What hazards are not covered by home insurance

Gurnee, IL has all of the charms of the village that it is but it has a fantastic location in the greater Chicago metropolitan area. It is fast-growing and has lots of homes to choose from at any given time. When you have a mortgage, home insurance is required by your bank. They want to protect your home since they own a large piece of it. But for you, this is probably the largest investment you will ever make and you want to make sure it is safe as well. At Statewide Insurance Solutions we believe that you deserve the best customer service and insurance products available and we will work with you to provide that.

Not everything hazard, however, is covered by home insurance. 

Flood Floods cause more damage in the United States than any other weather event. They cause billions of dollars in damage. They can come at any time of year and sometimes without warning and they are not covered under a traditional home insurance policy. Having said that, you can purchase flood insurance as a separate insurance policy through the National Flood Insurance Program. 

Earthquakes While earthquakes are not something that affects people in every part of the United States, for some people it is a very real danger and it is not covered by home insurance. As a matter of fact, most types of earth movements are not covered including mudslides and sinkholes. They can usually be covered on the special policy. 

Hurricanes are covered on some home policies but if you happen to live in an area that is prone to hurricanes it may be excluded on your policy. You can, however, add an endorsement to include coverage. 

These are just some of the things that are not covered by home insurance. Read your policy carefully to understand the exclusions. You can talk to the agents at  Statewide Insurance Solutions in Gurnee, IL to make sure you understand what is and isn’t covered. Give us a call to set up an appointment. 

3 Scenarios Where You’d Need Home Insurance

Protecting your home is of utmost importance. It is your most valuable asset, after all, and at Statewide Insurance Solutions, we understand that your property means more to you than just its monetary value. It’s your home, where you raise your family and make your memories. It only makes sense to protect it. If you own a home in Gurnee, IL, you need home insurance. Read on to learn about three scenarios where home insurance will protect you, your family, and your property.

1. Fire

No one wants to think about their house catching on fire, but it does happen. Always be prepared by having functioning fire alarms, a fire extinguisher, and an evacuation plan. If your house were to catch on fire, you want everyone out as soon as possible, including pets. After a fire has occurred, submit a claim and your insurance company will begin assessing the damage to pay out the claim.

2. Theft

Break-ins happen throughout the United States. Most often, they occur when the homeowner is not there, whether at work or away on vacation. If your home is burglarized and you don’t have home insurance, you can not recoup what you lost. With the right policy, however, you can be reimbursed for what was stolen after paying your deductible.

3. Injury

Accidents happen all the time, and they can happen on your property, too. For example, if a neighbor or friend of a friend fell down the stairs at your home and received an injury, they may decide to sue. If so, your home insurance will help cover costs associated with litigation. Without home insurance, you would be left dealing with this on your own.  

To learn more about the importance of home insurance and to purchase a policy, call the team at Statewide Insurance Solutions serving Gurnee, IL. 

Does Home Insurance Cover the Cost of Items in Your home that You Do Not Own?

Home insurance covers a wide range of things that you may not even expect, such as items in your home that you do not own. For those that live in the Gurnee, IL area, the agents with Statewide insurance Solutions can help you find the policy that is going to work best for you.

When it comes to home insurance you are required to insure the home itself, the outbuildings and other items that are outside the home, and the contents. In most cases, your contents coverage is going to be a ballpark figure with many insurance companies requiring that you insure a minimum amount. Many companies have you insure a base amount like $25,000 for contents which do build in some wiggle room if you have items that are rented or if you have someone staying with you and their belongings are destroyed or if you are borrowing an item.

For the most part, the wiggle room that you have in your insured contents is going to allow you to replace your own items as well as any items in the home that are not your own. You can insure the contents of your home for more than the base amount and can even provide an itemized list if you have things like a collection that may be worth a great deal of money or items that you want individual coverage for like antique furniture or individual pieces of jewelry. It is always helpful to take the time to look at your home contents and to make sure your home policy has them adequately covered.

For those that live in the Gurnee, IL area, the agents with Statewide Insurance Solutions can help you to find the home policy that covers all your belongings.  

