Homeowners Insurance Archives

Tornadoes can strike in seconds. Are you ready?

Tornado season is upon us and could bring more storms in the months ahead. In fact, the U.S. experiences the most tornadoes of anywhere in the world.1 Last year alone 1,197 tornadoes tore through the country, costing over $1 billion in property damage.2 While we can’t prevent tornadoes, we can help you craft a safety plan and prepare. Before a Tornado Designate a Shelter The best shelters are sturdy, windowless spaces with room for you, your family, and pets. A basement is ideal, though any low‑level, windowless room works, including closets, hallways, interior stairwells, or a bathtub if you have a heavy blanket or mattress as cover. Food and Water for 72 hours, such as canned soup, granola bars, or shelf‑stable goods, plus a can opener Whistle or horn to attract attention should you become trapped Battery or generator‑powered lights to conserve mobile phone power First aid kit that includes bandages, antiseptic, and essential medicines Battery or crank radio because cell towers may be down Important documents, including copies of your ID, insurance information, Social Security cards, a small amount of cash, and other legal documents, such as wills Extra pet food if needed During a Tornado Know the signs of a tornado: • Dark green or sickly‑looking sky • Large hail • Low clouds, especially if they’re rotating • A roar often compared to a train whistle If you hear or see these signs, or there’s a local tornado warning, shelter with family and pets.… Read More

I Want to Rent Out My Home. What Do I Need to Do?

Renting is on the rise, and many homeowners are deciding to rent out their old homes rather than sell them. If you fall into that camp, you’ll want to talk to us about changing your current homeowners insurance policy to a rental policy. Your insurance A rental policy will protect your home’s structure and a small amount of furnishings in your home. (If you are renting your home furnished, you can add additional coverage for extra furnishings.) So you’d have coverage for your home if lightening ruined its roof or if a visitor slipped and fell on an icy stoop. Another important benefit is fair rental value. In the event that your home suffers a loss that is covered and your tenant can’t live in your unit until repairs are made, your policy can provide up to 12 months of fair rental value. This means you won’t lose out on the rental income you may rely on each month.… Read More

The Ultimate Guide to Fire Extinguishers

After a close call in my apartment–who knew olive oil is bad for high-heat cooking? – it dawned on me that I had never used a fire extinguisher. I’m no fire chief, but learning on the fly while your smoke detector is blaring seems like the wrong time to figure that out. Fortunately, I removed my smoking pan from the heat before anything could ignite—but the experience left me reeling. Don’t wait until the heat of the moment to wonder about fire extinguishers. Here’s what smart homeowners (and renters) need to know. Do I need a fire extinguisher? Short answer: Yes. It’s a good idea to have at least one, although many experts, like the National Fire Protection Association, recommend having a fire extinguisher on each floor. Place yours near an exit, in an easy-to-grab spot. A fire extinguisher can make a big difference in an emergency, but it can’t replace your most important safety tools: working smoke alarms and a fire escape plan.… Read More

Why Is My Home Insured for More Than I Could Sell It For?

While the market value of your home is commonly based on tax assessment records, real estate appraisals or the recent selling prices of similar homes in your neighborhood, your homeowners insurance limit is based on what it would cost to replace your home if it was completely destroyed. This is frequently a different figure from what your home could fetch on the open market. Erie Insurance uses a program called Home Cost Estimator to determine how much it would cost to rebuild a house from the ground up. “The estimator uses information about a dwelling’s characteristics to determine the estimated replacement cost,” says Terry McConnell,vice president, Personal Lines Underwriting, at Erie Insurance. “The information is pulled from several sources to come up with a very close approximation of what it would cost to reconstruct a house.” Factors affecting a home’s reconstruction value Many different factors affect how much it would cost to reconstruct a home.… Read More

How to Insure Fine Art

Most of us will never own a Picasso or a Rembrandt. But we may own (or someday own) a pricey piece of art. And that brings up the issue of how to insure fine art. When you think of separately insuring a pricey item, many people think of engagement rings and other kinds of jewelry. But extra coverage can also come in handy for anything from a valuable stamp collection to an expensive fur to—you guessed it—fine art. Typically, your art coverage is included in your personal property limit on your homeowners policy or renters policy. That should be sufficient for the vast majority of people who own fine art. Yet maybe you inherited or bought a piece by a real master. If that’s the case, you’ll want to consider a separate endorsement for your fine art. Even if your fine art is covered under your homeowners or renters policy, you may still want to endorse it under your policy.… Read More

What is the City Responsible For?

