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Homeowners
Following is a list of the most frequently asked questions from our
homeowner customers. The answers have been designed to give you general
information. Each company defines their own coverage, terms, limitations and
exclusions, therefore, we recommend you thoroughly review your policy for more
detailed answers.
Q: Why should I choose Westwood
Insurance Agency as my agent?
A: We offer personal insurance products in
more than 40 states. We pride ourselves in the insurance experience that our
licensed agents have and also our affiliation with top rated insurance
companies. back to top
Q: What
is covered on a Homeowner policy?
A: A Homeowner's policy is a package type of
policy, which means that it includes protection for several types of possible
losses, including damage to your structure, your personal property and any
liability or medical claims that may arise.
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Q: What
perils does my policy cover?
A: The standard homeowners policy covers Fire,
Lightning, Smoke, Windstorm, Hail, Theft, Vandalism, Malicious Mischief,
Explosion, Aircraft and Vehicle Damage, Riot & Civil Commotion, Falling
Objects, Accidental Discharge of Water or Steam and Freezing of Plumbing,
Heating and Air Conditioning Systems. back
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Q: How
much coverage should I insure my home for?
A: The dwelling should be covered for the
estimated replacement cost. This is generally determined by the average cost
contractors in your area would charge to rebuild your specific home in the
event of a loss. Do not be underinsured! A company charging you a lower premium
does not mean you are adequately covered.
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Q: What
are "Separate" or "Other" Structures?
A: The standard homeowner policy provides coverage
for "separate" or "other" structures which are not attached to the dwelling
such as fences, sheds, pool, and detached garages. This is generally 10%
percent of the dwelling amount, but can be increased if the replacement value
is greater than this amount. back to top
Q: How
much contents coverage is adequate?
A: Coverage for your contents (personal property)
is provided at a percentage of your dwelling amount. This generally ranges
between 50% and 75% of your dwelling coverage. There are special limitations on
certain personal property items such as jewelry, furs, watches, guns and
silverware. Please check these limitations on your policy and be sure the
amount is adequate in case of a loss. If not, a Personal Articles Schedule can
provide broader coverage for specified items at an additional premium. Ask us
for a quote! back to top
Q: What
is Loss of Use / Additional Living Expenses?
A: This coverage pays for increased costs of
temporary living arrangements after a covered loss occurs. This includes items
such as hotel and food expenses incurred beyond your normal monthly expenses.
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Q: What
does Personal Liability cover?
A: This coverage protects you against claims
resulting from bodily injury or property damage for which you may be legally
liable. You would be covered up to the liability limit stated in your policy
for each occurrence. This excludes auto and business related claims.
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Q: What
does Medical Payments cover?
A: This coverage pays for medical expenses of
guests or others injured at your premises up to the coverage limit.
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Q: How
is the deductible applied?
A: The deductible is the co-insurance amount you
pay towards a settled claim. The company will adjust and settle each claim for
the full amount less the deductible. You do not have to pay this in cash.
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Q: How
can I lower my premium?
A: There are several things which help reduce your
insurance premiums. These options vary by state and company and include items
such as having both your automobile and homeowners insurance with us, alarm
discounts, retired person discounts, and optional coverages. Please call
us to discuss the best options for you. back
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Q: Can I keep my policy after I
pay off my loan?
A: Yes. Please notify us immediately when you pay
off your loan so we can delete the lender from your policy.
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Q: What
do I do if my mortgage company changes?
A: Call us immediately and we will endorse your
policy to reflect the new mortgage company. This is very important, especially
if your lender pays for your insurance policy through an escrow or impound
account. One of the most common reasons policies cancel is due to non-payment
because the renewal invoice was sent to the incorrect lender.
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Q: Is
my personal property covered while I am moving from one home to another?
A: Your current homeowner policy extends coverage
for 30 days. Personal property coverage may be subject to limitations and
exclusions so please review your policy to make sure you know what the
limitations are. back to top
Q: Can
I transfer my current insurance policy to another property?
A: No. Your policy is not transferable. Each
policy is issued to cover a specific property address which is shown on the
"Declaration" page. When this property address changes, a new policy must be
issued. back to top
Q: What are
the common optional coverages?
A: Several optional coverages can be purchased to
meet your insurance needs.
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Earthquake This provides coverage for
earthquake damages that exceed specified earthquake deductibles.
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Excess Personal
Liability This provides additional coverage beyond the liability limits
stated in your Homeowner's and Auto policies.
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Personal Articles Schedule
This provides coverage above standard limitations for certain items (i.e.,
jewelry, furs, fine arts, silverware, etc.)
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Building Code
Upgrade This provides coverage for the extra cost required to bring
your house "up to code" in the event of a covered loss (i.e., replacement of a
wood shingle roof with a composition roof).
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Flood Insurance The
Homeowner's policy excludes coverage for damages due to surface floodwaters. A
separate policy can be written to obtain coverage for floodwater damage.
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Loss Assessment
Coverage For condominium owners, this is a valuable coverage. This
coverage will pay for your share of the loss charged by a corporation or
association of property owners (i.e. HOA) up to the specified limits of the
policy.
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