FAQ for Buying Home Insurance in an HOA

More and more new neighborhoods in the Gurnee, IL area are being built with a homeowners association (HOA) included with each new house. What does that mean for your home insurance needs? Statewide Insurance Solutions is here to answer some of the most common questions.

Do I Still Need Home Insurance when I Live in an HOA?

Your HOA will have an insurance policy that protects the common areas in the development like roads, sidewalks, and in some cases, parks and pools. Your house will still need a home insurance policy that covers the single-family building, your yard that you maintain, and driveways and walkways.

Which Policy Covers My Landscaping and Driveway?

In some cases, the HOA only sells the house–just like in a condominium complex. In these cases, the yard and possibly your driveway will be cleaned, repaired, and maintained by the association. If they do not maintain an area, it likely belongs to you and should be part of your insurance coverage.

Liability at the Neighborhood Playground

Community centers, pools, and parks most likely belong to the HOA. The liability coverage for medical expenses falls under the HOA policy. Your HOA fee may rise if the HOA has to pay out on a large settlement.

Does HOA Insurance take care of Roofs and Walls in a Duplex?

This depends on your individual HOA. Usually, a shared roof or wall will fall under an HOA insurance policy, but it may vary. Before buying the home, make sure you fully understand exactly where your responsibilities begin and end.

HOAs continue to grow in popularity around Gurnee, IL as it is a luxury to have somebody mow the lawn, plow the roads, and fix up the playground equipment. However, when it comes to understanding where your home insurance begins and ends, it is best to sit down with your agent at Statewide Insurance Solutions and review both policies. 

When is the Right Time to Buy Home Insurance?

Whether you recently purchased a home in Waukegan, IL or you have been a homeowner for some time, you may be wondering what you should be doing regarding home insurance. Having a home insurance policy is something that is always recommended by Statewide Insurance Solutions because when you buy a home, it is likely one of your biggest investments. If you have not yet gotten a home insurance policy, you may be wondering when you should start to consider one. 

When is the best time to buy home insurance?

That would have been yesterday but since you cannot go back in time, getting it as soon as possible will have to do. Ideally, you do not want to go even one day without a home insurance policy in place because that leaves you without any type of coverage in case of an accident. You do not want to run that risk because, without a policy, if you lose your home to something like a fire, you will have no coverage to replace it. You will have to start all over again on your own in order to rebuild, or you will have to cut your losses if you cannot afford it. This is not something that anyone wants to have happen to them, but if you do not have a home insurance policy in place at all times, it can be a very real outcome for you.

If you would like for us to take a look at your current home insurance policy to make sure that it meets all of your needs, we can do so at no charge. We can also provide you with a free quote for coverage if you do not already have a home insurance policy in place. Be sure to contact Statewide Insurance Solutions, serving Waukegan, IL, today to get started and get your free quote or try our online rating tool.

What to Consider When Getting Home Insurance in Waukegan, IL

Are you looking for home insurance in Waukegan, IL? It is important to get everything right when purchasing your home insurance to avoid any pitfalls that may result in losses down the line. For this reason, there are significant things to consider to ensure you have the ideal home insurance for your needs.

Your Coverage Needs

The first step to getting the right insurance is to determine your coverage needs on the home itself as well as on your personal property. For coverage needs on the home or building, most insurance companies will determine how much to pay you in case of a loss in three major ways. First, they will evaluate the actual cash value, which is basically the actual worth of the property immediately before the loss so have that in mind. They will also consider replacement costs, which entail the costs of replacing or rebuilding the property using materials of like quality and kind. The last option is an evaluation of extended replacement costs, which includes costs of paying for the replacement of the building even when they exceed the policy limit.

For coverage needs on personal property, most home insurance policies tend to cover personal properties for half of the building’s policy limit. However, if you require more coverage for your personal property, you can consult your insurance agent.

The Insurance Company

There are several insurance companies that offer home insurance in Waukegan, IL. These companies have different home insurance policies so you need to have this in mind when approaching an insurance company. You need to purchase your home insurance from a reliable company so it is recommended that you evaluate more than one company when getting home insurance. The official Illinois website has plenty of useful resources you can use to get more information about an insurance company such as its license status.

For more information on home insurance in Waukegan, IL, visit Statewide Insurance Solutions.