant companies that will make it difficult to consult. Besides, their intervention to your claim may take quite some time. Perhaps the best way to do this is through a simple Google search.

What is the state of your appliances and systems?

Defining the state of your property is extremely important before getting to a contract with a company. Note that no company provides cover for items that were already broken before the inception of the contract.

Similarly, most companies have exclusions and limits to their home warranty contracts. This applies if the appliances and systems covered are not well maintained. This is why some companies require that you submit periodic maintenance reports or some sort of proof that the item in your claim wasn’t poorly maintained or improperly repaired.

Read reviews and contracts carefully

Besides understanding the exclusions and fine prints as mentioned above, it is of immense importance that you check the company’s reviews. Desist from buying a home warranty from a company without reading various reputable customer reviews probably from the company’s website.

When checking through this, there are several things you should be cautious. A good example is that some websites rank companies based on the amount paid by the companies to the website for high ranks. Search for trustable and reputable websites.

Besides, check the individual company websites for various reviews and references made by their previous clients. Similarly, search from various sites, compare and contrast what each website has.

What does the home warranty cover?

Armed with the list of probable companies to get a contract from, you should then consider what the individual companies cover vis-à-vis your needs. This will be quite easier bearing in mind that you had already identified what you need to be covered in the second step above.

Just to mention, some of the items that shouldn’t miss from your list include:

• Appliances that are well maintained but are nearing the end of their lifespan
• Those that are expensive to repair or replace such as HVAC systems
• Items necessary for comfortable home living

Note that the specific coverage for each company may vary from one company to another. However, the majority of home warranty companies cover all major components in your house such as plumbing systems, heating and cooling systems, electrical and water heater appliances.

Depending on the company chosen, you will likely find an a la carte of menu with additional coverage options. Nonetheless, you should remember that such warranties cover only the mechanical components and not the structural parts of your home. Structural and foundation coverage is basically provided by home insurance.

With the list of what you want to be covered for repair or replacement at hand, sift through the various home warranty contracts. Read through the contracts and note the items covered.

Inquire further on the status of the coverage for instance, what types of plumbing system problems are covered? Also, does the coverage apply only within your home perimeter?

What are the limits and exclusions of the cover?

To begin, limits describe the set monetary amounts that the home warranty company will not pay more than for the repair or replacement of the system or appliance. On the other hand, exclusions are identified specific parts/items or situations that the home warranty will not cover.

During the claim process, all warranty companies exclude exclusions and limitations mentioned in the contract. Some companies have set limits for specific items within your home while others have a set limit for all repairs and replacements.

With limitations, the company pays the maximum amount of their limit, and the homeowner pays for all replacements and repairs exceeding the amount. Knowing the company’s exclusions and monetary limitations will help you in determining which company would be the best for your situation.

What is the price of the home warranty?

Most home warranties are contracts that run for one year. Therefore, premiums paid are often paid for the whole year. That said, there are two main prices associated with the pricing of a home warranty. The first being a yearly premium, which ascertains cover for the entire period of the contract.

The second aspect is the service call fee. Service fees are less than hundred dollars fee paid to service providers sent by the home warranty company to perform diagnosis of your failed item or appliance.

You should ask the home warranty company for these items to determine which can be your best fit among the various companies. Note that low yearly premiums means less coverage, low monetary limits and higher service call fees. Always be keen and pay attention to detail.

Who are the company’s contractors?

After you have placed your claim, the company sends their contracted service providers or contractors to work on your claim. However, not all companies go for the best service providers, perhaps in a bid to save on cost.

Therefore, when looking at the different companies, ensure that you ask for the qualifications of their contractors. Only accept the services of professionals who are licensed and bonded to work within your state.

Final Thoughts

By taking the right home warranty, you can be sure that all your home’s important systems and appliances are covered. The company provides unlimited assistance during both repairs and replacements.

As you shop for the top home warranty company, ensure that what you settle for save you as the homeowner some cost. This will demystify the thought that saving some money on your own for such anticipated repairs and replacements can be a cheaper alternative.

Deciding on the best may not be easy, but our guide above can provide some vital leads.

The post Top Home Warranty Company in Ohio appeared first on Choice Home Warranty.

Having a home warranty is perhaps the best means of being assured of protecting your budget as a homeowner. However, what exactly is a home warranty, and what does it cover?

Being a homeowner, costly repairs are probably your greatest daily worries. What if you learned that there is a way you could alleviate these fears, bearing in mind that if something breaks, it will be repaired for with a small service fee?

Sounds too good to be true. Right? Well, It is true. Home warranties are service contracts that cover replacements of major home appliances and various system components. The intervention of the company comes in when the systems fail, break down or face other problems due to aging.

What Does It Cover?

Home warranties cover typically every major component of a large home property. This range from service systems, appliances, plumbing, electrical systems and other options. Some of the specific items covered under these plans include:

Systems

• Heating
• Ductwork
• Central air conditioning
• Electrical systems
• Garage door openers
• Attic, ceilings and exhaust fans
• Central vacuum system

Plumbing

• Plumbing systems
• Plumbing stoppages
• Toilet tanks and bowls
• Water heater
• Circulating pump
• Sump pump
• Pressure regulators

Appliances

• Built-in microwave
• Clothes washers and dryer
• Dishwasher
• Kitchen refrigerator
• Garbage disposal
• Trash Compactor
• Instant how water dispenser

Additional options cover

• Additional refrigeration
• Pool and spa equipment
• Well pump

What Is Not Covered?

Like other forms of warranties and service contracts, home warranties have their own limitations on coverage provided. Typically, the home warranty does not cover all the modifications and changes in your home. Despite covering most systems and appliances, they have exclusions and limits on certain items.

A good example of this situation is where your HVAC system needs to be replaced. In this process, new electrical and structural modifications may be needed to fully accommodate this new unit. Similarly, for a new water heater, changes in inflow and outflow pipes may be unavoidable.

In such cases, the home warranty will not cover these changes. On the other hand, the company may place a cover limit on specific appliances. For instance, the company may have a limit for radiant heaters, meaning that the company will only pay up to their limit. This is especially applicable for expensive items.

That aside, there are various items that aren’t included in the home warranty plan. They include:

1. Outdoor equipment such as sprinklers
2. Faucet repairs
3. Permit fees
4. Haul-aways
5. Items are broken before closing
6. Not all refrigerators, washers, garage door openers and dryers
7. Other exclusions noted in the company’s policy

How Does Home Warranty Work?

Specific home warranty plans provide for specific types of coverage. However, most operate similarly with common verbiage. Here is an outline of how this entire system works.

• If a covered appliance or home system breaks or stops working, the homeowner makes a call to the home warranty company reporting the issue.
• The company calls a service provider with which it has a business arrangement with.
• The specific provider contacts the homeowner to make an appointment.
• The provider visits and corrects the problem. If the system or appliance is broke beyond repair, depending on the contract coverage, the warranty company pays for the repair and/or replacement fee.
• The homeowner is only required to pay a small service call fee for the visit.

Home Warranties Only Covers Failed Items

Unlike what many people perceive, home warranties only cover failed items and not problems resulting from improper maintenance. For a home warranty to take up the claim, the system or appliance should fail from normal wear and tear.

Depending on the age of the appliance, various parts may just stop working. Some of the common parts that fail due to common wear and tear include the motor fans and electrical items.

Nevertheless, as long as reasonable efforts had been made to maintain these parts and effective working ability of this system, the company will reimburse and cover for any needed repairs or replacements. On the other hand, if the damage is as a result of negligence by the homeowner, the company will not cover for repair and replacement.

What Can Cause Denial of Payment?

There are several factors that may cause the denial of payment. This is perhaps an upsetting situation for many, bearing in mind that you have been paying for the cover. Apart from improper maintenance, other causes of denial of payment include:

• Cases of mechanical failures that existed before the agreement was effective.
• System or appliance failure not caused by normal wear and tear. For instance, if a raccoon takes up residence in your air conditioning unit.
• If inspectors find hazardous or toxic chemicals, mold or asbestos in the appliance.
• Faulty workmanship on the appliances.
• A clearly mistreated appliance.
• Calling repair services before consulting the home warranty company for approval of repair or replacement. You should always consult the company first.
• Changing the use of the property from residential to commercial.
• Code violations.
• Improper installation.

Tips on How to Get the Most Out Of Your Home Warranty Coverage

As mentioned above, there are chances that your home warranty company may not end up covering your replacements or repairs at all. Therefore, to ensure that you get the most of these cover, consider the following.

