Three Things to Remember When Changing Home Insurance Policies

It’s great that you own a home in Oviedo, FL. Having a place to call your own is a special part of life, but it comes with a few extra responsibilities. One of those is home insurance. Some people find the perfect policy and never have to switch, but for many others, adjusting policies is an inevitable part of life. If you’re in that second group, keep in mind these tips from Karla Salmon Insurance.

Notify Your Mortgage Lender

If your home is still under mortgage, it’s vital to notify your lender that you’re changing insurance policies. There are several reasons for this. The collateral on home loans is the home itself. Every lender is going to want to vet your new insurance policy. Unexpected changes to your insurance policies could look like a lapse in coverage. If they aren’t adequately informed of a switch before it happens, it could end up costing you a lot of extra money you weren’t planning to spend.

Avoid Coverage Gaps

While some switches appear as coverage gaps, other switches can include them. It’s vital to make sure that you will have nonstop coverage. Even a single day between policies is enough to incur hefty fees for any house still under a mortgage. Lenders have special insurance policies that cover gaps like this. Those policies aren’t cheap, and there’s a good chance your mortgage contract makes you responsible for covering that cost.

Understand the Payments

The last thing to remember is that homeowner’s policies are significant. There are plenty of reasons to make a switch, but it’s not like going to a new shop for an oil change. These policies scale to the value of your home, and new policies will often want upfront payment. Altogether, the switch can leave you with a single month where your out of pocket costs are a little higher than normal. It helps to budget accordingly.

If you want to be sure you’re getting a great deal for your home, a conversation with your agent can go a long way. Karla Salmon Insurance in Oviedo, FL has the resources you need to make informed decisions and find the right policy.

5 Things You Didn’t Know Your Home Insurance Could Do

The insurance on your Oviedo, FL home protects you from a number of likely threats. The payouts from these policies ensure you can always rebuild or relocate after a major disaster. However, there are other things your policy from Karla Salmon Insurance can do that protect your personal wealth and make life a little easier.

  • When your home needs big repairs, living through the inconvenience of construction can make your life miserable. Some home policies include payment for temporary lodgings due to covered events. Instead of suffering through a mess or paying out of pocket for temporary accommodations, you can enjoy comfortable surroundings at no additional costs.
  • Long power outages can ruin your family’s food supply. When a fluctuation leaves you without refrigeration, your homeowner’s policy could help you restock. Some contracts include coverage for power events that leave your kitchen full of rotten food.
  • Even in the afterlife, your homeowner’s insurance could still be working hard for you. Some policies cover gravestones as well. If the site falls victim to vandals or covered environmental events, the policy helps pay for replacements and repairs.
  • Did your home entertainment plans get derailed by a natural disaster? Your homeowner’s policy might contain a clause that allows you to claim damages for big events on your property that are spoiled by certain circumstances.
  • Your homeowner’s liability insurance has a further reach than your physical property. Any legal actions brought against you that relate to your property can qualify for an insurance payout. These funds help you afford lawyers, court fees, and legal judgments.

Every homeowner’s insurance policy is unique. Talk to the experts at Karla Salmon Insurance for advice on customizing your Oviedo, FL policies to fit your preferences, resources, and circumstances.

Home Insurance Myths

Home insurance in Oviedo, FL can seem complicated and there are a lot of misconceptions surrounding policies.

Home Insurance Is a Waste of Money

Your home is a huge investment and home insurance helps give you a safety net to protect that investment. While it may seem like a lot of money, having the right home insurance can be a huge saver if there is a loss, such as from burglary, fire, or a hailstorm.

All Belongings Are Covered

Home insurance does protect your personal belongings, but it is important to know there are limits. You have to read your insurance policy with Karla Salmon Insurance carefully to see what is covered. You may need additional coverage for certain valuables, such as jewelry.