When things go wrong inside your house, you know the burden’s on you (or your homeowners insurance) to get things fixed. Things can get a little confusing when something is kind of yours and kind of your city’s responsibility. Who pays then? While there’s usually no clear-cut answer, the following information can give you some clarity around the issue. Trees Trees cause more than $1 billion of property damage in the United States every year. Who pays for that damage can be tricky. And that’s true whether your neighbor’s tree falls in your yard or a tree straddles the line between your property and your city’s property. If a tree is located between your street and your sidewalk, it is typically owned by the city. So it would probably be your city’s responsibility to remove it if it fell or became damaged. Many cities have an arborist on staff who can let you know for sure.… Read More

What Happens If My Neighbor’s Tree Falls in My Yard?

Trees can be tricky, but for the most part homeowners, building owners and landlords are responsible for what falls into their own yard. So if your neighbor’s tree falls in your yard, your homeowners insurance would typically help cover the cost of removing the tree and remedying the damage it caused, after your deductible. The same is true in reverse: If a tree on your property falls in your neighbor’s yard, your neighbor should file a claim with his or her insurance company. In most cases, neighbors are able to work things out without too much trouble. If there’s ever an issue, you can rely on your claims adjuster to help straighten everything out. The claims process If a tree falls on your house, make sure to take some photos. Then call your claims adjuster, who will evaluate the damage and explain how your homeowners coverage comes into play. It’s recommended that you call your claims adjuster before you contract to have the tree removed.… Read More

Keep Loved Ones Safe With These Pool Tips

Many Americans retreat to swimming pools throughout the summer to escape the blistering heat. For some, a pool party complete with drinks, grilled food, and music is an essential part of a perfect summer day. While swimming pools are great for bringing family and friends together, there are risks and pool safety concerns home owners should consider. According to the Centers for Disease Control and Prevention, roughly ten people drown each day in the United States and there are over 3,000 unintentional drowning deaths, unrelated to boating, every year. While swimming in a residential pool is relaxing and great for physical exercise, it does present dangers that home owners should prepare for—especially when children are present. In fact, the Red Cross states that about 200 children drown in residential swimming pools annually. Vigilance and certain safety precautions can greatly reduce accidental injuries and swimming-related deaths. Invest in Adequate Fencing and Gates According to MSN Real Estate, it is extremely important for home owners to have locking gates and fencing surrounding a pool.… Read More

How to Insure a Home Under Construction

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Most homebuyers opt to buy a home that already exists. But maybe you’re thinking of buying a home that’s being constructed—either by you or by a contractor of your choice. If you plan on moving into a home that doesn’t yet exist, there’s more to it than finding the right contractor. You’ll also want to insure the home while it’s being constructed. That’s because a home being constructed is also vulnerable to risks like severe weather damage and theft. “There are several ways to insure a home being constructed,” says Terry McConnell, vice president, Personal Lines Underwriting, at Erie Insurance. “It mostly depends on who is building the house: a contractor working on behalf of a developer, a contractor hired by an individual or an individual looking to build his or her own home.” If it’s a contractor working on behalf of a developer McConnell explains that a contractor working as a developer typically has a builder’s risk commercial policy while the home is under construction.… Read More

Is That Covered by Home Insurance? Five Surprising Facts

Home insurance policies are designed to protect your personal property and provide reimbursement in the event of damage or loss. Yet, when a claim is filed, many people are surprised to find certain items are excluded from coverage. Likewise, some individuals miss the opportunity to file a claim, not realizing they have experienced a covered loss. Below are five areas that tend to cause confusion in the world of home insurance. Do you know which ones are covered by your current policy? (Hint: Ask your insurance agent if you aren’t sure.) Business Activities Typically, home insurance covers only minor losses such as damage or theft of home office equipment. According to Paul Martin, CPCU, another example of a covered loss would be damage caused by your child’s after-school job mowing a neighbor’s grass. Most home insurance policies provide a $2,500 loss limitation for business property such as inventory kept in the home, computer equipment, or a fax machine.… Read More