Shop around for policies

Note that not all home warranties are equal. There are various clusters and categories of home warranties. Therefore, you should take your time to explore various companies before getting into a contract with one. Consider several factors, including the company’s reputation and the various levels of coverage offered. If the warranty comes with a home purchase, consider inquiring from a real estate agent.

Always contact the warranty company first

It happens that you have no heat in the dead of winter. Shouldn’t you call the furnace repair company first and sort out compensation later? Not at all. Home warranty does not cover repairs if you hire another expert first.

Most companies offer 24/7 support. This means that they are available at any day, any time. Nevertheless, it can be tough if the company takes some time, say a week to send a technician.

Read the fine details of the contract

To enjoy the cover, you must ensure that you nail the details of the contract. This will come in handy when filing a claim. When making a claim, explain to the company exactly how your problem warrants coverage.

For instance, say your warranty covers appliances and not plumbing. Your dishwasher blocked or failed and water damaged your kitchen floor, don’t call them explaining how flooding has damaged your kitchen floor. Instead, report that your warranty-covered dishwasher failed or malfunctioned which resulted in a damaged floor.

Always be persistent

Still with the scenario mentioned above, if the phone agent claims that your floor damage isn’t covered, get your contract to cite passages that will support your claim. If you feel the agent isn’t helping, request to be transferred to the manager. You can follow up by writing an email if your request is denied.

On the other hand, if the company contacts the service provider for routine inspection before repair, be available and present for a visit. Ensure that you guide the service providers as they investigate the claim.

Ask if you can have a choice of service providers

A service provider contacted by the company often does warranty repair or replacement. Most companies have a specific service provider for various services. However, most clients may not be satisfied with the services provided by the company yet there is no option of choosing their preferred service providers.

Therefore, before agreeing to allow any service provider work on the repairs, inquire if you can choose one of your own. Most home warranty companies send low-rated service providers to save on their cost. Search online for reviews about the company. If they are unsatisfactory, ask the company to have a better provider dispatched.

Ask for the possibility of taking a cash payment

In a bid to attract clients, some home warranty companies have changed their approach to making compensation. Initially, home warranty companies did not offer cash payment for repairs or replacement. Instead, they hired service providers and paid them directly.

However, currently, some companies offer cash instead of replacing the appliance. Your cash repayment will be calculated based on your warranty contract. This can be disadvantageous, especially if the paid cash won’t cover your true replacement/repair cost.

Avoid scheduling service if you know the repair isn’t covered

Once called, home warranty companies dispatch a service provider within your locality to your house. As mentioned, service providers often charge a service fee, regardless of whether they fixed anything or not. Therefore, it will be of no use calling them if you are certain that your appliance falls outside the coverage.

Home Warranties Frequently Asked Questions

Apart from what a home warranty covers, there are various frequently asked questions about home warranty. Below are some of these questions with their responses.

Final Thoughts

Putting the tips outlined above in good use comes in handy in avoiding hefty repair costs. Choice home warranty is of great benefits for both homebuyers and sellers. For buyers, it provides them with an assurance that they are moving into a house without worries of shelling out more for unexpected repairs.

For sellers, this warranty provides cover for various house appliances and equipment during the listed period. For totally new houses, most people may find it not worthy to take the warranty. This is simply because most appliances are under manufacturers cover.

However, for old homes, having this is prudent. Note that the older your home is, the greater the odds of encountering frequent repairs. This can be costly or disrupt your financial plans are they are unexpected. In such cases, having a home warranty is prudent.

Be certain that you understand what the home warranty covers before committing to a contract.

The post What Does A Home Warranty Cover? appeared first on Choice Home Warranty.

Check Your Current Cancellation Fees

Before you split ways with your current insurance carrier, check the terms and conditions of your existing policy. These will specify key details such as:

• Cancellation fees
• Policy expiration date
• Automatic renewal dates
• Current coverage terms

If you’re thinking about leaving in the middle of a policy, you should make sure you’re aware of the potential repercussions. Although most home insurance companies do not have cancellation penalties, many have something called a “fully-earned” policy fee. This is the fee for writing the policy and is non-refundable no matter how much time is left before your coverage expires. There may also be brokerage fees that are non-refundable. If you’re leaving solely to save money, you’ll need to consider how much you’re racking up in fees for switching early. This may cancel out the money-saving perks of picking a new plan. Be sure to check the terms and conditions of your existing policy to make sure the change is worth it.

Consider Your Coverage Needs

Carefully consider your coverage needs before you settle on a new plan. While trimming your expenses is appealing, you need to make sure you’re not doing so at the cost of safe coverage for your home. Make sure you have the protection you need to repair your home in the event of an unexpected disaster.

Rather than choosing the cheapest plan, look for a company that offers the best discounts for your situation. If you’ve recently replaced your roofing or installed a home security system, you might be eligible for steep savings. Make sure you’re working with a company that rewards your recent home improvements well.

Compare Insurance Rates

Compare rates from at least three different companies before settling on a new plan. Read through the details of each proposed policy and identify key points where they differ. Check out online reviews of different insurance providers as well. Does one offer better customer service, while another is difficult to reach when you need them? Consider all your options carefully before settling on a new plan. If you are worried about monthly expenses and can afford it, consider a higher deductible to reduce monthly rates.

Purchase a New Plan

Purchase your new homeowners’ insurance plan before the old one expires. It’s far better to have overlapping coverage than a lapse. This will also protect you from any unexpected issues activating your plan. Only proceed to the next step when your new plan is in place.

Cancel Your Old Policy

Contact your previous homeowners’ insurance company to let them know you’re canceling the policy, even if it’s set to expire on its own. This will protect you from any auto-renewals that you may not know about.

If you’re in the middle of your plan, any cancellation fees are typically deducted from your refund. If you didn’t use the entire year of coverage, you should get a full or partial refund for the remaining months. Even if you have an escrow account, the check will be mailed to you.

Get in Touch with Your Mortgage Lender

In most cases, your homeowner’s insurance is paid in full at the beginning of the term by your lender and placed in escrow. You then pay off the sum of your insurance plan throughout the course of the year in small monthly installments that are rolled into your mortgage.

Since your lender has already paid for your homeowners’ insurance, any refund that you receive for the plan should be directed back toward that company. If you keep and spend this refund, your escrow account will be short. Your lender will ultimately raise your escrow fees to recoup those costs. Passing along your refund promptly will help you keep your expenses organized in this area.

If your homeowner’s insurance doesn’t meet your needs, don’t hesitate to look for a better fit. The right policy is essential for your comfort and safety at home. Remember that homeowners insurance only covers damages caused by certain perils. To protect against everyday breakdowns in home systems and appliances, a home warranty is more appropriate.

The post How to Change Homeowners Insurance appeared first on Choice Home Warranty.

Memphis is the second largest city in Tennessee and home to a population of more than 1.3 million people in is greater area. The city is known for Graceland, music, barbecue, and civil rights history. But its riverfront amenities, Beale Street, natural aquifers, entertainment, and excellent cost of living are what make Memphis a truly special place to live.

Memphis offers a diverse economy, with an ideal location for transportation and shipping that makes distribution a particularly strong industry for the city. The city has five major freight railroads, two interstate highways (and a third under construction), and access by water with the Mississippi river. It is home to Memphis International Airport (a major cargo airport) and is a primary hub for FedEx Express shipping. Fortune 500 companies including International Paper, AutoZone, and FedEx have a presence in the city, as well as other major corporations including ServiceMaster, American Residential Services, Cargill Cotton, and Varsity Brands. Although the unemployment average in Memphis is slightly higher than the national average, Memphis has a low cost of living for an urban area.

Music is a major attraction for Memphis, serving as the birthplace of many American music genres including Memphis soul and Memphis blues. Beale Street is a popular music destination, as is the Sam Phillips Sun Studio, where artists including Johnny Cash, Elvis, Roy Orbison, Jerry Lee Lewis, and Carl Perkins completed their first recordings. Other cultural attractions in Memphis include events such as the Beale Street Music Festival, The World Championship Barbecue Cooking Contest, and the Great River Run. Memphis is home to the Brooks Museum and Dixon Gallery and Gardens, as well as the South Main Arts District with outdoor festival nights.

Memphis has more than 9,145 acres of park land, with parks making up 5 percent of the city’s area. The largest municipal park is Martin Luther King, Jr. Park, which is 375 acres. The oldest municipal park is Columbus Park, established in 1819. The most popular municipal park is Overton Park. There are three basketball hoops per 10,000 residents, 1.8 playgrounds per 10,000 residents, and one recreation or senior center per 20,000 residents. Overton Park offers a golf course, playgrounds, forest natural area, and Rainbow Lake. It’s also home to the Memphis Brooks Museum of Art, the Memphis Zoo, and Levitt Shell. Shelby Farms Park, another popular park in the area, offers a variety of different experiences, featuring a buffalo herd, riding and hiking trails, horseback riding, lakes with fishing, boats, zip lines, and an off leash dog park.

