Homeowners Insurance – What Consumers must know!

Unexpected incidents and losses can happen at any time; it is essential for homeowners to assure they understand their home insurance options.    We are fortunate to have a competitive home insurance market to offer a variety of insurance options; it is up to the consumer to purchase the policy that best meets his/her needs.

 

It is best to get references and speak with friends and relatives about insurance experiences before coming to any decision.  In the digital world, many consumers prefer to  DIY ‘do it yourself’;  in this case,  the Department of Insurance in each State has a website dedicated to consumers where forms and options can be researched easily.

 

The most common policy form for Homeowners Insurance is the Form HO-3 which is also known as the Special Form Policy.    This form will cover the home for all risks of physical loss except those specifically excluded in the policy, such as flood, earthquake, war, nuclear accident, etc…

 

If the homeowner has a mortgage,  the mortgage company will require a Mortgagee Clause (endorsement) to be included on the policy listing the lender as such.  There is usually no charge for including a mortgage loss payee clause on a homeowners policy and a copy of all documents will be automatically forwarded to the lender as long as they are listed.

 

Since consumers are increasingly wishing to handle business online, we have devised an online platform available  to obtain a quote and buy home insurance online in multiple States; it may be used by Escrow Professionals, Mortgage Professionals and directly by Consumers. This technology provides an exemplary online experience for all!   http://bit.ly/1954BTO

 

It is important to contact a licensed professional to assure that any unanswered questions are satisfied.