Home Insurance Will Replace Property Like New

It will depend on your coverage. The actual cash value will mean that you will get reimbursed for the value of your belongings at the time they are lost. This means depreciation will be taken into account and you may not get enough to replace your belongings at today’s prices.

Flooding Will Be Covered

Many homeowners don’t realize until it’s too late that flooding isn’t covered by home insurance. You will need a separate flood insurance policy in order to have coverage for flooding.

Termites Are Covered

Termites can be very destructive and can cause a lot of damage, but they aren’t covered by home insurance. You will have to pay for extermination and any repairs from the damage. It’s important to have regular inspections so you can fix the issue before you have a full-blown infestation.

A Home-Based Business Is Covered

It’s likely that business equipment won’t be protected and you will need business insurance so that liability and equipment are covered. Depending on the equipment you need covered, you may be able to add an endorsement to your policy, but check with an agent.

Contact Karla Salmon Insurance, serving Oviedo, FL, to get a quote on home insurance. 

Does Home Insurance Cover Guests?

Home insurance covers a great deal and helps to keep your home safe in the event that you have to do major repairs, or your home is destroyed. That being said, it also covers things that you may not think are all that common and that you may not be aware. For those that live in the Oviedo, FL area and want to know more about home insurance, the agents with Karla Salmon Insurance can help.

What does it cover?

Home insurance covers a great deal. Many people, however, are not aware that home insurance also covers guests. This means that people you have invited to your home, either for an extended time or just for a few hours, are included on your home policy. The coverage for guests does have some regulation, however. You cannot merely state that your guest got injured at your home because they were jumping off the roof and expected your home insurance to cover it.

For home insurance to cover guests, if there is an injury, it must be no fault of the guest or the homeowners. If it is proven that the injury was due to negligence, it falls on the homeowner to help pay the bills that are not on the insurance. You can always speak with an agent to find out just what your insurance covers so that you can determine what is and is not going to be covered on your policy should something happen. It is always best to speak with an agent if you have any doubts or concerns.

For those that live in the Oviedo, FL area, the agents with Karla Salmon Insurance can help you determine what policy you need and what is covered on your policy for you and guests.

Why should I get home insurance on my property?

Your home is a vital asset and the place where you and your family will live. Due to the importance of a home, those that are in the Oviedo, FL area need to make sure that their home is properly covered by insurance. There are several reasons why you should get a home insurance policy on your property. 

Protects Valuable Investment

Your home is likely the most significant and most valuable investment that you will ever own. Because of this, it is extremely important that you make sure you and your home are adequately covered by insurance. With a home insurance policy in place, it will make sure that you have the coverage necessary to replace property if it is damaged.

Gives Liability Coverage

Another benefit of having a home insurance policy is that it will provide you with liability protection. If you happen to have a guest over to your home that is injured while on your property, you will likely be found liable to some extent. When you have a good home insurance policy in place, you will receive the necessary coverage against these types of accidents. 

Ensures Compliance

Finally, whenever you take out a mortgage to purchase a home, you will likely be required to carry home insurance on the property. Further, if you live in a home association community, the bylaws could require that you carry home insurance. When you get a quality home insurance policy on your home, this will help to ensure that you comply with all similar requirements.

If you own a property in the Oviedo, FL area, you should reach out to the Karla Salmon Insurance agency to learn more about your home insurance options. The team at Karla Salmon Insurance will help you to find a policy that provides you with the right level of protection.

Should Antiques and Collectibles Be Insured Separately?

The agents at Karla Salmon Insurance offer a variety of insurance policies to cover your every need. If you live in the Oviedo, FL area and own antiques or collectibles, it’s important that you know how to insure them against theft or damage. While some types of property may be included in a traditional homeowner’s policy, items that are irreplaceable or that hold significant value should be insured accordingly.