Residents of Memphis benefit from a low cost of living, particularly for an urban center. Memphis offers a cost of living that’s 14.3 percent lower than the national average. A home costs $180,375 in Memphis on average, so housing prices are an attraction for residents of the city.

A major U.S. city, Memphis has earned national recognition as one of the best cities to live. Memphis has been named one of America’s manliest cities, the best medium metro areas for teleworking, the happiest places to work, the best city for black owned businesses, and one of the 10 best cities to launch a startup.

The median sales price and number of sales are rising in Memphis, indicating a healthy real estate market. Home sales remain steady at the end of the year as agents see homes continue to sell and buyers continue to look for new homes. Memphis is one of the most popular cities to flip houses. In fact, Memphis ranks #1 nationally in the percentage of homes flipped at 11.67 percent. Flippers in Memphis see an average gross profit of nearly $63,000.

A qualified, experienced real estate is essential for success in the Memphis real estate market. A good agent can help you find the right home to meet your wants and needs, or help you sell your home for the best price in the shortest amount of time. They have the knowledge necessary to inform you of the market, connect you with resources, and negotiate in your favor.

Our list features the 15 best real estate agents serving Memphis and the surround area. With these agents, you can benefit from trusted experience, reputation, and excellent real estate resources. You can trust them to deliver the results you need as you make major decisions in real estate.

As each of the real estate agents on our list offers excellent service and reputation, they are listed in no particular order. However, we’d like to know what you think. Please vote in our poll at the end of this article to let us know which of the leading real estate agents in Memphis you think is the very best. Just don’t wait to vote, as the poll closes in 30 days!

Danny Freeman

Danny Freeman is a real estate professional with 32 years of experience. He is a lifetime Memphian and lends his expertise to Crye Leike Realtors in Bartlett as the leader of the Freeman Home Team. Freeman specializes as a buyer’s agent and listing agent with interests in relocations and consulting. With the Freeman Home Team, he is able to offer a team of professionals to make sure each transaction is a smooth one. Freeman loves the Memphis area, its seasons, and growth. Freeman has a number of real estate credentials, including Certified Residential Specialist, membership in the Memphis Area Association of Realtors Multi Million Dollar Club, and membership in the National Association of Realtors. He is one of the top relocation agents in America and is trusted to take care of his clients whether they are moving to or from the Memphis area. Clients say Freeman is extremely professional. They appreciate his tireless commitment to taking care of their needs. They note he maintains frequent communication and is able to expertly negotiate in their best interests.

Jon Dickens

Jon Dickens is an affiliate broker with Marx-Bensdorf Realtors in Memphis. A native of Memphis, he has lived all over the city and has more than 12 years of experience in real estate, so he has an excellent knowledge and appreciation of the Memphis. Dickens is a member of the Memphis Area Association of Realtors and has served on the Governing Documents Committee. He has been honored as a member and a director of the Multi Million Dollar Club. With Marx-Bensdorf Realtors, Dickens takes a team approach to representing clients, so he is effectively able to support clients every step of the way with the latest tools and technology. He considers it an honor and a privilege to support his clients as they buy or sell homes in the Memphis area. Clients say Dickens serves them as if he were buying or selling his own house, working hard to get them the best deal possible, often going above and beyond the call of duty. They find him to be efficient, approachable, knowledgeable, and honest, and appreciate that he is willing to tell you what you need to hear instead of what you might want to hear. Their experience with him is a breeze and they are pleased with the results they’ve gotten from him.

Jeanette Lin

Jeanette Lin is a real estate agent with the Lin Real Estate Team at Pinnacle Realty in Cordova. She specializes as a buyer’s agent and listing agent with interests in foreclosures and property management. Lin’s approach to real estate sales is built on personal touches, win-win deals, and positive results. She uses the latest technologies, market research, and business strategies to support her clients, offering thoughtful service with customized solutions for every client’s real estate situation. Clients say Lin is exceptional, making the entire process easy for them. They’re impressed by her availability, efficiency, and ability to answer every question while staying on top of all of the details with excellent multi tasking skills. She is sharp, focused, and maintains a clear vision of what her clients need to succeed in real estate. Clients love her attitude, integrity, and world class work ethic.

Bill Maury

Bill Maury is the vice president of Coldwell Banker Collins-Maury in Memphis. He is a broker and has more than 33 years of experience in Memphis real estate. Maury specializes in Memphis, Germantown, Collierville, Lakeland, Arlington, and Fayette County, and particularly enjoys working with first time home buyers and experienced corporate transfers. He promises to make the experience of buying or selling a home positive for every client, offering old fashioned customer service, constant communication, and support with the latest technology. An experienced and knowledgeable, Maury holds real estate designations including Certified Residential Specialist and Graduate of the Realtor Institute. Maury’s clients say he is highly professional and truly cares about them, offering smooth, worry free real estate transactions with excellent service. He offers responsive communication, is proactive, and offers a high level of knowledge. He is able to offer excellent support even when there are bumps in the road. They find him a joy to work with and note he is able to efficiently meet and exceed their needs in real estate.

Lisa Harris

Lisa Harris is a Realtor with Crye-Leike Realtors in Germantown. She has more than 34 years of experience in real estate and specializes as a buyer’s agent and listing agent with interests in relocations, foreclosures, and property management. With commitment to her clients, Harris understands the challenges and excitement of the buying and selling process. She has bought and sold more than 1,500 homes in the Memphis market and has long been known as a top producer. Harris is highly committed to each of her clients, involving herself in every aspect of the transaction to make sure each client has a pleasant, successful experience. She uses the latest technology and the best tools available to efficiently help her clients reach their goals in real estate. Harris has built her reputation on professionalism, honesty, and building lifelong relationships with her clients. Clients say she is hard working, professional, and offers a positive attitude every step of the way as she goes above and beyond the call of duty. They feel fortunate to have her as their agent, offering her expertise and assistance every step of the way. They return to her for every real estate transaction to take advantage of her excellent service and results.

Eric Bell

Eric Bell is an associate broker with Remax Real Estate Experts in Germantown. He is a buyer’s agent licensed in both Tennessee and Mississippi, and has interests in relocations, foreclosures, and consulting. As a home buying specialist, Bell supports his clients as they make important decisions and purchase a new home. Bell takes pride in being easy to work with, offering the latest information and immediate responses to requests. He is available around the clock to answer questions and resolve issues as soon as possible, ensuring a smooth, simple home buying process. Bell is committed to doing everything possible to help his clients maximize the value of purchasing real estate, and has a proven process for evaluating properties on past and future worth. He offers an immediate response guarantee, 24 hour showing guarantee (including holidays), and buyers satisfaction guarantee, and a buyer savings guarantee. Clients say he offers a smooth transaction, providing excellent professionalism, information, and an overall wonderful buying experience. He maintains constant contact and handles every detail. They appreciate that he is always able to take care of their needs and respond within half an hour with answers to any question. They’re blown away by his responsiveness and friendly service, and feel he works aggressively for them to negotiate for the best terms.

Melissa Thompson

Melissa Thompson is a real estate professional with Crye-Leike Realtors in Memphis. She has 30 years of experience in real estate, and averages selling one home every three days. She serves the areas of Memphis, Germantown, Collierville, Bartlett, Arlington, Cordova, Eads, and Lakeland. A consistent top producing agent, Thompson is a member of the Multi Million Dollar Club. She is known as an unstoppable and hard working agent with empathy for her clients, marketing savvy, and tough negotiation skills, offering outstanding results for every transaction. Thompson is committed to helping her clients find the best home in their area within their price range, and also sell their homes for as much as the market will bear as quickly as possible. An experienced real estate professional, Thompson has earned several awards and designations, including Lifetime Member and former president of the Multi Million Dollar Club, member of the Strategic Planning Committee of the Tennessee Association of Realtors, former director of the Memphis Area Association Board of Realtors and Tennessee Association of Realtors, Realtor Associate of the Year for Outstanding Contribution to the Real Estate Profession, and Accredited Buyer Representative, Certified Residential Specialist, Graduate Realtor Institute, and Seniors Real Estate Specialist. Clients say Thompson is an amazing Realtor, offering oustanding and efficient results. They feel she is supportive of their needs and desires, and enjoy the experience offered by Thompson and her team. Thompson offers a smooth, easy to complete process. They appreciate that she offers all of the information they need to make an informed decision, and helps keep them on schedule with timelines and taking care of every detail necessary to stay on track.

