Beaufort South Carolina Home Insurance

Q: What is Homeowners Insurance?
A: Homeowners insurance is an insurance policy that protects your Beaufort South Carolina home financially in the event of a disaster or accident that may occur on your property and in your home. Fires, hurricanes, wind damage... While nobody plans on losing their home to any of these unforeseen events, it unfortunately happens every day. Ask yourself: If your home was ever destroyed because of a fire, wind damage or hail, for example, how would you pay to rebuild your home? That's where your homeowners insurance comes in. Homeowners insurance protects the investment you have made in your home by providing you with coverage for specific hazards. But your home insurance doesn't stop there. In the event that someone was filing a lawsuit against you for accidental damage you caused to their property, how would you pay for the costly legal fees? Standard homeowners insurance also contains a liability portion that protects you and your family against lawsuits where another party finds you liable for damage to their property or person. Q: Can I own a home without homeowners insurance?
A: Unlike auto insurance, home insurance is not required unless you have a mortgage and owe money on your home. Beaufort South Carolina Home insurance is never required by law, however, the financial institution that holds your mortgage will most likely require your home to be insured for at least the amount of your loan. Lenders require home insurance to protect their investment in case of a disaster that destroys or damages your home. While home insurance may not be required by a lender, it is recommended that every home owner insure their home and belongings to protect against a loss. The same holds true for flood and earthquake insurance. If you live in a flood zone or an area that is subject to a high number of earth quakes, your lender may require you to hold earthquake or flood insurance. If you own a condo, apartment or townhome, the homeowners' board may require you to purchase a special policy to cover the common, shared areas of the building.

Q: How much does Beaufort South Carolina home insurance cost?
There are a great deal of factors that determine how much you will pay for homeowners insurance. Some of the factors you may have control over, others- you may not. However, it is always a good idea to be aware of what affects your rate and how you may be able to improve it. Your Dwelling Coverage: Dwelling coverage is the amount of coverage you have to replace the structure of your home in the event of a loss. Your dwelling coverage is calculated by multiplying your home's square footage by your local building costs. Local building costs vary from region to region, however, you can get an estimate of your dwelling cost and local building costs by using our home insurance calculator. Other Coverages: Aside from your dwelling coverage, there are other coverages included in your homeowners policy that may affect how much you pay. Contents coverage, other structures coverage and loss of use coverage are all typically set as a standard percentage of your dwelling coverage and can not be altered. However, Your Personal Liability and MedPay coverages offer some options for you as a homeowner. Personal liability limits, for example, can be increased to suit your needs. A standard homeowners policy would include a $100,000 personal liability limit. If you increased this limit to $500,000 or $1 million, you may see your rate increase. Some homeowners add endorsement to their policy to increase coverage for a specific item in their home such as fine jewelry, collectibles, etc. These endorsements may increase your monthly premium as well. Home Construction: Some types of homes have been proven to be more able to withstand wind, hail and other perils making them less expensive to insure than others. For example, owners of brick homes will typically see a slightly lower homeowners insurance rate than a wood-home owner with a comparable policy. Also, the age of your home will affect your rate. Older homes, especially those with original electrical, plumbing and heating systems, are at more of a risk for loss. For this reason, homeowners with older Beaufort South Carolina homes might see a slightly higher rate than others. Q: How do I take a home inventory?
A: A home inventory may not seem like a high priority on your list of things to keep up with as a homeowner, however, in the event that these items were destroyed in a fire or other peril, this list will be your greatest asset. A home inventory is simply a list of all of the possessions you have accumulated over the years. This inventory will not only help you determine how much insurance you need, it will also help your claims get settled faster in the event of a loss of your Beaufort South Carolina home. When taking an inventory of your home, be sure to include everything except vehicles, animals and items that are insured under other policies. It is important to keep this document in a safe place outside of your home- such as in a safe deposit box or at a relative's house.

Q: When should I review my home insurance policy?
It is always important to know what your home insurance policy covers. Here are four events that could and should trigger a review of your homeowner's policy.

1. When the homeowners policy comes up for renewal. While it is tempting to pay the renewal immediately, this is a perfect time to review your homeowners policy and contact your insurance agent with any pertinent questions. Some examples of these home insurance renewal questions include:
Does my Beaufort South Carolina homeowners policy include separate deductibles for certain risks?
Do I need to increase coverage for liability or structure reasons?
Can I raise my deductible to save money?
Should I begin to comparison shop with other providers?
Have I adequately insured all of my personal possessions?
Has my Beaufort South Carolina home insurance provider made any changes to my coverage?
Should I comparison-shop for a cheaper rate?
Am I receiving any and all discounts available to me?

2. When you make major purchases or alterations to the home. Building that deck? Got that big screen TV? Great, now call your home insurance agent. Making new purchases or adding improvements to your house is usually a great time to look at your home insurance policy. A perfect example of major improvements includes adding or expanding a room, such as a kitchen or bathroom. Additionally, if you or a member of your family has received an expensive gift, such as artwork, a computer or even an engagement ring, talk to your agent about either increasing the amount of insurance you have for your personal possessions or purchasing a floater/endorsement for these items.

3. When you've made your house safer. Installed a fire or burglary system in your home? Call your home insurance agent immediately, as you may qualify for a new discount. Other examples include upgrading your heating, plumbing or electrical systems, just let your home insurance agency know.

4. When someone moves out, or in. Obviously, when a marriage or divorce occurs, your homeowners insurance is affected, as these people take their belongings with them. However, other circumstances may also affect your homeowners insurance, such as when post-college children return home. And you may need additional coverage if there is a sizable increase in the value of the belongings in your home, such as an increase in computers.