7 Things Every Homeowner Should Know

Let's just be honest – owning a home can be complicated! Whether you’re a first-time homebuyer (congrats!) or you've owned your home for years, there are likely things you should be doing to make sure you and your home are protected. Our goal at Charles Baker Insurance is to make homeownership a little less complicated and give you peace of mind. Let’s dive in to 7 things every homeowner should know about insurance and caring for your home.

1. Your homeowner's policy might not cover everything you think it does, make sure you are properly covered It’s true. With all the different types of plans out there today from hundreds of home insurance companies, there’s lots of fine print to read through. Most often, your policy doesn’t cover general wear and tear, plumbing issues, or disasters such as floods, earthquakes, or hurricanes. Between 2014 and 2018 more than 40% of flood insurance claims were filed outside of flood zones. These floods are caused by storms, broken water mains, poor drainage, and even local construction. According to floodsmart.gov the average damage caused by a single inch of water is more than $25,000. Some policies cover the full cost of replacement of your home in the event of a disaster, while others only cover a portion.

2. Smoke detectors should be replaced every 10 years
In new construction, the state of Texas requires smoke alarms to be installed. These are often wired directly into the home and all the detectors are linked. But what about in an older home? Prior to purchasing your home, your inspector should test all smoke alarms and make recommendations on placement. Your home should have smoke alarms on every level, in the hallways, and in all the bedrooms. These should be tested every month and batteries changed every year. According to Kidde, they should be vacuumed to prevent dust build-up. 

3. Know how to shut off the water to your home
As said earlier, a small amount of water can cause thousands of dollars worth of damage. Knowing where and how to shut off the water to your home is one of the easiest ways to protect from excessive damage. The main water valve is usually located on the outside of your home toward the front and should be easily turned by hand. If this is not the case, making sure you have the proper tools to turn the valve before an emergency can save you time and money in the long run. Another way to quickly identify a leak is to purchase flood sensors. These are small sensors placed on the floor in areas that are more likely to flood. Place these in laundry rooms, basements, around hot water heaters, dishwashers, and under sinks.

4. You can, and should, have your roof inspected
One of the biggest expenses in maintaining your home is having a roof replaced. It is recommended to have your roof inspected yearly, or every two years, if there is substantial tree coverage. It is a good idea to have your roof checked after any major weather events as well. This allows you to have minor repairs completed at a much lower cost to prolong the life of your roof. According to Allstate and Bobvila.com, the three main things to look for are loose or damaged flashings, loose or broken shingles in the gutters, droops in your roof. Always hire a professional to inspect your roof to ensure proper care and safety.

5. Damage from wind is the most common cause of homeowner’s insurance claims
More claims are filed for wind damage to homes than any other type of loss, including fire, water damage, and theft. Insurance policies generally cover multiple types of wind damage, including repairs or replacement of your roof, siding, and windows. Sometimes even additional structures on your property are covered. Be aware, there may be higher deductibles for events such as hurricanes. After a storm, be sure to contact your insurance agent prior to beginning any repairs to ensure appropriate reimbursement. 

6. Installing a security system could save you money on your home insurance
With an average savings of 2%-15% off your homeowner’s insurance, you might consider installing a security system. Some of your major insurance carriers, such as Progressive, Allstate, GEICO, and Liberty Mutual offer up to 20% off your policy. Not only does it qualify you for a discount, but it also provides you with peace of mind. Systems can range from self-installed to installed and monitored by a security company. Both can qualify you for a discount as long as your home is protected from break-ins. If installing a security system is not an option, there are a few simple things you can do to keep your home and family safe. Make sure that all doors have deadbolts and windows have locks. Keep bushes trimmed and minimize hiding spots around the outside of your home. Installing motion sensor lights is also a great way to ensure there are no dark hidden corners. 

7. According to Nationwide two-thirds of policyholders are underinsured
Nothing is worse than finding out after you’ve filed a claim that only a portion of the cost will be covered. With the cost of homes skyrocketing, it's easy to see how fast the value of your home and the cost of repairs can increase. According to a study by Nationwide, some homes are underinsured by 60%! That means in the event of a disaster, you could be out of pocket 60% of what it would cost to repair or replace your home. Home insurance is designed to protect you financially in the event of a disaster. 

Making sure that your home is covered and your insurance policy is up to date is the best way to protect your family financially and protect your home in the event of a disaster. Let Jenna at Charles Baker Insurance review your policy for free today and make sure that your insurance is working for you!