Joe Spake

Joe Spake is a real estate agent and broker with InCity Realty in Memphis. He has more than 21 years of experience in real estate, and he works with buyers and sellers of residential property in downtown, midtown, and east Memphis. Spake specializes in historic properties, condominiums, and exclusive buyer representation. He particularly enjoys working with first time home buyers and maintains a large network of professionals to help his clients complete transactions. Spake is committed to offering the highest level of service to his clients, making the real estate purchase or sale process as hassle free as possible. Spake offers excellent service with real estate marketing as he integrates established real estate principles with social media and technology. Clients say Spake offers an excellent experience with responsiveness, patience, and knowledgeable service. They appreciate his honesty about properties, even when he is delivering bad news. Clients enjoy working with Spake every step of the way, as well as the excellent results he delivers them.

Donnie Morrow

Donnie Morrow is a real estate agent with Keller Williams Realty in Memphis. A veteran of the U.S. Army, Morrow has spent his entire adult life dedicated to service for his country and his clients. He brings a background of leadership and service to real estate and is dedicated to delivering customer satisfaction with prompt, efficient, and trustworthy service. Morrow cares about his clients, and it’s important to him that he earns the trust of his clients as they make important real estate decisions. Morrow’s clients say he is knowledgeable, energetic, and service oriented, and offers excellent communication. They feel he is on their team and appreciate his education and service. He is meticulous, professional, and reduces their stress as he stays on top of every important detail.

Larry Mayall

Larry Mayall is a broker with Realty One in Memphis. He has more than 22 years of experience in real estate, and now leads a team of agents. Mayall specializes as a buyer’s agent and listing agent with interests in foreclosures and property management. In addition to traditional home sales, Mayall works as a HUD broker and has listed and sold more than 12,000 HUD properties in the last 12 years. He is trusted to meet the intense deadlines and responsibilities required by HUD properties. Mayall is committed to exceeding the expectations of his clients with professionalism, and his first priority is always his clients. Clients say Mayall and his team offer excellent, courteous service. They say Mayall and his team are helpful and patient throughout the entire experience, and always available to answer questions and offer help. They appreciate the patient, knowledgeable, and thorough service that Mayall and his team deliver with every real estate transaction.

Karla Fayne

Karla Fayne is a real estate agent and consultant with Keller Williams Realty in Memphis. She has more than 14 years of experience, and has a background in mortgage loan processing. Fayne specializes in Memphis, Arlington, Bartlett, Cordova, and Collierville. With her expertise, Fayne is able to effectively support her clients as she helps them meet their needs and see their real estate dreams come true. It’s clear that she cares about her clients and puts their needs as her first priority, walking them through the process step by step with attention to detail. Fayne is highly knowledgeable in real estate sales and strategies, and is always available to help her clients. Nearly half of her business comes from referrals, a testament to her excellence as clients refer their family and friends to her service. Fayne’s clients say she is a pleasure to work with, offering expertise, professionalism, knowledge, and a genuine interest in supporting her clients. She offers focus and support during what can be a sometimes overwhelming and stressful process. They appreciate her diligence in preparation, hard work, and dedication, and they’re impressed by her expertise in pricing, negotiation, and delivering excellent results in real estate.

Richard Travers

Richard Travers is a Realtor with Crye-Leike in Memphis. He has more than 30 years of experience in real estate, particularly in the residential field. His experience includes new home construction and residential resale in locations including downtown and midtown Memphis, Collierville, Germantown, and other surrounding areas. Travers is noted as a high level producer in Memphis real estate, which is made possible by his commitment to personal service and a passion for real estate. Dedicated to putting his clients first, he always listens to their needs and desires, representing their best interests in the competitive Memphis real estate market. He particularly enjoys using his expertise, knowledge, and resources to help clients choose the right neighborhood, schools, and builder for their needs. An experienced and well respected Realtor, Travers is a member of the National Association of Realtors, the Memphis Area Association of Realtors, the MAAR Multi Million Dollar Club, the Crye-Leike Multi Million Dollar Club, and is consistently among the top 1 percent of Memphis Realtors. Clients say they enjoy working with him and find him to be friendly and professional. They appreciate his responsiveness, knowledge of the market, and honesty. They feel he takes ownership of their needs and are happy with the level of service they receive from Travers and his team.

John Quinn

John Quinn is the owner of RE/MAX Real Estate Experts in Germantown. He has more than 26 years of experience in residential real estate and specializes as a buyer’s agent and listing agent with an interest in relocations and short sales. Quinn is a leader in Tennessee real estate and has been consistently ranked among the top agents in Memphis and the entire state. He is in the RE/MAX Hall of Fame and has earned a RE/MAX Lifetime Achievement Award. Quinn makes his client service a priority, focusing on hard work and customer satisfaction for all he serves. Confident in his ability to deliver excellent results, Quinn and his team offer Buyers Satisfaction Guarantee and Guaranteed Sale Program. Clients say Quinn and his team offer a smooth transaction with professionalism and excellent communication. They say they feel thankful to have found Quinn and his team, and appreciate their attentiveness and ability to quickly answer questions. With efficient, effective service, clients feel satisfied by the outstanding results Quinn and his team have to offer.

Jennifer Carstensen

Jennifer Carstensen is a Realtor and leader of the Live Love Memphis Group at RE/MAX Real Estate Experts in Germantown. She is a buyer’s agent and listing agent with interests in relocations, short sales, and property management. In the last five years, Carstensen has sold more than $130 million in real estate, with an average market time of about 43 days. Carstensen and her team value customer service and work tirelessly to help clients meet their goals, offering attentive service and a commitment to hard work. With specialized team members offering service every step of the way, clients can feel confident they are always working with an expert who is focused on their specific needs. Clients say Carstensen and her team offer superior service with professionalism, care, and experience. They say she provides them with dedication, patience, and clear expertise.

Marc Scheinberg

Marc Scheinberg is a real estate agent with Keller Williams Realty in Memphis. He is a lifelong resident of Memphis and has more than 22 years of experience in real estate. He specializes as a buyer’s agent and listing agent with interests in relocations and foreclosures. Scheinberg serves the areas of Arlington, Bartlett, Cordova, Germantown, Lakeland, and Memphis, supporting clients as they complete transactions in new and resale residential real estate. Clients say he does an incredible job representing them, offering excellent information and communication. They appreciate his knowledge, ability to explain every detail, and willingness to tell them what they need to hear, even when it’s not what they want to hear. They say he is always friendly, easy to work with, and offers the results they’re looking for.

Photo by Flickr user librariesrock

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Factors Impacting Homeowners Insurance Costs

There are several things that will impact the total cost of your homeowner’s insurance. Some considerations that will come into play include:

• Home location
• Value of the home
• Circumstances covered by your policy
• Premium payment arrangements

Naturally, a home that’s worth more will cost more to insure. As you’re probably aware, your neighborhood has a big impact on your home value. If you live in a nicer area, your home is worth more than it would be in another neighborhood, even when all other factors are the same.

Your neighborhood may also determine what threats you’re at high risk for. In a wooded area, you’re more likely to have tree damage. Coastal homes are susceptible to the ravages of hurricanes and tropical storms. If you live in Tornado Alley, you’re far more likely to see this type of damage, while someone in California is at a high risk for earthquakes. Living on a flood plain will impact your insurance as well.

If you want to protect your home from the most significant risks in your area (as you should), you’ll naturally pay more for the coverage. If your home is susceptible to flooding, you’ll pay a premium to get flood coverage.

How you set up your premiums may impact your final loan costs as well. You can often save if you’re able to pay for your entire premium upfront, while the convenience of monthly payments will come at a slightly higher price.

The Average Cost of Insurance

According to the National Association of Insurance Commissioners (PDF), in the United States, the average cost of homeowner’s insurance in 2014 was between $771.00 and $1032.00. Rates have risen steadily in recent years, so you should expect the price of your policy to go up each year. Over the last decade, homeowner’s insurance prices have increased more than 50 percent.

The national average will give you only a rough idea of what to expect when you’re purchasing a homeowner’s insurance policy. Costs vary greatly by state. Florida, Texas, Louisiana, Oklahoma, and Mississippi are the most expensive states for homeowner’s insurance. The cheapest states are Oregon, Idaho, Utah, Wisconsin, and Washington.

