3 Insurance Questions Every Homebuyer Should Ask

Before buying a new Greensboro homeowners insurance policy, it's important that, as an educated consumer, you understand the right type and amount of coverage you need. You should be familiar with what a basic Greensboro homeowners insurance policy covers as well as what it doesn't cover. This can best be accomplished by getting together with your trusted insurance agent or broker and carefully reading through the coverage he or she recommends you consider carrying.

A basic Greensboro homeowners insurance policy will contain a minimum of three types of protection. These include:

A. Coverage for losses relating to your dwelling

B. Coverage for losses relating to your personal property/possessions

C. Coverage against liability

Many homeowner's policies also include coverage to pay for additional living expenses if a covered peril prevents you from living in your home for a period of time. Here are some questions you may want to consider while determining what level of protection suits you best:

1. How much would it cost to completely rebuild my home after a total loss? The amount of homeowner's coverage required by your mortgage holder is probably just enough to cover their financial exposure in the event your home is destroyed. This amount, however, may not be enough to rebuild your home in its current location to the same quality level as before your loss. Make sure your insurance coverage amount is enough to rebuild your home to current standards at current costs.
2. What's the value of my personal property? Your personal property (such as clothing, furniture, appliances, electronics, etc.) is protected against a covered loss up to the limits of your policy. Typical homeowner's policies allow benefits in the amount of 50%-70% of the coverage on your home's structure. There are also often specific limits on things like jewelry, artwork, valuable antiques, valuable collections, etc. If your possessions are valued in excess of the limits of your policy, you'll probably want to pay extra premium to obtain limits more realistic to your needs.
3. What level of liability coverage should I have? Liability coverage protects you from losses from lawsuits when accused of being responsible for bodily injury or damage to others. Typical policies limit liability payments at around $100,000, which experts agree is a low amount. Many recommend $300,000 or even more if you have a swimming pool, trampoline, aggressive dog or other high-risk scenarios. For high liability, consider an umbrella policy.

Property Protection: How to Secure Your Windows

According to recent statistics there are approximately two million residential burglaries reported each year in the U.S. This represents a home intrusion occurring about every 13 seconds. It's been shown that thieves prefer easy entry into homes such as those with unlocked doors/windows. Somewhere around 30% of home burglaries are reported to be made through open or unlocked windows or doors and the average value of stolen property per robbery is $2,251, which equates to about four and a half billion dollars total per year. And where does all that money come from? As you may have guessed, a portion of it comes from the premiums for every homeowners insurance policy written by all the insurers in the country since it's the homeowners insurance companies who end up paying for these losses.

An Ounce of Prevention

In order to help you in protecting your property, we'll provide a few tips here on how to best secure your windows from intrusion.

• The first rule, especially in light of the knowledge that almost a third of home burglaries are committed by the thieves entering through open or unlocked windows and doors, is to always lock your doors and windows, even when you're at home. If your windows open by sliding sideways, put a strong stick, a small-diameter pipe or a piece of PVC pipe in the channel. Do the same for your sliding glass doors. If you like to leave these windows or doors partially open when at home, have a second piece of wood or pipe cut about six inches shorter for use at these times.
• Further secure your windows by adding window alarms that sound off whenever a window is opened. Stickers and lawn signs informing would-be intruders that your home is alarmed is a good tactic. Use generic signs since advertising the brand of your alarm system can help a burglar overcome it. A home without an alarm is three times more likely to be burglarized, yet only 27% of American homes have working alarm systems.
• Add some tinted film to your downstairs windows. This makes it difficult for would-be intruders to see in and keeps your windows from shattering if they become broken. This film also keeps homes cooler in summer and lowers energy bills.
• You can install grilles or bars to your windows, just make sure they open from the inside in the event of a fire.