Make Sure You Have Adequate Coverage for Your Property

To make sure you have adequate coverage for your personal possessions, you need to have a full inventory of what you own. In some cases, a video inventory that shows an item’s serial number is beneficial in helping your insurance agent set a value to your property. A complete insurance audit will ensure that you are fully protected against financial loss in the event of theft or damage to your personal property.

Insure Antiques and Collectibles Separately

Antiques and collectibles can sometimes hold great value over and above a person’s sentimental connection. A separate policy can be written for specific antiques or collectibles if their value is exceptionally high. To insure an item separately, an appraiser will be needed to set an exact value so you can be compensated if it is ever stolen or damaged.

Residents of Oviedo, FL are encouraged to call the office of Karla Salmon Insurance if they have questions or concerns about an existing homeowner’s policy and whether or not it covers their antiques and other collectibles. Call today to schedule an appointment! This will allow you to protect your family heirlooms and collectibles to the fullest extent possible.

3 Facts About Home Insurance You Need To Know

At Karla Salmon Insurance, we offer quotes for home insurance among many other lines of business. Home insurance provides coverage in case of damage to a home’s interior or exterior, loss or damage to property in the home, and liability coverage for accidents on the property. However, every home insurance policy has a liability limit. In case of an unfortunate situation, you will only be compensated that amount.

Facts About Home Insurance

1. A home insurance Policy is not a Mortgage Insurance

Mortgage insurance protects your lender from losing money in case you default because of illness or death. It offers a guarantee that you will pay the mortgage in full. While the purpose of home insurance is to protect homeowners, mortgage insurance protects the lenders.

2. A Home Insurance Policy Is Not a Home Warranty

A home warranty is an additional coverage to help with repairs and replacements. Home warranties cover specifics such as plumbing and electronics’ repair. Home warranties are diverse depending on your budget and situation. Even though both home insurance and home warranties cover you against unforeseen problems, home warranties are used to offer coverage that isn’t offered by home insurance. Home insurance, for example, doesn’t cover normal wear and tear.

3. Home Insurance Doesn’t Always Cover Natural Disasters

Acts of God’ such as floods, earthquakes, lightning, and strong winds aren’t usually covered by standard home insurance. For such insurance, you may need to buy additional coverage. It is crucial to talk to your insurance provider about it and find out which natural disaster if any, they cover.

Karla Salmon Insurance Agency in Oviedo, FL believes in personalizing our clients’ needs and working with them to find the right insurance policy for them. Our team is experienced, knowledgeable, and always willing to help.

Contact us or visit us in Oviedo, FL to get a free quote. Our agents are ready to work with you and help you get started on a home insurance policy.

The 4 Types of Home Insurance All New Homeowners Should Have

It’s important to remember that all homeowners insurance policies are different. However, there are some basic types of home insurance that all homeowners should make sure they have. They are as follows:

Dwelling coverage

This is the main coverage type that you’ll get in most any home insurance policy. As the name suggests, it protects the dwelling or structure of your home. This includes all walls, floors, ceilings, and built-in appliances

Contents coverage

The word “contents” is an insurance term that refers to all items in your home that are not part of the dwelling or structure. For example, the contents of your home include your clothing, your furniture, your kitchen appliances, and all other products and items.

Personal liability coverage

Of course, you’ll want to have personal liability coverage as well. This type of coverage is a bit different. It covers you in the event that you or your property causes bodily harm and injury to someone else or damage to someone else’s property.

Other optional types of home insurance

There are other optional types of home insurance available as well. You’ll want to discuss these types of insurance with your insurance agent to see if they’re applicable to you and your home and family. These other types of insurance include coverage for valuables such as jewelry, earthquake insurance, flood insurance, law insurance or ordinance insurance, and more.

Need Home Insurance? Contact Karla Salmon Insurance Today

If you are a new homeowner, Karla Salmon Insurance can help you find the homeowners insurance plan you’ve been looking for! There are many options available for all different budgets and coverage options. Give us a call today, or stop by one of our local offices to learn more about your home insurance options!