Assessing Your Own Costs

If you’re looking for a quick way to estimate the cost of homeowner’s insurance for your dwelling, multiply the value of the house by 0.0025. This will give you a very rough estimate of what you can expect to pay each year for your homeowner’s insurance policy. This calculation assumes that you’re insuring the home for its full sale value with a deductible of $1,000.

For a more detailed estimate of your homeowner’s insurance, you should request a quote from several local providers. You can typically do so online by filling out a detailed questionnaire. Though this is a time investment, it’s worth it to make sure you’re getting the best policy. Always get your estimate in writing. Check the expiration date for the price that you’re quoted. You typically have a set period of time to accept the policy before it expires, and you have to start over with a new quote.

Homeowner’s insurance will protect your home from disasters, theft, and other unexpected circumstances. However, it offers only limited coverage and does not take care of issues that result from regular wear and tear. If you’d like additional coverage beyond what your homeowner’s insurance policy covers, consider investing in a home warranty plan as well.

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Dogs can be mischievous companions, causing damage to your home, property, or even other people. Are you covered if your pet gets into trouble? It’s important to have a smart plan in place so you can tackle whatever issues may come your way.

Does Homeowners Insurance Cover Pet Damage?

You may not think of homeowners insurance as your first line of defense if Fido gets into trouble, but in some cases your plan could actually come to the rescue. Homeowners insurance typically covers pet damage when it affects another person’s property, but not your own. This means your policy’s liability coverage might come to the rescue if your dog damages your neighbor’s fence, furniture, or home. It can also cover dog bites and other injuries.

If your dog damages your own fence, flooring, or property, however, homeowners insurance isn’t likely to cover the damage. Most policies exclude problems caused by your pet on your own property. These are your sole responsibility.

However, if another animal causes damage to your home, go ahead and speak to that dog’s owners about their homeowner’s insurance. Just as your insurance should cover damage your dog does to someone else, so too should another dog owner’s insurance cover damage their pet causes to your home or family.

Are All Dogs Covered?

Not all dog breeds are covered on homeowner’s insurance. According to the Centers for Disease Control and Prevention, there are about 4.5 million dog bites in the United States each year. It’s understandable that your insurance company wouldn’t want to jump in and take responsibility for all these injuries. Many insurance companies have restrictions on the breeds that they will cover. More dangerous dog breeds are often excluded from your coverage plan.

The most common homeowners insurance dog breed restrictions include:

• Pit Bulls
• Rottweilers
• German Shepherds
• Staffordshire Terriers
• Chow Chows
• Presa Canarios
• Akitas
• Doberman Pinschers
• Mastiffs
• Great Danes
• Cane Corsos
• Siberian Huskies
• Alaskan Malamutes
• Wolf Hybrids

This is not an exhaustive list of the breeds that could be restricted on your policy. Some companies may exclude additional breeds. Others might allow many or all of these breeds. Some homeowners insurance policies do not ask for your dog’s breed and cover all canines in your household provided that they’re well-behaved and do not have a history of attacking people.

What Should I Ask My Insurance Policy Holder?

Since every insurance policy works differently, it’s important to ask the right questions when you’re getting insurance to cover your pets. Make sure you understand what each policy covers. Create a side-by-side comparison of your options with various companies. This will help you choose a policy that’s affordable yet comprehensive.

Put these questions on your list:

• Do you have restrictions on dog breeds for your pet coverage?
• Are there other restrictions that impact pet coverage?
• What types of pet-related injuries are covered?
• How much coverage do you offer for pet-related injuries?
• Is pet damage covered for my home or another’s property? If so, how much?
• What is the process for reporting a dog bite?
• What is the process for reporting pet-related property damage?

Once you understand your options, you’ll be prepared to choose the right homeowners insurance plan for your home and your pet.

Even the best behaved pets can get into trouble from time to time. With the right insurance policy, you can rest easy knowing you have a plan in place should the unexpected happen to you.

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Homeowners insurance offers critical assistance in unexpected situations. Whether you’re replacing essential belongings or rebuilding the structure of your home, the right insurance policy will provide you with the funds you need to put your life back together. Make sure you know how much homeowners insurance you need to cover your most important items in the event of an emergency.

How Much Will It Cost to Rebuild?

Oftentimes, homeowners use their mortgages as the basis for estimating what it will cost to rebuild a home. However, this is a very inaccurate approach. Your rebuilding costs will likely be higher if:

• Your home is not up to modern codes and needs significant upgrades if rebuilt
• Your home was custom built
• You have special aesthetic features like arched windows or elaborate trim
• There are additional structures on your lot, like a shed, garage, or gazebo
• You’ve made improvements to the home since you purchased it
• Your house has historic elements that are difficult or impossible to replace

Take these factors into account when you’re purchasing homeowner’s insurance to make sure your coverage is truly adequate to rebuild your home.

Inflation will impact your building costs as well. You can overcome this issue by adding an inflation guard clause to your homeowners insurance. This will give you coverage that reflects the current rate of inflation.

What Risks Does Your Home Face?

Many people assume that a standard homeowner’s insurance policy will protect them against all disasters, but this simply isn’t the case. Flood insurance, for example, is not a standard inclusion for a homeowner’s insurance policy. It is, however, readily available through a federal program that makes it accessible to anyone who wants it. If you live in a floodplain or you’re near a body of water like a lake, river, or ocean, flood insurance is definitely coverage that you’ll need.

Mold growth and sewage backups are other forms of coverage that are often overlooked. Read your policy carefully to see if you have coverage for these issues. Sewage backup is a disastrous problem, yet it will typically add only $40 to $50 to your annual coverage, so this is worth investing in.

Coverage for mold is more expensive, usually running several hundred dollars for a single year. If you live in a damp climate or your home is prone to water damage, however, mold coverage can really save you when moisture lingers long enough for this growth to take hold.

How Much Can You Afford?

There are a few factors that you need to consider when you’re calculating affordability for your homeowner’s insurance. Most immediately, you need to make sure that you can afford the upfront cost of the policy. When you first purchase a new home, the first year’s coverage is typically rolled into your mortgage payments. However, you’ll need to make either one lump sum payment or set up monthly or quarterly insurance payments with your insurance provider going forward.

While a cheaper policy may seem like the more budget-friendly option, you should also compare your coverage levels closely at each price point. Paying more for your policy now will probably mean that you have a lower deductible later. This is the amount that you have to pay out of pocket before your insurance coverage kicks in. You’ll need to consider your savings and household budget carefully to decide whether you could shoulder a larger deductible or you’re better off making periodic payments for a plan with enough coverage to protect both your home and your bank account from taking a big hit in the case of a disaster.

What Are Your Belongings Worth?

Your homeowner’s insurance doesn’t only offer home repair assistance. It also provides coverage for your belongings. Insurance companies typically recommend taking a detailed home inventory to determine how much coverage you need. You’ll obviously need more coverage if you have items that are rare and valuable. Homeowner’s insurance covers your belongings from threats like burglary or a fire. You’ll need a different type of policy entirely to help you with repair or replacement costs associated with product wear or part failure.

If you want to make sure you’re protected from issues like a failing air conditioner or broken fridge, you can invest in a home warranty. Home warranties cover common appliances and home installations and offer repairs or replacements for everyday problems.

Making sure your home has the right coverage is always important. You’ll have enough to deal with if there’s a burglary, fire, or natural disaster without worrying about the expenses associated with these issues as well. Invest in the right homeowner’s insurance now and you can rest easier knowing you’re protected.

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Home insurance rates vary greatly from one home to another. Location is one of the biggest factors in determining what you’ll pay for coverage. Understanding the state averages where you live, or hope to live, will give you a good idea of what to expect. Learn more about the homeowners’ insurance average cost in your area so you can start budgeting for your next home.

Why Your Location Matters

Your physical location impacts your home insurance rates because it can tell insurers a lot about your risks. Factors that come into play include:

• Crime rates in your area
• Likelihood of a natural disaster like an earthquake, hurricane, or tornado
• Proximity to a fire station or fire hydrant
• Presence of a volunteer or professional fire service in your area
• Home values in your neighborhood

While some factors cover a relatively large area, such as the frequency of natural disasters in a particular city or state, others are far more localized. If you’re in an area with high crime, your home is more likely to suffer from a break-in. If you don’t have ready access to prompt fire service, your home would suffer more damage from a fire than one that has a fire station a few blocks away.

While state averages can give you a general idea of what you should expect to pay for homeowners’ insurance, it’s important to think more critically about your individual neighborhood. The city of Industry, California has 5,107 property crimes per thousand residents, while Hidden Hills, California has just six. Both are in Los Angeles County, but disparities like these will play a big role in insurance rates.

