Homeowners Insurance 101

Brian and Bo cover homeowners insurance in this week’s podcast. The topic surfaced after Brian had a pipe burst in his home, and experienced significant water damage. The guys give you a rundown of what to expect during an insurance claim as well as the ins and outs of your homeowners insurance policy.

This show is a must listen if you have a homeowners policy. The key is to know what is and what is not covered under your policy.  We also include information about how insurance companies determine your premiums and give you ways to get discounts on your home and auto coverage. Shopping insurance rates from time to time is a great way to negotiate with your provider. Bundling your policies is also a great way to get better rates.  Make sure you know what your insurance will cover and what will be provided in terms of replacement costs (if you wreck your car does your insurance replace it with a car of equal value,  the same model, a year newer than yours, or a brand new car?). We also like to see individuals, especially high net-worth and big income earners, carry an additional umbrella policy.

The last part of the podcast covers what you should do, in the unfortunate event that you have to file a claim:

• Don’t wait! File the claim as soon as possible and take measures to stop any further damage to the property.
• Once you have a case number be proactive and start making calls to line up adjustors and estimates for repairs.
• Don’t begin repairs until the adjustor takes a look to check the damage.
• Take pictures of damage.  We also recommend taking pictures of your home now, before any damage, so that you have a record of your property and contents.
• Always write down the time, date, and name of who you spoke with when arranging the repairs and speaking with adjustors.
• Try to be very detailed when thinking about the repairs and what may be needed.