Homeowners insurance FAQ are designed to allow consumers to quickly and easily find the answers to the questions they have about this form of protection. FAQ or frequently asked questions are the queries common to others; however the one homeowners insurance FAQ that everyone has, that is not addressed below, is price.
Since there are so many variables involved, it is impossible to give a standard response. So to get the answer to your top homeowners insurance FAQ – How much does it cost? – click on the quote tool above and you’ll have your own custom response in no time.
How Can I Get Flood Insurance When It Is Always Excluded From Homeowners Insurance Policies?
The government has put in place a guaranteed flood insurance program, called the National Flood Insurance Program, which is extremely important in areas that are susceptible to flooding. However, homeowners insurance providers usually provide it also, and at a better price. So when you start looking for flood insurance, your best bet is to start with your own homeowners insurance company. Remember though, flood insurance is always subject to a 30-day waiting period.
Do I Have To Have Homeowners Insurance?
If you have a mortgage on your home, the lender will require you to carry homeowners insurance to protect its investment. If not, you are not required to have insurance, though it is highly recommended.
Homeowners insurance is more than just coverage in case of fire, theft or storm damage. It provides financial protection in case of lawsuits arising from injuries on your property. It pays living expenses in case of claims until your home is habitable again. Choosing not to carry homeowners insurance is a financial risk that may not be worth taking.
Where Do I Find Homeowners Insurance When No One Will Insure Me?
If you are considered high risk, it may be very hard to get homeowners insurance. There are many situations that may make you be considered high risk: bad credit, having been without insurance for a period of time, your home being older or not up to building codes, living in a particularly risky area and more.
When you are in that situation, there is still hope. State governments put high-risk pools in place so that homeowners, who are unable to find insurance through the regular channels, can still get coverage. More information is available from your state’s department of insurance.
There is also dwelling insurance, which has limited coverage with high deductibles, but is still usually sufficient for mortgage lenders and peace of mind.
Once you have reviewed the homeowners insurance FAQ and the other information on this site, you are ready to get quotes from a variety of companies, so you can compare and contrast their premiums and coverage. Go back to the top of this page; put your zip code into our free online quote tool and in no time you’ll be on your way to having multiple quotes from leading insurers serving your area.