Buying your first residential property is exciting! However, it’s important to remember to protect your new asset with adequate insurance coverage. Everett Insurance Group offers homeowner’s insurance for first-time buyers in Las Vegas, NV. Here are some facts we think you should know before signing up for coverage.
Buy multiple policies from the same agent. When you bundle your auto insurance, business policies, life insurance, and homeowner’s coverage with one agency, you can realize significant savings on your overall premium payments.
Know your financial situation before choosing a deductible. Higher deductibles mean lower premium payments. However, if you don’t have enough savings to cover a big emergency, it’s best to opt for a lower deductible plan.
Nevada law does not require you to purchase or maintain an active homeowner’s insurance policy. However, your mortgage lender might. Talk to your lender to ensure your policy contains all the necessary elements to satisfy your loan requirements.
Even if your banking institution doesn’t require coverage, it’s essential to sign up for homeowner’s coverage as soon as possible after the purchase. Very few people are financially equipped to absorb the financial damage that comes with a significant catastrophe to their residential property.
Have your home professionally assessed. Ask the assessor what risks your particular property may be privy to. Take that information to your insurance agent to help build a policy that is specifically suited to your property.
In Nevada, flood protection is always excluded from homeowner’s policies. Talk to your agent to find other solutions, if flooding concerns you.
The experts at Everett Insurance Group are here to guide you through the process of insuring your Las Vegas, NV area home. Contact them to start customizing your property coverage today.
If you are a new or potential homeowner, you must have come across the term Hazard Insurance from your real estate agent or mortgage company. This must be confusing as you are probably more familiar with homeowners insurance. The question that must be running through your head is “do I need to get a separate hazard insurance policy from the standard homeowners’ insurance?” The answer is no! Though technically different, almost all homeowner insurance policies have hazard insurance embedded in them. So, what then is Hazard insurance and why do you need it?
Hazard insurance is designed to protect the homeowner against structural damages caused by natural disaster. These occurrences are known in the insurance world as “hazards” hence the term hazard insurance. Hazard insurance covers only damages that occur from natural perils that affects the actual structure of your home and not your personal belongings in your home. The common perils covered under hazard insurance includes, floods, hurricanes, tornado, hail, and smoke. As a homeowner, you want to protect your building from damages and ensure that when these incidents happen you don’t pay out of pocket. For real estate agents and mortgage companies, their primary focus is on the structure of your building and not the content of it hence the term hazard insurance used more frequently in that industry. Under the hazard insurance, if a flood or tornado blows through your home, the policy will help with the repair or rebuilding costs.
Homeowners insurance, on the other hand, takes care of the structural damages as well as loss to personal property in the home. This policy protects you financially from various types of damage which are usually specified in your policy, as well as theft. Homeowners insurance also covers medical bills if someone is injured at your house and any legal costs if they decide to sue you, in addition to damage caused by fire, windstorms, hail, vandalism, and lightning.
The good news is, you do not need a separate hazard policy. In short, there is no insurance policy sold that is labeled “hazard” alone. Your homeowners’ policy already covers that. The only difference is some mortgage companies will ask you to add specific hazards to your policy based on the location of your home or property. For instance, if you live in an area that is plagued constantly with tornados, chances are your mortgage lender will require you to have tornado coverage on your home.
Remember whenever you are in doubt about your policy, talk
to your agent for clarification.
Las Vegas, NV is a nice place to live, but what happens to your homeowners’ insurance policy when you decide to move? Everett Insurance Group helps our Nevada clients analyze their insurance policy before they move and can help you determine whether or not you need a new insurance policy.
It is not possible to transfer your existing policy to your new home because it may not be exactly the same. Some insurance companies offer a refund for a percentage or all of the unused time. Some charge a certain percentage to amend your policy. You need to provide your insurer with details about your new home and the address. They will then use the information to calculate your new premium rates. You may choose to cancel the policy completely and find a new policy to suit your new needs. Everett Insurance Group helps to write personalized insurance quotes for our clients in Las Vegas, NV and throughout the state.
Insurance Coverage When Moving In With Someone
When moving in with someone else, regardless of your relationship with them, you still need homeowners’ insurance coverage to protect your personal property from perils such as theft and fires. You also need liability coverage to protect you if someone gets injured while at your property. The only time you may not need to get your own homeowner’s insurance policy is if you are getting married.
Does Homeowners Insurance Cover Damage When Moving?
Like with all insurance coverage options, you will only be compensated for losses covered by insured perils. If, for example, you are insured for property loss by theft and your moving truck gets robbed, then you will be insured. If, however, the damage is caused by uncovered risks, then you will not be compensated.
Visit our office today or contact us at (702) 623-4500 to discuss a new quote for your home in Las Vegas, NV, or the greater Southern Nevada area.