Homeowners Insurance

When it comes to taking care of your house, you may be familiar with the concepts of homeowners insurance and home warranties. But do you understand the primary differences between these two types of coverage?  If you’re not sure whether you should have homeowners insurance, a home warranty, or both, keep reading to learn more about each — including how they differ and what they do (and don’t) cover. What is a home warranty? A home warranty is a service contract covering normal wear or the breakdown of your home’s internal systems, such as electric, plumbing and HVAC, as well as appliances like the fridge, dishwasher and oven. They may come with a new home, but you could also purchase one after moving into an existing one. Every home warranty can have slightly different terms, so make sure you understand what is covered and what isn’t, any coverage limits, and whether a deductible or trade call fees apply. What is home insurance? A homeowners insurance policy covers certain damages to and loss of your dwelling, personal belongings, and any other structures on your property due to a covered peril. Your policy may also pay for the medical bills of people who are injured on your property or help cover the cost of temporary relocation while your home is being repaired or rebuilt. Home Warranty vs. Insurance So what are the main differences between them? A home warranty is optional, whereas homeowners insurance is usually required if you have a mortgage. Insurance is for covered perils, such as fires and other unexpected events, while a warranty is for normal wear and tear. A home warranty covers the interior of your home, whereas home insurance covers internal and external damage. Whether you need both types of protection will depend on your situation, such as your emergency savings and your home’s age. Always read your policy or warranty carefully to make sure you understand what is and isn’t covered. Reach out if you have questions about your home insurance coverage.

According to a 2023 survey, 63% of workers said they would be unable to cover a $500 emergency expense. This means a majority of Americans don’t have an emergency fund, which is a savings account with roughly three to six months of living expenses set aside for unexpected expenses. If you can, you should be working on building emergency savings. Even a small amount can add up over time. Learn about the most common reasons to tap your emergency fund. Job Loss Losing your job can be financially devastating, especially if you’re the primary earner in your household. Even if you qualify for unemployment benefits, emergency savings can help you keep up with bills. Emergency Home Repairs Homeowners can plan and budget for routine maintenance and repair tasks, but expensive repairs may arise suddenly. For example, a storm blows through and knocks a tree branch onto your roof or floods your basement. Whatever happens, it helps to have emergency savings to cover the cost without going into debt. Major Car Repair As with your house, your car doesn’t always give a warning before breaking down on the highway. Whether you have trouble with your brakes, engine or tires, having money saved up can get you back on the road. Medical Expenses Nearly half of American workers are enrolled in a high-deductible health plan, according to the most recent federal data . This can result in costly bills if you or one of your dependents has an injury or needs diagnostic testing. If you have access to a health savings account, you can save for medical expenses with pretax dollars. If not, your emergency fund will come in handy. Do you have questions about your insurance coverage and how it could help you save in case of property damage? Get in touch to talk about your policy.

Are you deciding between renovating your current house and finding a new one? Most homeowners would probably love to reduce their utility bills while making a positive impact on the environment. Does that sound like you? Good news: Installing a renewable energy system in your home can provide clean electricity and heat while lowering or eliminating your energy bills. However, there are upfront costs and other considerations involved. Want to learn about your options for renewable energy systems? What are the options for renewable energy? Solar: Installing solar panels can provide a reliable, environmentally friendly source of electricity. Wind: If you have acres of land, a wind system is a cost-effective way to power your home. Microhydropower: Do you have water on your property? This type of renewable energy system uses a pump, turbine or waterwheel to generate electricity from water. Geothermal: A geothermal HVAC system can heat and cool your home by using the temperature just below the earth’s surface. Hybrid Systems: Combining wind and solar for your renewable energy system can help alleviate outages when one or the other isn’t producing as much power. What to Consider Before Installing a Renewable Energy System Check with local and state governments for any regulations you need to follow. The company you choose for installation should also be able to help you research and understand: Building codes. Easements. Local covenants and ordinances. Technology-specific requirements. Whether to use a grid-connected or stand-alone system. Property and insurance costs. Selling energy back to the grid. Tax credits. How to Determine Your Electricity Needs Be sure you know how much electricity you’ll need your system to generate by calculating your current consumption. You may be able to get this information from your utility company or renewable energy company. You can also get a close estimate by multiplying the wattage of each appliance in your home by the approximate number of hours it’s used per day. Reach out if you have questions about how your homeowner's insurance policy may be affected by the installation of a renewable energy system.

Are you deciding between renovating your current house and finding a new one? Rising interest rates have made some would-be buyers and sellers reconsider — and if you decide to stay put, you may want to modify your home to better fit your lifestyle. You should base your renovation decisions on what will most enhance your comfort and enjoyment of the home, especially if you’re not planning to sell anytime soon. But it doesn’t hurt to also consider the potential return on investment (ROI) of your project. Here are six home updates that could also boost your home’s value. Updated Flooring You may just want to refinish hardwood floors, or you could swap one flooring material for another. Outdoor Space A new deck, patio, or porch can add new living space to your house — especially if it’s enclosed or covered. It also enhances your backyard, offering a place to relax, enjoy a meal, or entertain guests. Kitchen Improvements You don’t have to do a complete kitchen remodel to see a positive ROI. Smaller improvements such as cabinet refacing, new cabinet hardware, a granite countertop, or new appliances can also boost the aesthetic of your kitchen and your home’s value. Finished Basement Do you need more space? You might be able to add living space to your home if you have a basement to finish. You could make it a bedroom, home office, playroom, or gym — the options are nearly endless. Energy-Efficient Upgrades Installing solar panels, switching to an electric heat pump, and replacing older windows can all save you money on utility costs while increasing your home’s value to future buyers. Neutral Paint Colors A fresh coat of paint gives the interior of your home an instant lift. A light, neutral color palette is the best choice for ROI because it appeals to the largest number of people. Are you curious about how home improvements could impact your insurance policy? Get in touch today.

No matter what else winter may bring, you’re probably experiencing lower temperatures this time of year. That’s why this season can bring a specific set of challenges for your home and car. Snow and ice, heating systems, fire safety, pipes and tires should all be top of mind during the colder months. Keep reading for 12 tips on staying safe at home and on the road when the thermostat is at its lowest. Stay Safe and Warm at Home Heat : Have your heating system inspected or serviced annually. If you have a fireplace, have it and the chimney professionally cleaned before you light your first fire. Smoke and Carbon Monoxide Detectors : Make sure they are all working; if not, replace the batteries or install replacements. Gutters : Keep them as clear as you can throughout the cold weather season. Snow and Ice : If you get snow or ice, make sure to clear your sidewalk, driveway and entryway as soon as possible to prevent falls. Temperature : Even when you’re not home, keep your thermostat high enough to prevent the pipes from freezing (no lower than 55 degrees). Drive Safely This Winter Road Conditions : Adjust your driving to the weather. Slow down (or stay home) if it’s snowing or the roads are icy. Don’t use cruise control on slippery roads. Emergency Kit : Keep bottled water and snacks, a blanket, extra clothing, a flashlight and whatever else you may need if you get stranded in bad weather. Cover : If possible, keep your car in the garage or under a carport to save yourself the trouble of cleaning snow and ice from your vehicle. Tires : Before you drive in winter weather, check the treads and tire pressure to make sure your tires are in good condition. Battery : Cold weather can cause your battery power to plummet, so test it before any long drives. Wipers : Check your blades and replace them if necessary. You may even need winter wiper blades . Gas : Keep your car’s tank half full to prevent the gas line from freezing. If you have questions about winter safety or your insurance policies, reach out today.