We are totally focused on
our client's needs, and we
work to realize their
dreams as if they were
our own.
Trina and Rodney Joyner,
Home Team Realty
our client's needs, and we
work to realize their
dreams as if they were
our own.
Trina and Rodney Joyner,
Home Team Realty
| 302-629-7711 realestate@joynerteam.com |
Tips for buyers
CONTACT ME
Home Team Realty
Joyner Team
5 Things to Understand about
Homeowners Insurance
1. Look for exclusions to coverage. For
example, most insurance policies do
not cover flood or earthquake damage
as a standard item. These coverages
must be bought separately.
2. Look for dollar limitations on claims.
Even if you are covered for a risk, there
may a limit on how much the insurer
will pay. For example, many policies
limit the amount paid for stolen jewelry
unless items are insured separately.
3. Understand replacement cost. If your
home is destroyed you’ll receive money
to replace it only to the maximum of your
coverage, so be sure your insurance is
sufficient. This means that if your home
is insured for $150,000 and it costs
$180,000 to replace it, you’ll only
receive $150,000.
4. Understand actual cash value. If you
chose not to replace your home when it’
s destroyed, you’ll receive replacement
cost, less depreciation. This is called
actual cash value.
5. Understand liability. Generally your
homeowners insurance covers you for
accidents that happen to other people
on your property, including medical
care, court costs, and awards by the
court. However, there is usually an
upper limit to the amount of coverage
provided. Be sure that it’s sufficient if
you have significant assets.
1- Ways to Lower Your Homeowners
Insurance Costs
1. Raise your deductible. If you can
afford to pay more toward a loss that
occurs, your premiums will be lower.
2. Buy your homeowners and auto
policies from the same company and
you’ll usually qualify for a discount. But
make sure that the savings really yields
the lowest price.
3. Make your home less susceptible to
damage. Keep roofs and drains in good
repair. Retrofit your house to protect
against natural disasters common to
your area.
4. Keep your home safer. Install smoke
detectors, burglar alarms, and dead-
bolt locks. All of these will usually
qualify for a discount.
5. Be sure you insure your house for the
correct amount. Remember, you’re
covering replacement cost, not market
value.
6. Ask about other discounts. For
example, retirees who are home more
than working people may qualify for a
discount on theft insurance.
7. Stay with the same insurer.
Especially in today’s tight insurance
market, your current vendor is more
likely to give you a good price.
8. See if you belong to any groups—
associations, alumni groups—that offer
lower insurance rates.
9. Review your policy limits and the
value of your home and possessions
annually. Some items depreciate and
may not need as much coverage.
10. See if there’s a government-backed
insurance plan. In some high-risk
areas, such as coasts, federal or state
government may back plans to lower
rates. Ask your agent.
Homeowners Insurance
1. Look for exclusions to coverage. For
example, most insurance policies do
not cover flood or earthquake damage
as a standard item. These coverages
must be bought separately.
2. Look for dollar limitations on claims.
Even if you are covered for a risk, there
may a limit on how much the insurer
will pay. For example, many policies
limit the amount paid for stolen jewelry
unless items are insured separately.
3. Understand replacement cost. If your
home is destroyed you’ll receive money
to replace it only to the maximum of your
coverage, so be sure your insurance is
sufficient. This means that if your home
is insured for $150,000 and it costs
$180,000 to replace it, you’ll only
receive $150,000.
4. Understand actual cash value. If you
chose not to replace your home when it’
s destroyed, you’ll receive replacement
cost, less depreciation. This is called
actual cash value.
5. Understand liability. Generally your
homeowners insurance covers you for
accidents that happen to other people
on your property, including medical
care, court costs, and awards by the
court. However, there is usually an
upper limit to the amount of coverage
provided. Be sure that it’s sufficient if
you have significant assets.
1- Ways to Lower Your Homeowners
Insurance Costs
1. Raise your deductible. If you can
afford to pay more toward a loss that
occurs, your premiums will be lower.
2. Buy your homeowners and auto
policies from the same company and
you’ll usually qualify for a discount. But
make sure that the savings really yields
the lowest price.
3. Make your home less susceptible to
damage. Keep roofs and drains in good
repair. Retrofit your house to protect
against natural disasters common to
your area.
4. Keep your home safer. Install smoke
detectors, burglar alarms, and dead-
bolt locks. All of these will usually
qualify for a discount.
5. Be sure you insure your house for the
correct amount. Remember, you’re
covering replacement cost, not market
value.
6. Ask about other discounts. For
example, retirees who are home more
than working people may qualify for a
discount on theft insurance.
7. Stay with the same insurer.
Especially in today’s tight insurance
market, your current vendor is more
likely to give you a good price.
8. See if you belong to any groups—
associations, alumni groups—that offer
lower insurance rates.
9. Review your policy limits and the
value of your home and possessions
annually. Some items depreciate and
may not need as much coverage.
10. See if there’s a government-backed
insurance plan. In some high-risk
areas, such as coasts, federal or state
government may back plans to lower
rates. Ask your agent.