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Is A Home Inspection Required For Getting A Homeowner’s Insurance Policy?

In general, insurance agents advise people that it’s a good idea to get as much homeowners insurance coverage as possible in order to cover the replacement of their property. On top of that there are also many insurance companies out there that require people to have their home professionally inspected before they can purchase coverage from them.

Coverage

The majority of homeowners insurance policies offer repair or replacement coverage for your property and any structure that’s attached to it. In case your property gets damaged and you need to move out during the repair/renovation process, some policies may pay for your temporary living expenses. It’s also common for some policies to provide coverage for personal property located in your home.

When it comes to coverage for personal property or buildings, the insurer will pay for the replacement costs or cash value of the damaged property. Also, if you become liable for the results of injuries or maybe accidents that have been caused to other people on your property, some policies can take care of the costs.

Qualifying for Insurance

Each insurer has their own guidelines that help them determine the risks associated with insuring properties and they’re also very useful when it comes to declining or accepting someone’s homeowners insurance application. Therefore, if the company deems a certain applicant to be high risk, they’ll either decline him or establish higher monthly premiums.

Homeowner’s Insurance Application

The application process varies from one insurer to the other and some of them may require applicants to provide pictures of their property, the structures attached to it and their current address. There are also many insurers that will send a home inspector to the applicant’s home in order to inspect it. This way, the insurance company can assess the risks of insuring that property.

Premium Amounts

Based on the condition of your property and also its age, you may be charged different premium amounts. There are, of course, various factors that influence the amount of your premium, including the contents of your home and certain aspects of it. Lastly, they’ll take a look at your credit history and (if applicable) your previous insurance claims. If everything looks good, then they’re most likely going to insure your property.

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Welcome to the Coastal Insurance Video Library. Here you will find helpful video’s explaining everything from, how to save money on Homeowners Insurance to an easy explanation of Flood Insurance. Call today (631-782-3175) to speak with one of our underwriting experts.  Fast Quotes, A.M. Best Rates & Free Advice.

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