Spokane WA Homeowners Insurance Basic Policy Questions
What is homeowners insurance and why do I need it?
Homeowners insurance can protect you from the unexpected. If your home is damaged, your belongings are stolen or someone gets injured on your property, it can help cover repairs or replacement, temporary housing, medical bills, legal fees and more.
A homeowners policy is recommended for anyone who owns a home or condo, and may even be required by your mortgage lender. In certain areas, you may need separate policies or coverage to help protect your home and personal belongings against damage due to floods, earthquakes, windstorms or hail.
Most policies have 3 key elements: the premium which is how much you pay for coverage, deductibles which are how much you’re responsible for out-of-pocket in the event of a covered claim, and limits which are the most your insurer will pay for a covered claim.
Home insurance is coverage you hope to never have to use, but if the unexpected happens, it can help you restore your life back to normal.
Learn more about homeowners insurance.
What does a typical homeowners policy cover?
Our staff can help you determine the homeowners coverage that best fits your needs and budget, but a typical policy can cover:
- The structure of your home
- Other structures on your property (e.g. garage, shed)
- Your personal belongings
- Additional living expenses if you cannot live in your home due to a covered loss or repairs
- Your personal liability or legal fees
- Valuable items (extra coverage can usually be added)
What do I need to consider when choosing homeowners insurance?
When figuring out how to choose home insurance, consider these key questions:
- What is the estimated cost to replace, rebuild or repair your home in Spokane—the “replacement cost”?
- What other structures are on your property (e.g. garage, shed, fences)?
- How much of a deductible can you afford to pay out-of-pocket if you have a loss?
- What are your valuables and what are they worth?
- Do you have frequent visitors to your home?
- Do you work out of your home?
- Do you rent any part of your home or property?
- Do you qualify for any discounts?
- What are the basic coverages required by your mortgage lender?
Our staff is happy to walk you through all of this step by step, and can help you review your needs on an annual basis.
Why should I choose Dowd Insurance Agency?
Choosing a homeowners insurance policy starts with choosing the right insurance company. As an independent agent serving Spokane, we are able to shop multiple carriers to find you the right coverage at the best price for your specific situation.
Our carriers offer a variety of policy options and packages to help you get the coverage that meets your unique needs. We can provide you with information to help protect the place you call home.
Is my home business covered under my homeowners policy?
Not usually. Homeowners insurance is not generally designed to cover business use of your home. It may include limited protections, such as replacement or repair of computers and other electronic devices, but for more comprehensive coverage, you may require a business owner’s policy.
Do I need to reapply for homeowners insurance every year?
It depends. Most homeowners policies come up for renewal each year, but customers must remain eligible and pay their premiums to renew.
It’s a good idea to review your coverage with an insurance representative every year.
Should I add an umbrella policy?
Umbrella insurance is additional personal liability coverage that can offer an additional layer of protection beyond what your homeowners insurance can provide.
If you or a family member are found personally responsible for serious property damage or personal injury to others, the cost of damages can quickly add up beyond the liability limits of your home policy. Umbrella insurance can provide extra protection, especially if you have many assets to protect.
Learn more about umbrella insurance.
If you are looking for home insurance coverage for your property in Spokane, WA, call us today at 509-355-8352 or fill out a free online quote now. Our team is here to ensure you find the right coverage for the best price.