Other Important Factors

Your location has a major impact on your home insurance rates, but it’s not the only thing that insurers will look at. They also pay attention to the condition of your home. Its construction, features, and building materials will all impact your rates. If you live in an area with high insurance rates, you can take smart measures to help lower them by making upgrades to your home, such as adding a security system.

States with the Highest Homeowners Insurance

According to Value Penguin, the average cost of homeowners’ insurance in the United States is $1,083. This rate indicates an increase of over 50 percent over the last decade. Homeowner’s insurance rates are highest in states that are at high risk for natural disasters. Florida is the most expensive state in the country with an average of $2,055. Miami, Key West, and Tampa, Florida, are among the top five US cities for hurricane vulnerability.

Texas is the second most expensive state with an average insurance rate of $1,947. Vulnerable to earthquakes, tornadoes, and hurricanes, Texas can be a risky place to live. Louisiana takes third place, due in large part to its vulnerability to hurricanes, followed by Oklahoma which has one of the highest tornado rates in the country.

States with the Lowest Homeowners Insurance

The states with the lowest homeowners’ insurance rates are those with relatively few natural disasters. These states also have some of the lowest costs of living in the country. Oregon, Idaho, Utah, Wisconsin, and Washington have the lowest average rates, all of them coming in under $700. If you’re looking for an affordable home with minimal risks, these are great places to start.

As you’re shopping for a home, keep in mind that homeowners’ insurance will be an ongoing expense that you’ll need to factor in to your new home management budget. Check out state averages for a rough idea of what to expect in different parts of the US, but don’t forget to dive deeper as well, and consider the factors that may impact your rates in various cities and neighborhoods as well.

Average Monthly Home Insurance by State in 2017

• Alabama – $112
• Alaska – $81
• Arizona – $64
• Arkansas – $104
• California – $81
• Colorado – $106
• Connecticut – $111
• D. C. – $96
• Delaware – $61
• Florida – $171
• Georgia – $91
• Hawaii – $85
• Idaho – $49
• Illinois – $82
• Indiana – $79
• Iowa – $71
• Kansas – $119
• Kentucky – $85
• Louisiana – $154
• Maine – $68
• Maryland – $79
• Massachusetts – $110
• Michigan – $72
• Minnesota – $102
• Mississippi – $121
• Missouri – $100
• Montana – $84
• Nebraska – $102
• Nevada – $59
• New Hampshire – $75
• New Jersey – $91
• New Mexico – $78
• New York – $105
• North Carolina – $88
• North Dakota – $95
• Ohio – $66
• Oklahoma – $148
• Oregon – $48
• Pennsylvania – $74
• Rhode Island – $117
• South Carolina – $103
• South Dakota – $83
• Tennessee – $95
• Texas – $162
• Utah – $53
• Vermont – $70
• Virginia – $79
• Washington – $58
• West Virginia – $73
• Wisconsin – $57
• Wyoming – $85

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Homeowners insurance covers financial protection from unexpected damage to your home and property. The specific perils covered under a particular policy will vary from one plan to the next depending on where you live and what kind of coverage you want. When you sign up for your homeowners insurance policy, you have the opportunity to choose the specifics of your coverage. While some types of coverage are necessary to comply with the requirements of your mortgage lender, others are optional inclusions that you can add on at your discretion.

Whether you’re carrying the minimum coverage or you’re splurging on a plan that handles as much as possible, it’s crucial that you pay attention to exactly what’s covered in your policy. This knowledge lets you know how to respond to disasters so you can protect yourself, your home, and your budget as effectively as possible.

Consider the following types of coverage and your own personal needs to determine what’s best for your home.

Dwelling Coverage

One of the most common features of homeowners insurance is dwelling coverage. Dwelling protection offers coverage for repairs and rebuilding of the structure of your home in case of damage by certain perils. While this kind of damage is often rare, repairs can be costly when disaster strikes. For example, the Insurance Institute reports that the average cost per claim for dwelling damage due to lightning strike was $7,947 in 2016.

Every plan is different, but some common perils that you’ll find on a homeowners insurance policy include:

• Lightning strikes
• Hail and windstorms
• Fire and smoke
• Snow, sleet, or ice
• Water damage from a sudden accidental cause

Dwelling protection also includes damage caused by others, both intentional and from certain cases of negligence. Your homeowners insurance coverage may include:

• Damage from a vehicle
• Theft
• Explosions
• Vandalism

What’s Not Usually Covered

While homeowners insurance is fairly comprehensive, there are some things that your policy likely won’t cover. Items that are usually not covered include:

• Water Damage from Floods
• Earthquakes
• Water Damage from Sewer Backups
• Water Damage from Ongoing Maintenance Issues
• Mold Damage
• Repairs due to Regular Wear and Tear

Floods, earthquakes, and sewer backups are rarely included in a standard insurance policy. Water damage is one area of coverage that causes the most confusion as there are many instances where it is not covered. For example, some insurance companies exclude it if a home is over a certain age or in specific situations. Damage from flooding can be costly so you should be careful to add additional coverage if you are concerned about the risk from flooding or leaks.

Your homeowners insurance also excludes damage that results from known maintenance issues with your home systems and appliances. If you neglect a home maintenance issue and it causes damage, you are not covered for the expense of repairs even when it is to the structure of your home. Keeping your home well-maintained addresses this issue. This is one of the reasons why we recommend a home warranty to supplement your insurance.

Coverage for Other Structures

Dwelling coverage also protects structures that are attached to your home. Common attached structures include:

• Deck
• Porch
• Attached Pool Enclosure
• Garage

Some policies also cover detached structures such as:

• Fences
• Garages
• Sheds

What’s Not Usually Covered

Standalone structures like sheds, fences, and garages may require separate coverage. In particular, if you have other buildings on your property like a pool house or cottage, make sure you’ve included this in your policy.

Personal Property or Contents Coverage

Homeowners insurance often covers select items inside your home in addition to the home itself. These items are covered when the loss occurs as the result of a peril that’s included on your plan. If your property is stolen or vandalized, your plan may cover it. Personal property that is often covered includes:

• Furniture
• Some Electronics
• Clothing
• Appliances

If your property loss is covered, you can get reimbursement in various forms. Actual cash value will reimburse you for the fair market value of the lost item. Replacement cost coverage will reimburse you for the approximate cost of replacing the lost item.

What’s Not Usually Covered

Check your homeowners insurance to determine if any important items are not covered. While most of the personal items in your home are included, there are typically limitations on luxury items like jewelry referred to as scheduled personal property. Some items that may require scheduled personal property coverage or business coverage include:

• Business electronics and tools
• Expensive Jewelry
• Coin Collections
• Antiques
• Guns
• Expensive Cameras

Home appliances are covered if the damage is the result of a sudden, unexpected event like a fire, robbery or other covered peril but if the appliance breaks or is damaged because of a maintenance issue, you are on your own. That is where a home warranty helps.

A home warranty is a great way to supplement your homeowners insurance because it makes it easy for you to get your important home systems and appliances repaired when they need it. A Choice Home Warranty can cover your heating, plumbing, and electrical systems as well as common appliances like your oven, range, stove, dishwasher, and garbage disposal. Quick repairs reduce the chances of damage that could result if, for example, your water heater breaks or your dishwasher starts leaking. Keeping up with maintenance issues means you are less likely to suffer costly damage that your homeowners insurance won’t cover.

Liability Coverage

Liability coverage deals with expenses associated with injuries on your property. If someone trips, falls, or sustains another type of injury while they’re in your home or on your lot, your homeowners insurance may cover the associated medical expenses. Your liability coverage may also include reimbursement for lost wages, pain and suffering, and legal expenses associated with the accident.

If you frequently have visitors and guests in your home, check your liability coverage to make sure it’s adequate for your needs. Having proper liability coverage on your homeowners insurance plan can save you major expenses down the road.

What’s Not Usually Covered

Liability coverage takes care of you if someone is accidentally injured but it usually does not cover intentional acts or business related activities. So, if a client is injured while visiting your home business, your insurance is unlikely to cover it. In general, homeowners liability insurance does not cover:

• Intentional Acts
• Accidents related to a home business
• Injuries from known aggressive pets

Every policy differs so you will want to evaluate your level of risk and make sure you have a policy that is likely to take care of you in case someone is injured on your property.

Specific Coverage

If you’re still wondering just what does homeowners insurance cover on your property, you should review your policy or contact your insurance provider to learn more. This handy guide (PDF) from the National Association of Insurance Commissioners also has some good information. You can tailor your coverage to include provisions for the risks you feel are most prominent on your property. If you have a number of mature trees near your home or you live in a hurricane zone, coverage for windstorm damage is important. If you have valuable personal property in your home, check to make sure you’re covered from theft.

