Homeowners insurance is one of the most important insurance products for any homeowner in Los Gatos. If you’re like most people, your home is your most valuable asset. Your home is where your family will build memories that will last a lifetime. To protect such an important asset, making sure you have the proper insurance policies in place is imperative.
Homeowners insurance policies can differ based on the type of property you own, the different types of coverage you choose to protect your home with, and the amount of coverage you choose to carry.
Here are 5 tips that every homeowner in Los Gatos should follow when reviewing their home policy:
- Make sure you have sufficient dwelling coverage. What’s dwelling coverage? Dwelling coverage provides you with protection to replace or repair your home after an insurable loss like a fire. The one problem we see way too often when bringing on new clients is that they are currently extremely underinsured. The amount of dwelling coverage their current policy provides them with would simply not be enough to rebuild their home in the event it was destroyed. That’s where our job comes into play. We properly educate clients in making sure they have a sufficient amount of coverage to replace their home in the event of a major loss.
- Personal Liability coverage. Your liability coverage protects you against lawsuits for any bodily injury or property damage that you or a family member are found legally responsible for. This coverage includes legal fees and any court awards up to your policy limits. If you have a pool, a trampoline, dogs, etc. you could be at risk for a major liability claim. We always recommend our clients carry at least $500,000 in personal liability coverage.
- Get an umbrella policy. An umbrella policy protects you when the liability coverage on your homeowners insurance or auto insurance are exhausted from a major claim. If you are in a serious auto accident and the other party suffers injuries that will now sideline them from being able to work for months, or years, they can sue you for lost income, medical bills, and pain and suffering. These costs can add up quickly. Without an umbrella policy you may be left having to pay for some of these expenses out of pocket. How do you know if you are carrying enough umbrella insurance? Depending on what you want to protect we like to recommend carrying enough liability insurance to cover your net assets. Not only will an umbrella help you sleep at night but they also very affordable. Sometimes they can also provide you with a discount on your auto and home insurance.
- Cover your valuable articles. Whether it’s your engagement ring, a piece of fine art, or that expensive piece of jewelry passed down to you from your grandmother, you need to make sure these items are properly insured. Homeowners insurance policies all have different limits of coverage for jewelry and fine art and these limits are typically not nearly enough to replace these special items you have acquired over the years. Some companies will give you the option to schedule these items on your homeowners insurance policy for a specific limit. These items then typically do not have a deductible and are covered for most types of losses. Others offer a personal article floater policy where you can have all of your valuable items insured together. Make sure you have a copy of a recent appraisal. Many companies require appraisals for items insured up to a certain limit.
- Find an Independent Agent. Many customers don’t fully understand how important this is. At the end of the day, many things separate one agent from another. The ability to proactively service their policyholders, their knowledge of the insurance industry, products, and different situations that may present themselves to their clients. An independent agent gives you access to a wide range of companies, different product types, claims assistance, can make the process of switching from one carrier to another extremely easy, and you are also supporting a local business.
For more information on how we have been helping individuals with homeowners insurance in Los Gatos give us a call at 408-402-3646 or fill out our online quote form and see how we can help you. https://www.donwilliamsinsurance.com/quotes/
Homeowners Insurance in Los Gatos, Ca.