Home Insurance Savings & More

Homeowners Insurance

When shopping for home insurance, you may be looking for not just one type of coverage; Homeowners Insurance, Landlord Insurance, Renters Insurance, Townhome Insurance and Condo Insurance. To further complicate the variety of home insurance, the mortgage industry refers to them all as ‘Hazard Insurance’. The bottom line is you need insurance to protect you from financial loss.

Different Types of Home Insurance

Homeowners Policies are for people who own and reside in their own home; it could be a house, a townhome or a condominium. Everyone who owns a home should have homeowners insurance; however, if you have a mortgage, you will be required to provide homeowners insurance to protect the bank from its investment in your property.

The most typical Homeowners Insurance policy will cover both the outside of the home and your personal contents; it will most likely include coverage against Wind and Hail (excluded in some regions), it will cover losses caused by Fire, Smoke, Explosion, and Vandalism, but it will exclude coverage for damage caused by Flood and Earthquake. Since each region has variations of coverage and policies are governed separately by each State, it is important to fully review the coverage prior to purchasing it to make sure that your needs are covered.

A Renters Insurance Policy will provide Personal Contents Coverage and Personal Liability Coverage.  Even though your landlord will have insurance for the home, apartment or building, a renter will be required to buy his/her own insurance to cover their personal interest.  A professional landlord will always require Renters Insurance and will ask to have their name listed as the Additional Insured on the policy; this is a good practice and will be helpful in the event of a claim.  For instance, if there is a Fire or perhaps Water Damage in the home,  the Tenant’s personal property would be covered by the Renters Insurance Policy.  On the other hand, if the tenant causes damage to the property,  the landlord would contact the tenant’s Renters Insurance Company and file a Liability Claim to repair the damage caused by the renter.

Home insurance quotes vary greatly in price, the premium is calculated by carriers based on level of risk; thus homeowners insurance in Oregon will not generate the same premium as homeowners insurance in Florida or Louisiana.  HDA Insurance can provide the best policy options conveniently for your insurance; we are not only online but are available to discuss your risk and help guide you to the best option.

HDA Insurance provides a number of different credits for home insurance policies;  these all depend on the State as each Department of Insurance has different guidelines for the application and approval of credits by insurance companies.   The following are a few:

• Protective Device – Credit for Smoke Detectors, Deadbolts, Fire Extinguishers, Fire Alarms, Burglar Alarms, Fire Sprinkler System and other qualifying devices.
• Claims Free – Lower premium on home insurance if you have been and will remain claims free.
• Home Renovation Credit – Typically for slightly older homes, a discount may be available for renovating the home’s plumbing, heating, cooling, roofing and electrical system.
• Type of Roof – Different types of roofs may greatly change the level of risk (Composition, Tile, Metal, etc.)
• Home Purchase – A recent home purchase may allow a one time Newly Purchased Home credit.
• Loyalty Credit – In some states, insurance companies will extend a credit to customers who have been loyal to their insurance company for a number of years.
• Gated Community – This credit is extended for homes located in a secured community by guards and/or electronical gate systems.

At HDA Insurance, we offer a large variety of insurance policies to ensure you safeguard your home from the perils that may impact you most.   We offer a completely online self-service FREE Quote system but we do remain at your service should you need to consult with a professional regarding protecting your home from any concerns you may have.