The right homeowners insurance policy will give you peace of mind where you want it most. Supplementing your homeowners insurance with a home warranty plan for appliances and systems that aren’t in your insurance plan for comprehensive coverage will keep your home well maintained and protect you in nearly any instance.

Featured Image: “Damage after Hurricane Irene” (CC BY 2.0) by U. S. Fish and Wildlife Service – Northeast Region

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Homeowners’ insurance is necessary coverage for every home. But this necessary coverage can also be unnecessarily expensive if you’re not careful. Insurance rates can be influenced by a wide variety of factors, including your credit score, the local fire station, even the pool or trampoline in your back yard. And you could be paying too much for your homeowners’ insurance if you have factors that raise your insurance rates.

In this resource, you’ll learn everything you need to know about homeowners’ insurance rates. You’ll find out how much most homeowners pay for their insurance, common claims and how much they usually cost insurers, and how often homeowners submit claims. But more importantly, you can learn what insurers look at when determining your insurance rates, including factors that can raise your rates. Plus, you’ll find tips for what you can do to reduce the cost of your homeowners’ insurance rates.

Homeowners’ Insurance By the Numbers

Homeowners’ insurance is a $70 billion dollar premium industry in the United States. Nearly every American home has a homeowners’ insurance policy and most homeowners will pay about $1,000 per year for insurance coverage. Want to know more? Check out these statistics on homeowners’ insurance.

• Almost every home in America is insured. 95 percent of homes in the United States are insured. Mortgage companies typically require that homeowners maintain a quality home insurance policy for the life of the loan. (Enhance Insurance)
• On average, Americans pay $1,096 in annual homeowners’ insurance premiums. (Insurance Information Institute)
• Florida home owners pay the highest homeowners’ insurance premiums at an annual rate of $2,115. In fact, most of the Gulf Coast region pays higher homeowners’ insurance premiums than the rest of the country. Texas homeowners pay an average of $1,837 (ranked second), Louisiana homeowners pay an average of $1,822 (ranked third), and Mississippi homeowners pay an average of $1,395 (ranked fifth). (Insurance Information Institute)
• Homeowners in northern states and the Midwest tend to pay less for homeowners’ insurance. Idaho homeowners pay the lowest at $561, Oregon homeowners pay an average of $568, and Utah homeowners pay an average of $609. (Insurance Information Institute)
• Homeowners that live in an area with significant storms will pay more for home insurance. Areas with significant storm activity pay about 2 percent more on average for homeowners’ insurance. (Peachstate Insurance)
• Homeowners’ insurance rates typically go up each year. In recent years, they have increased by five percent or more. In 2012, rates increased 5.6 percent, while they went up 6 percent in 2013. (Insurance Information Institute)
• Even as rates go up, homeowners may not be paying enough. 64 percent of homes are underinsured. (Enhance Insurance)
• Most homeowners do not file a claim on homeowners’ insurance in any given year. In 2014, only 5.3 percent of insured homes had a claim. (Insurance Information Institute)
• Property damage is the most common type of claim, accounting for 97.3 percent of homeowners’ insurance claims in 2014. This figure includes theft. (Insurance Information Institute)
• Fire, lightning, and debris removal is the most severe claim, averaging $39,791 per claim. Bodily injury and property damage is the next most severe at $20,453 per claim. Wind and hail, water damage and freezing, and all other property damage are typically well under $10,000. (Insurance Information Institute)
• Wind and hail claims are the most often submitted claims with a frequency of 3.13. Water damage and freezing have a frequency of 1.86, and all other property damage has a frequency of .99. (Insurance Information Institute)
• About 2.1 million burglaries occur in the United States each year and 74.5 percent of them are residential. Burglaries typically have an average property loss of $2,230. (Ameriprise Financial)
• About one in 15 insured homes has a claim each year. (Insurance Information Institute)
• Lighting strikes are not as rare as you might think. About one in 265 homes has a property damage claim related to fire and lightning each year. (Insurance Information Institute)
• State Farm, Allstate, and Liberty Mutual are the top three writers of homeowners’ insurance by direct premiums written. Combined, these three insurance companies make up more than 35 percent of the market share. (Insurance Information Institute)
• Poisoning is by far the leading cause of unintentional injury death at home, making up 51.4 percent of claims. Falls (29.4 percent) and flames or smoke (3.5 percent) are the next highest. (Insurance Information Institute)
• Hail storm damage can reach up to $1 billion annually, though a particularly damaging Kansas City hail storm in 2001 caused $2 billion in damage. Homeowners who live in locations where hail storms and tornadoes are prevalent pay more for their home owners’ insurance coverage. In face, in Colorado, about half of homeowners’ insurance premiums go to coverage against hail and tornadoes. (Insurance QnA
• Most fire-related homeowners’ insurance claims start in the kitchen. Each year, an average of 154,7000 homes are damaged by fires using cooking equipment, adding up to $724 million in damages each year. (Insurance QnA
• Water leaks in homes account for about 23 percent of all property losses suffered by homeowners. Leaks and water damage are primarily caused by freezing pipes and plumbing failures. Up to 93 percent of damage caused by leaks could be avoided with a system in place to detect leaks. (Insurance QnA

How Insurers Determine How Much You Should Pay for Homeowners’ Insurance

When determining your rate for homeowners’ insurance, insurance companies look at a number of different factors that can indicate the potential for loss, cost to remedy losses, and more. These include:

• The size of your home, specifically square footage, as well as any additional structures such as a garage
• Home construction, materials, and home features including roof type
• Age of the home including the age of home systems including plumbing, HVAC, and electrical
• Number of people living in the home
• Location of the home factoring in the likelihood of damage due to a disaster such as hurricane, tornado, hail, wind, or wildfire
• Neighborhood crime rates
• Coverage level
• Replacement cost including local building cost
• Fire protection
• Pets

Factors That Can Increase Your Homeowners’ Insurance Rates

While basic factors look at pretty broad information, there are other factors that may seem insignificant, but can dramatically increase your homeowners’ insurance rates. And while something like the breed of your dog or the trampoline in your backyard may not seem like a factor that can make you pay more for homeowners’ insurance, they can be important.

Filing a Claim

It hardly sounds fair that you could be asked to pay more for your insurance simply for using it, but that’s the reality of homeowners’ insurance. Insurers know that policy holders who have made a claim in the past are likely to make another claim in the future.

A history of frequent insurance claims can raise your homeowners’ insurance premiums significantly. You may be subject to an increase or even a non-renewal or cancellation of your policy if your insurer determines that you represent too much of a risk.

This shouldn’t scare you off from filing an insurance claim if you truly need it. Dealing with $20,000 in hail damage is tough to swallow and you shouldn’t fear making a claim for major losses, especially if you rarely file claims at all and you’re an otherwise upstanding policy holder. But think twice about making multiple claims, especially small ones, within the same year or even few years. Insurers typically raise rates in policy holders with a history of frequent insurance claims, not those who infrequently make claims when it’s really worth it.

Calling About a Claim

Homeowners may not be surprised to find out that filing a claim can raise insurance rates. But even if you simply call and decide not to file a claim, your rates could go up.

Consider this situation: your home is damaged and you’re not sure whether it’s covered on your policy. You call your insurance company to find out, but decide not to file a claim because your coverage is lower than your deductible. You may consider the matter closed, but your insurance company does not.

The query is likely to be recorded with details of the damage, even if you make no claim. The damage will likely be reported to your Comprehensive Loss Underwriting Exchange (CLUE) report, which is similar to a credit report for insurance. Queries typically stay on your CLUE report for seven years.

While a single phone call should not cause a problem for your insurance rates and ability to obtain insurance, more than a few can be troublesome. If insurers see a number of queries on damages, you could face a higher premium at renewal or even a non-renewal of your policy.

Owning an Expensive Home

It should be no surprise that owning an expensive home will cost you more when it comes to homeowners’ insurance rates. Everything costs more in an expensive home, and that means insurers will have to pay more to repair or replace your home than they would a more modestly priced home. The more expensive a home is, the more it will cost to insure.

Your Credit Score

In most states, insurance companies are allowed to use your credit history when determining rates for homeowners’ insurance. Your credit score reflects your responsibility and how well you pay your bills. Insurance companies know there is a strong connection between people who responsibly pay their bills and those who make a claim. Typically, homeowners with a good credit score are less likely to make a claim, while a policyholder who is behind on bills may be more likely to file a claim. Homeowners with bad credit scores may pay rates that are double that of homeowners with good credit scores, so this factor can be significant.

