What is a Dwelling Fire Policy?
Whether your new house purchase was just accepted, you are refinancing an existing property, or looking to update your current homeowners policy to better fit your needs, Britton & Britton can assist you. Purchasing homeowners insurance does not have to be a daunting task. For the most part, insurance comes down to deciding how much to purchase based on the items you want to cover – it’s that easy.
How to get a home insurance quote
The most efficient way to shop for any type of insurance is to go through an independent agent. Independent agents do not work for an insurance carrier; they represent you. Your local Britton and Britton agent consults with different insurance companies and brokers to compare multiple policy quotes with different insurance providers. Your personal agent is your advocate and answers your questions with unbiased advice – no strings attached.
How much do I need to insure my home for?
Homeowners coverage is designed to reconstruct a home under normal conditions after a total loss. It is important to understand that reconstruction cost is not the same as the market value of your home. We cannot insure the popularity of land in a certain area because the land will always be there. You can ask a local contractor or hire an appraiser to complete a replacement cost estimate for your new home, however, your lender usually orders an appraisal as part of your home purchase. Britton and Britton will also create a free reconstruction cost estimate when you request a quote from us.
What about coverage for Personal Belongings?
Most home policies come with some coverage for your belongings and even personal liability. However, there are many “add-on” features to customize your policy and cover special items. You can even increase the base policy limits to fit your unique needs – just ask.
What are home policy add-on options?
Insurance companies call add-on features endorsements. Most insurance companies offer a basic policy that may cover fire, lightning, hail, tornadoes, hurricanes and similar items. Ask your agent about features that can be added to your policy or request higher than basic limits. Some basic examples are below.
- Extended Dwelling Coverage: Provides additional percentage of the dwelling coverage amount should repair or replacement exceed the original dwelling coverage amount displayed on the declarations page. In the event of a catastrophe, soaring demand for building materials and labor could cause reconstruction costs to increase, leaving policy limits inadequate. That’s where Extended Dwelling Coverage kicks in and helps you out.
- Sewer and Water Backup & Seepage or Leakage: Provides coverage for building and personal property when a loss occurs caused by water which backs up through, or overflows from, a sewer, drain, sump, sump pump, or any system on the residence premises designated to remove subsurface water. This coverage does not apply if the loss is flood-induced.
- Identity Recovery Coverage: Provides coverage for expenses, including help-line assistance and case management services, to assist a client with the recovery of their identity following a covered ID Theft loss.
- Refrigerated Products: Provides coverage for loss to covered property stored in freezers/refrigerators.
- Equipment Breakdown Coverage: Optional coverage that provides coverage for accidental direct physical loss to covered property caused by equipment breakdown (limit and deductible apply). The wear and tear exclusion in the policy applies to this coverage. Covered losses must be direct, accidental and sudden, such as a broken part or electrical arcing. Routine performance failure due to age is not covered.
- Service Line Coverage: Optional coverage for physical loss or damage to covered service lines on the residence premises that is the direct result of a service line failure (limit and deductible apply). Covered losses include, but are not limited to, wear and tear, rust and corrosion, mechanical breakdown, freezing or frost heave, and tree or other root invasion. Coverage is limited to that part of the service line running from the point of connection to the main service or utility line up to the dwelling.
What information do I need to start my home quote?
Insurance companies will ask for items similar to your lender when applying for a home loan. Some lenders may provide you with an insurance quote, however, they may be biased due to their contractual relationship with a carrier. Click Here to begin your quote through multiple different insurance companies that you can customize to fit YOUR needs. Keep in mind many home closings happen within 30-45 days of contract so the moment your offer is accepted, contact us for a quote and then we will send your coverage details to your lender at your request. We will stay in contact with you and the mortgage company during the closing process and advise of any updates.
What if I buy an investment property?
If you are not planning to make this home your primary residence (or if you plan to operate a business out of it) you need to let your insurance agent know. Vacant home, short term rental (STR) and landlord insurance policies are different than traditional homeowner insurance, so there may be additional information you need to provide if this situation applies to you.
Click the “Get your Quote” button at the top of the page to begin your secure quote through multiple different insurance companies. We do not sell your information to third party vendors or bombard you with calls. Your quote request will be submitted to a local agent in our office.