For most people, their home is their biggest investment. Usually, it is also their greatest financial asset. Therefore, it stands to reason that when you are choosing Kentucky home insurance, it is important to know not only what type of coverage you need but also the amount of coverage that will adequately protect you and your investment.
When people are considering Kentucky home insurance, most probably think of natural occurrences which can happen unexpectedly- thunderstorms with damaging hail and wind, tornadoes and earthquakes. It is important to remember that many times, unless specified in your Kentucky home insurance policy, coverage for floods and earthquakes are considered “extra”. This means that you have to add them to normal policy coverage (and at additional cost). Also, people want damage protection from fire, smoke, and other related problems.
But there are other circumstances which can warrant having a sound Kentucky home insurance policy. It’s important to have protection from possible theft and also from personal liability claims (which can arise from someone injuring themselves while on your property).
There are also some simple things you can do to reduce your risk of loss and minimize the chance of damages. These include installing and maintaining smoke detectors throughout your home, installing a security system, and placing fire extinguishers in high-risk areas.
Also, remember that the better home insurance coverage you have in effect, the less financial obligation you will have in the event of a claim. Additionally, if you have a mortgage, you may want to check with your lender as many mortgage companies have certain coverage requirements that they expect you to include in your policy.
Once you have looked over the information outlined in this article, you will be able to put together a policy which is right for your needs and resources. You can rely on insuranceUSA.com to help guide you through these facts and offer you straight-forward, affordable Kentucky home insurance quotes.
Choosing Your Kentucky Home Insurance Policy
Generally, there are two types of Kentucky home insurance policy options available. The first is called a monoline policy, which contains just one type of coverage, liability insurance, for instance. The second type of Kentucky home insurance policy is called a package policy, and it is made up of several different types of coverage. As a rule, it is more economical to purchase a package Kentucky home insurance policy rather than buying several types of separate coverage.
There are seven types of Kentucky home insurance policy options available. Each type of Kentucky home insurance policy is briefly described below. For more detailed information on each policy and to find out which one best suits your needs, let the agents of InsuranceUSA.com help you out today!
Homeowner’s-1 (HO-1): This is the basic type of Kentucky home insurance policy, but one that is not offered by all insurance companies because it is very limited in its coverage. A few of the damage covered by the HO-1 Kentucky home insurance policy are fire, lightning, smoke, wind, hail, burglary, theft, vandalism and bodily injury. Carefully check the policy to see exactly what is covered with this type of insurance.
Homeowner’s-2 (HO-2): This Kentucky home insurance policy covers everything listed in an HO-1 policy, plus damage from falling objects, the weight of ice and snow, water leaking from a plumbing system, electrical damage to appliances, and damage due to the rupture of water heaters or other heating systems.
Homeowner’s-3 (HO-3): This type of Kentucky home insurance policy is also known as the Special Form Policy, and it is the most widely used type of Kentucky home insurance policy. Many lending institutions recommend using this standard policy. The policy covers homes for all risks of physical loss, except for those that are specifically excluded in the policy. It is important to understand just what is, and is not, covered under this type of insurance.
Tenant’s/Cooperative Owner’s – (HO-4): This Kentucky home insurance policy is designed to protect against damage to the contents of an apartment as well as personal liability for injuries suffered in the apartment.
Homeowner’s-5 (HO-5): The HO-5 Kentucky home insurance policy provides the same coverage as the HO-3, plus it covers personal possessions in the event of physical loss, unless specifically excluded in the policy. The extra protection can be added to the HO-3 policy by buying a Special Personal Property policy.
Condominium Unit Owner’s (HO-6): This Kentucky home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This Kentucky home insurance policy offers similar coverage to HO-1, but instead of replacement cost coverage, it offers actual cash value coverage. This is generally used in instances where the replacement value of the property is more than the market value, as is often the case with older homes.
How Much Kentucky Home Insurance Do you Need?
Buying Kentucky home insurance means you will need to know your home’s value, which entails determining how much it would cost to replace it if totally destroyed. Many insurance companies require a physical inspection to determine the home’s appraised value.
When applying for Kentucky home insurance, you should compile an inventory of your most valuable possessions. Save your receipts from any major purchases, take photographs of things such as furniture and appliances, and make sure you update your inventory yearly or whenever you make a major new purchase.
Buy enough Kentucky home insurance to cover any loss you may incur, but not so much that you can’t afford the premiums. Make sure you talk to your insurer if you have any questions.
Feel free to use InsuranceUSA.com to research Kentucky home insurance and request a free quote.
Non-Renewals and Policy Cancellations
Kentucky home insurance has a policy “term period” which means the insurance company cannot cancel or not renew a policy unless they are legally-justified in doing so.
Normally, most insurance policies will be cancelled if the policy-holder fails to pay their premiums or they submit fraudulent claims. Other instances, which might warrant cancellation are if the policy-holder is convicted of a crime; they make changes to the property rendering it uninsurable; or if they create unsafe conditions that increase the insurer’s risk.
Usually, after the policy term ends, the insurer, if they wish to cancel or not renew your policy, will have to provide adequate notice.
Obtaining Good Kentucky Home Insurance
When you begin to shop around for Kentucky home insurance you must first make sure that you know that the suppliers that you are considering are properly registered with the state authorities. The easiest way to check any insurer out is to simply request a copy of the State issued certificate that has their license number on it.
Once you start to work with a specific insurer they will present you with a survey to complete. The results of this survey will give the Kentucky home insurance provider the means to give you a good quote. The more information you include in the survey the more accurate the quote will be.A low price doesn’t always guarantee a high level of service. Make sure that you are happy with the fact that the insurer you choose will be responsive in a timely manner if you need to file a claim with them.
Obtaining Good Kentucky Home Insurance via the Internet
Shop around when you buy Kentucky home insurance. You can use traditional means such as calling or using a shop front office but it is easier and more efficient to shop for your Kentucky home insurance using your computer. There are many good sites available to make your search for appropriate Kentucky home insurance a fast and pleasant experience.
Try InsuranceUSA for a hassle free insurance buying experience. As with the more traditional means of buying Kentucky home insurance you will need to answer a series of questions for the insurer to be able to make sure that they have the right product on offer for you.
Speed of response and fair treatment when handling claims is as important as the cost. Make sure that you consider all of these factors when you choose your Kentucky home insurance.
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