The Age of Your Home and Materials

As your home gets older, particularly your roof, materials can become more susceptible to damage and deterioration. Newer homes are often easier to repair and less subject to damage. And new homes have newer systems, such as plumbing that’s less likely to break down and cause water damage. They may also be built to higher construction standards than older ones. Older homes may be more costly to repair not just because they’re more susceptible to damage, but because they may need to be repaired with materials that can be difficult to find. Insurers know that this may make replacement costs go up, so your homeowners’ insurance premiums will rise as well.

Home Remodeling

Improving your home adds to the value of your home. And when the value of your home increases, so does the cost to replace it. Homeowners’ insurance companies will take into account that after a major renovation project, it will be more expensive to rebuild your home to its current state in case of a loss. This can lead to an increase in your homeowner’s insurance premium, but your home won’t be underinsured.

Recreational Equipment

Owning a pool, treehouse, or trampoline is fun, but these pieces of recreational equipment can also be dangerous. You may be held liable if anyone is injured or dies while using the equipment on your property. Simply owning this equipment can make your homeowners’ insurance premiums increase.

Home-Based Businesses

Typically, homeowners’ insurance coverage is limited to personal property with very limited coverage for business equipment. If you work from home or have a business based out of your home, you may need additional coverage. And if you have customers come to your home to conduct business, you could have liability and property loss risks not covered by your home owners’ policy. This may require you to add an endorsement or separate business policy for your home.

Ownership of a Potentially Aggressive Dog

In the first half of 2012, one out of three homeowners’ insurance liability claims was for a dog bite. Due to rising medical costs related to the treatment of dog bites, the cost of this claim continues to rise. Insurance providers may hesitate to provide homeowners’ insurance coverage, or raise rates, for homeowners with dogs including wolf hybrids, huskies, malamutes, German shepherds, chows, rottweilers, and pit bulls. However, some states prohibit insurance companies from denying coverage based on the breed of pets.

Living Too Far from a Fire Station

Insurers want to know that if there’s a fire in your home, the fire department can get there quickly to put it out before your home becomes a total loss. If you live more than five miles from a fire station, you may be subject to higher homeowners’ insurance rates. Insurers also want to know how well your local fire department can handle emergencies, so they’ll look into whether you have a professional or volunteer department as well as fire district ratings when determining your homeowners’ insurance rate.

Owning a Vacation Home

Vacation homes are typically more expensive to insure. It hardly seems fair, but insurance companies know that if you’re not spending a lot of time in your home, you’re less likely to be able to spot problems before they become serious issues that would warrant a claim. Burglars are more likely to hit a mostly unoccupied vacation home, and water leaks may go unnoticed for weeks or months. If you’re renting your home out with a service like AirBnB, don’t plan on renting it out for more than 90 days a year. Once you cross that threshold, your vacation home is considered a business and you may not be covered for claims on the property under your personal homeowners’ insurance policy.

Neighborhood Crime

If you live in a high crime area, or your neighborhood has been recently targeted by burglars, your insurance company will probably be justifiably nervous about potential burglaries in your home. Property damage claims related to theft are one of the most common homeowners’ insurance claims, and if you show an increased risk of this claim, your rates will be increased accordingly.

Lapses in Policy

If you don’t renew your insurance coverage and let your policy lapse, insurers could see that as a sign of risk and subsequently charge you more for your homeowners’ insurance premiums. It’s a good idea to pay your premiums on time and keep your insurance coverage current.

How to Reduce Your Homeowners’ Insurance Rates

While some factors that raise your homeowners’ insurance rates are beyond your control, like burglaries in your neighborhood, or the age of your home, there are some factors where you can make smart changes to save on your rates. If you’re looking for ways to reduce your homeowners’ insurance premiums, try out these tips.

• Maintain a good credit rating: Insurance companies typically use credit information when determining rates for homeowners’ insurance. If you have a poor credit rating, you could end up paying more for your homeowners’ insurance. Protect your credit by paying bills on time, only using the credit you need, and keeping balances low. It’s a good idea to regularly check your credit report to identify problems and report any inaccuracies that may be taken into account with insurers.
• Don’t file small claims: Homeowners’ insurance is for major incidents, not wear and tear. If your deductible is $500, don’t bother filing a claim or even calling about $750 in property damage. It’s just not worth the potential increase in rates. Save your claims for when you really need them, like a hail storm that takes out your brand new roof.
• Make your home as fireproof as possible: Add a fire sprinkler and fire alarm to your home and be sure to keep a fire extinguisher handy. It also helps if you live near a fire station, and it’s best if the fire service is professional rather than volunteer staffed.
• Install disaster-resistance measures: Installing storm shutters, retrofitting your home for an earthquake, or buying stronger roofing materials can better prepare your home to stand up against serious disasters. Some insurance companies will lower your premiums if you make these improvements to your home and lower their risk.
• Get a home security system: Burglaries and fires make up a significant portion of claims home insurance companies have to pay out every year, so if you take steps to mitigate losses from fire or burglary, you may be rewarded with a significant discount. Using a burglar alarm, smoke detector, or dead bolt locks can result in a discount of up to 20 percent on your homeowners’ insurance premiums. Additional discounts may be available for homes with an alarm that is connected to police, fire, or other monitoring stations.
• Ask about special discounts: Homeowners’ insurance companies may have discounts available that you’re not aware of, such as special rates for retirees of employees of certain companies.
• Update your home’s systems: Older homes are often charged more for homeowners’ insurance because their systems are more likely to break down and cause a problem, such as a roof that is significantly damaged during a hail storm, or old pipes that burst and flood your home with water. If you update systems including your air conditioning, plumbing, electrical, and roof, be sure to tell your insurance company, as you may get a break on your homeowners’ insurance rates.
• Get a security inspection: Many insurers will offer you a discount if you work with your local police department or constable to make security improvements to your home. An officer can come out to your home, inspect it, and make recommendations for improving your security. You can then make those changes and get another inspection and submit the report to your insurer for a discount.
• Carry a higher deductible: Homeowners’ insurance is really just for significant losses, even disasters. That means you probably shouldn’t go through your insurance company to handle a $500 window fix, for example. But a major leak that causes $10,000 or more in damage is worth a claim. If you’re able to raise your deductible to $1,000 or higher, you will typically save on your monthly homeowners’ insurance premium. And you’ll also be less tempted to file small claims that could put you at risk of a higher premium in the future.
• Stay current on premiums: Pay your premiums on time and maintain continuous coverage, avoiding lapses in coverage, to indicate to insurers that you’re a responsible homeowner.
• Shop around annually: When it’s time to renew your policy, consider your coverage, property value, and current situation. It’s a good idea to make sure you have the right amount of coverage. And by shopping around and asking for quotes from multiple insurance companies, you could save significantly on your premiums. Be sure to compare apples to apples, looking at the same coverage and deductible levels. And don’t forget to ask about multi-policy discounts and other ways they can help you lower your premiums for homeowners’ insurance.
• Investigate prior losses before you buy a home: If you’re in the process of purchasing a home, you should know that claims made before you buy the home can influence your rates. A home with multiple claims within a few years may be labeled as risky regardless of who is living in it. And if there are unresolved issues, you could be stuck paying higher rates. When buying a home, ask for a copy of the home’s loss history report with disclosure statements to get a record of the claims filed within the past five years.
• Talk directly to an agent: It’s convenient to apply for coverage online, but an insurance agent can really help you get the best deal. Speak with a licensed insurance agent to discuss your needs. They can help you get the right amount of protection and even identify discounts that you might not have been aware of otherwise. You can also talk to them about potential scenarios you want to investigate, like how much you might save if you update aging home systems like a roof that’s more than 15 years old.
• Take advantage of multi-policy discounts: While it’s a good idea to shop around for the best rate on your homeowners’ insurance policy, keep in mind that it can pay to combine your auto and home insurance, even life insurance. Most companies will take up to 15 percent off of your premium for buying two or more policies from them. Of course, you should make sure that the combined price of your policies including discounts will be lower than getting each coverage from separate companies.
• Maintain your policy: Insurance companies love loyal customers and often reward long-term policy holders with a reduction in premiums. Loyalty discounts typically kick in around three years and may increase after six years or more.
• Complete a home inventory: While a home inventory may not help you save on home owners’ insurance premiums, it can help you to more accurately recover losses. Only about 50 percent of home owners have prepared an inventory of their possessions to document losses. Your home inventory should include a list of your belongings along with video or photo evidence. Record model or serial numbers, keep receipts for purchases of value, and remember to record upgrades to your home as well.

Photo by Flickr user statefarm

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