Homeowners Insurance in Virginia
What is homeowners insurance?
Virginia has many great homes throughout the state. I certainly love my home, and you undoubtedly do too. With such a beloved and valuable asset, it’s important to protect your home against the unexpected. Homeowners insurance is instrumental in protecting your place.
Homeowners insurance generally protects your house against plenty of things that can happen. A policy will likely protect your stuff and yourself, too.
Who in Virginia should be carrying home insurance?
If you own a house in Virginia, you probably should have home insurance. You certainly wouldn’t want anything to happen, especially if there’s no financial protection in place.
What protections does a typical home insurance policy come with?
The specifics of any insurance policy, homeowners or otherwise, can vary. In a homeowners policy, however, you can normally expect the following:
- Structural Coverage: May take care of damages to the physical structure of the house. Covered perils could include weather, falling trees, house fires, burglaries, and the like.
- Auxiliary Structures Coverage: May take care of other structures on the property that aren’t attached to the main house. Auxiliary or secondary structures could include detached garages, gazebos, storage sheds, footbridges, and similar.
- Personal Property Coverage: May take care of personal belongings within and around the home. Personal belongings could include everything from dishes and clothes, to high-end furniture and electronics.
- Loss of Use Coverage: May take care of additional living expenses if the insured home becomes unlivable due to a covered event. Additional living expenses are usually things like rent for other lodging, and meals for a short time.
- Personal Liability Coverage: May take care of legal expenses, if someone is injured on the property and sues. Typically also covers lawsuits alleging slander or libel.
An insurance agent who specializes in home insurance can help you make sure a policy has all of the coverages you need.
What are the different types of personal property coverage?
When it comes to personal property coverage, homeowners generally offers three options.
First, some policies might cover personal property only when it’s on the insured premises. Others may offer worldwide coverage, which usually extends protection most places where you’d take stuff (e.g. on vacation, to college, etc.). The latter is often recommended.
Second, policies may offer either actual cash value or agreed value coverage. Actual cash value normally reimburses for the belongings’ value at the time it’s lost or damaged. This can be substantially less than what it costs to buy new things, as actual cash value takes into account depreciation. Replacement cost coverage normally reimburses for the current price of replacing items. It typically offers much more protection.
Third, policies generally have two personal property coverage limits. There’s an aggregate limit, which is usually a percentage of the home’s value. A policy’s standard total limit is plenty sufficient for most people.
Policies frequently also have some item-specific limits, which may need to be adjusted. For instance, specific limits could be in place for jewelry, collectibles, artwork, firearms, and other valuable items. An insurance agent who knows homeowners policies can ensure that your valuables are properly covered.
Item-specific limits might be lower than a homeowner needs, especially if the homeowner has an especially valuable piece for a sizeable collection. For instance, a single engagement ring might exceed the jewelry limit on a policy. So too could a collection of rifles. When these limits are too low, they can usually be increased through an optional endorsement or limit increase.
An insurance agent who specializes in homeowners policies can make sure your personal property is well protected, and assist in sorting through these and other considerations when getting home insurance.
What do the common abbreviations used for homeowners policies mean?
Insurance professionals use several abbreviations to denote different types of homeowners policies. Most homeowners opt for HO2, HO-3, or HO-5 policies, each offering an increasing level of protection. There are also specific policies like HO-7 for manufactured housing, HO-8 for older homes, and others.
How can Virginia residents find homeowners insurance for their house?
If you’re in Virginia, first, Roll Tide! Secondly, get in touch with the independent insurance agents at Hampton Roads Insurance. We’ll make sure your house is well protected.
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11024 Warwick Blvd
Newport News, Virginia 23601
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Reach out to the Hampton Roads team today for any questions or insurance quotes!