Homeowners Insurance

Overview of Homeowners Insurance in Medford, OR

You may think an accident, storm, theft or fire will never happen at your house in Medford, OR. Unfortunately, sometimes the unthinkable does take place, and you are going to want to have homeowners insurance for protection. Our home insurance agency can help!

Is Home Owners Insurance Necessary?

Yes, definitely. Not just for you, but usually your mortgage lender requires it as well. Before considering that, let us review what is provided by the typical homeowners insurance policy.

Five Tips to Get You Started:

Homeowners insurance can be very complicated, particularly when a vacation home is added into the mix. Our agents at Insurance Lounge, are happy to explain everything about homeowners insurance that you need to know. Here are five tips to get you started.

  • The coverage: Homeowners insurance usually insures you for as much as 80 percent of the value of your home. You might choose to buy an additional rider to cover the rest of the percentage. You can also raise the deductible amount to help offset the premium.

 

  • Factors to consider: There are many factors that go into determining insurance premiums for vacation houses and residential homes. It begins with determining a house’s worth, building material, age, distance to fire station, as well as the general location.

 

  • Homeowners insurance and title insurance are two separate things. You need to have both of them. Title insurance involves making sure you have a valid title on your house, and that it doesn’t have any encumbrances or defects. Homeowners insurance covers property, personal possessions and also liabilities when there are guests on the property.

 

  • Consider extra protection: you might want to supplement the homeowners insurance that you have with riders if necessary for extra possessions. These might include very valuable items like watercraft, jewelry and other kinds of recreational vehicles that are stored at your house in addition to other properties like vacation and rental houses.

 

  • What your neighbor’s insurance can cover: Expenses that involve items on your neighbor’s property causing damage to your property should be covered by their homeowners insurance policy. For example, if a neighbor’s tree falls onto your fence, you’ll be able to file a claim with the neighbor’s home insurance company.

 

Knowing how much homeowners insurance you need is important. Insurance Lounge is available to help you figure out the appropriate insurance coverage for you by comparing rates over numerous providers. Contact our Medford insurance agency for a free home insurance quote!

What Is Included In Homeowners Insurance Policies?

Homeowners insurance offers coverages for your home, personal belongings, additional living expenses and liability protection.

The Structure of The House Is Covered

Homeowners insurance will pay to have your house and other structures rebuilt or repaired due to damages covered by the policy which usually include theft, storms, fires and other kinds of natural disasters.

When deciding how much coverage to get, be sure it is sufficient for completely rebuilding your home in Medford, OR if necessary. For an approximate amount, get quotes from local real estate agents or local builders. Damages might be covered at either replacement or cash value. With cash value you are paid the current value of the property with depreciation. Replacement value will pay you to replace your lost property.

Personal Belongings That Might Have To Be Replaced

Clothes, furniture and other contents from your house that are either stolen or destroyed by an event that is insured are all covered by the homeowners insurance policy. You can also get off-premises coverage meaning your items are covered no matter where they are in the event they are damaged or lost.

It is helpful to photograph or make a video of the contents of your house. If it becomes necessary to submit a claim, this is a very convenient way to prove and remember the items that are missing.

Liability Coverage Is Absolutely Necessary

The liability component of your home insurance policy provides coverage for your legal responsibility of any injuries that others incur while on your property. Liability insurance doesn’t just cover your premises. For example, if your neighbor is bitten by your dog while you are out walking, your homeowners insurance policy likely will cover you.

Additional Paid Living Expenses

If you can’t live in your house due to a fire or some other type of insured event, your homeowners insurance might offer other living expenses as well, including meals and hotel, up to a specific limit that is specified on the policy.

What Is Not Covered

Homeowners insurance policies do have limits. Your home’s normal wear and tear, along with damaged caused by earthquakes and floods are not covered. Make sure to review your policy carefully so that you know what is covered and what isn’t.

Mortgage Lenders Requirements

Homeowners insurance is required by mortgage lenders to offer them protection. If anything happens to your house, there needs to be a means for covering this big financial loss. Often lenders will require you to purchase a minimal amount at least. The minimum is usually equal to your mortgage. Taking into account your belongings and house, you will probably want to get more protection that the minimum.

Insurance Lounge in Medford, OR Can Help

Don’t leave it to chance. Protect one of your biggest assets: your home. Contact our home insurance agency in Medford, OR for a free home insurance quote. We compare rates over numerous providers and help you decide on a coverage amount that is right for you and your home.