The Insurance Policy you Choose Should be Guided by your Coverage Needs

While shopping for home insurance, buyers can get confused by a multitude of technical jargons and insurance terminologies. Although insurance companies provide coverage for different types of damages, the coverage they provide can vary between one policy and another. Policies in the home insurance market are generally named the following – HO1, HO2, HO3 etc.

Depending on your provider and policy type, there can be differences in your insurance coverage.The main difference between a condo and a townhome is the legal structure of ownership rather than construction type ...

An important factor that influences homeowners insurance is the type of construction material used. There are different kinds of construction materials used across the country – frame, brick, stucco, masonry etc. Gavop analyzed state government insurance data to evaluate the difference in premium based on the construction type of a home, on a state-wise basis.

In places that are less prone to fire, builders prefer frame or masonry type of construction, as they are cheaper. In a frame type of construction, the exterior wall of the building is typically made of wood, which is highly flammable. Masonry construction uses fire-resistant external ...

While home value is one of the factors for deciding your coverage, it is guided by other factors as well. One of them is the replacement cost of your home based on present prices of labor and material. The other is the sum total of the value of all your personal belongings, so that if in a calamity all were to be destroyed, then you can secure coverage to buy them back in a short period. You would also have to assess how risk-prone your locality is. For instance, whether your neighborhood has a high probability of getting affected by ...

The HO1 home insurance policy is usually viewed as the most basic policy. It is also called – a perils insurance policy. It provides coverage against damage caused by the following:

1. Fire or Lightning
2. Windstorm or Hail
3. Explosion
4. Riot or Civil Commotion
5. Aircraft
6. Vehicles(unless caused by the insured)
7. Smoke
8. Vandalism or Malicious Mischief
9. Theft (Limit of liability on HO1 is usually $1,000)
10. Volcanic Eruption
11. Glass breakage

More often than not, consumers buying this policy are recommended to opt for the Replacement Cost policy, rather than the Actual Cash Value one. The former ensures full coverage minus the deductible, whereas ...

Insuring your home is a necessary evil and one that keeps you safe in times of crisis. You might think of the insurance bill as a liability, but if you are the unfortunate victim of natural or man-made accidents or theft or if your home needs to undergo a big repair work, this is the kind of investment that protects your finances from large-scale damage. Unless you have a decent amount of independent wealth and your home is worth a marginal proportion of that wealth, it is not a good option to forego on home insurance.

However, in case you ...

Chris Hackett, senior director of personal lines policy at the Property Casualty Insurers Association of America, says that there is a major correlation between claims that have been made and the likelihood of future claims. It is no surprise, therefore, that insurance providers will keep an eye on your claims history for determining your home insurance rates.

A negative history of filed claims does impact your car insurance rates. Nonetheless just because you have an unfavorable claims history, it does not mean you are doomed to higher prices or a null agreement. You can shop around to find out the ...

By: Ramu Garuda  March.05, 2019

According to a recent Gavop study, the most popular home insurance agents within a 20-mile radius of Gallatin, Missouri, work for one of these three insurance providers: State Farm, Liberty Mutual Independent, or Farmers Insurance Group.

The study assessed popular insurance agents located at various distances from the city center. Starting with a radius of 6 miles around Gallatin, Gavop found that three of the most reputed agencies collaborate with Travelers. They are Jenkins & James Insurance, Abba Insurance, and Northland Independent Group. Of them, Jenkins is located closest to the city center at a ...

By: Ajay kumar Medagani February, 05, 2019

Homeowners save significantly on their annual home insurance expenditure by choosing the appropriate deductible. Gavop’s recent analysis of net savings earned from home insurance plans with higher ($2,500) and lower ($500) deductibles in Waterloo, Iowa shows that homeowners in the city can save as much as $920 by choosing the lower deductible plan.

This citywide calculation is based on a hypothetical claim amount of $1,500. For a $500 deductible, homeowners in Waterloo pay a median yearly premium of $550 and incur a total of $1,050 in yearly expenditure. With ...

By: Ramu Garuda January.29, 2019

According to a recent Gavop study on home insurance prices in Bullhead City, Arizona,  a typical home in the city is valued at $129,400, the median insurance cost is $740, and the savings between the 25th and 75th percentiles of insurance premiums is $490.

Bullhead City is one of the largest cities in Mohave County of the US state of Arizona. Gavop studied typical home values, median insurance rates, and the home insurance savings between the 25th and 75th percentiles of premiums in the city and eight regions within a 50-mile radius. Typical ...

By: Ajay kumar Medagani January, 22, 2019

In Gavop’s recent survey of home insurance agents in Cibolo, Texas, the most popular agents within a 50-mile radius of the city are employed with The Allstate Corporation, Travelers, State Farm, or Farmers insurance groups. Located closest to the city are agents Alex Hartman, Visente Trevino, and Ernesto Zavala and among the agencies, the reputed Phil Huizar Insurance reports the shortest distance.

In this study, Gavop assesses for popular agents located at various distances from the Cibolo city center. Agent Alex Hartman collaborates with State Farm within a 13-mile radius. Visente (Vince ...