Category: Home Insurance

Buying a new home is one of the highlights of most people’s lives. Your first home is an adventure in so many ways, and you may find that you are woefully ill-prepared to deal with many of the things that more seasoned homeowners take for granted. Knowing about home insurance is one of them. At Fenzl Insurance Agency in Hamburg, NY, we work with our new homeowners to make sure they know more than just the basics about home insurance. 

Home insurance has deductibles.

You are responsible for choosing the deductible you pay for your home insurance. This is not a yearly amount; it is a per-claim amount. The higher the deductible, the better the rate you get, but also the more out-of-pocket expenses you will need to pay.

You have choices of content coverage.

You can choose to cover your content with either the current value or the replacement cost. Current value is what something is worth today with deprecation figured in. Thus, a seven-year-old sofa won’t be worth the same as a one-year-old sofa, and the amount you get will not be enough to replace it.  

Home insurance has limits on certain content.

If you have expensive jewelry, electronics, antiques, art, or an oriental rug, your home insurance policy has limits on how much it will pay and how much cash it will replace. You may want to consider raising your limits if needed. 

Home insurance doesn’t cover everything.

Your home insurance has exclusions. It does not cover flooding or earth movement such as earthquakes, sinkholes, mudslides, landslides, or wear and tear. As a homeowner, it is your responsibility to maintain your home. 

Contact Fenzl Insurance Agency in Hamburg, NY when you have questions or needs for home insurance. 

The feeling of elation you experience when making your final mortgage payment may be intermixed with questions regarding your home insurance. Do you still need it? Nobody wants to pay for unnecessary services, but in this case, it’s crucial to understand what home insurance offers. At Fenzl Insurance Agency in Hamburg, NY, our team of independent agents possess the information you need to make an informed decision about the protection you require. 

Protecting your investment

Your home is likely the most substantial investment you will ever make. Unfortunate incidents occur, so it’s crucial to have home insurance. It serves as a safety net, protecting you from things that could significantly damage your home. Home insurance preserves your investment in two ways. It provides property coverage, which protects the physical structure of your home. Additionally, it supplies you with liability insurance, shielding your finances from lawsuits if someone is injured on your property. 

Covering the value of your contents

Unless you’ve completed a home inventory, you may be unaware of the actual value of your possessions. Consider all your clothes, electronics, furniture, appliances, decorations, books, and more — losing these without home insurance would result in a significant financial loss. 

Providing a temporary home if your property is damaged

Another advantage of home insurance is its coverage of living expenses should your home become untenable due to an insured peril. This loss-of-use insurance reimburses you for hotel stays and some meal costs if your home is uninhabitable. It’s a part of your policy that you would greatly appreciate. 

Consider Fenzl Insurance Agency in Hamburg, NY for all your home insurance needs.

The Value of Additional Coverage in Homeowner’s Policies

At Fenzl Insurance Agency in Hamburg, NY, we add an extra layer of protection to your homeowners’, condo’s, or renters’ insurance policy with our additional living coverage. This feature proves beneficial when your residence becomes unlivable because of a covered peril, assisting with unexpected costs.

Standard Covered Perils

Our coverage safeguards your interests against the following perils:

• Fire and Smoke
• Vandalism
• Explosions
• Windstorms
• Water Damage
• Roof Damage Due to Snow or Ice
• Falling Objects

This type of coverage is designed to help you financially while your house is under repair. Covered costs may include temporary rentals, pet relocation expenses, restaurant meals, and essential purchases like clothing or personal hygiene items. The policy also includes a spending cap – the maximum amount your insurance pays for after a covered loss.

Examples of Additional Living Expenses Coverage

For instance, if your house suffers severe damage from a fire, you may need temporary shelter while the necessary repairs take place. Expenses incurred during this period, such as hotel accommodation, daily meals, and even clothing needs, are covered by the additional living expenses.

It is crucial to keep all receipts from spending during this time, as insurance companies use these details to calculate routine expenses while determining the amount you’ll receive for additional living expenses. This sum is deducted from your claim payout.

Protect Your Home with Insurance

A home, be it damaged or uninhabitable, requires protection. Ensure your property and guard your finances against calamities with an insurance policy. Contact Fenzl Insurance Agency in Hamburg, NY, for a transparent quotation today.

Your primary home insurance policy offers a good deal of protection, but there are certain incident damages and property theft situations that it won’t cover. This is where ad-ons (aka riders or endorsements) can fill any potential coverage gaps. Our experts at Fenzl Insurance Agency in Hamburg, NY detail the top three home insurance add-ons owners may need.

Top 3 Home Insurance Add-ons

1. Equipment Breakdown Coverage for Homes

Equipment Breakdown Coverage (EBC) is more commonly known as appliance coverage, but it also covers electronics, HVAC systems, home gym setup,s and more. With the costs of replacements these days, EBC can be very useful for homeowners. However, there are exclusions, such as pool and spa pumps and other devices, but other add-ons are available to cover damage to pools and other high-cost equipment.

2. Incidental Water Backup Coverage

Investing in Water Backup Coverage (WBC) this add-on helps homeowners enjoy adequate protection from water damage. While it doesn’t cover flooding due to acts of God, it does cover damage to belongings and floors should a pipe leak or the sump pump back up. Note, the pipe itself isn’t covered, just damage for affected possessions.

3. Extended Reconstruction Cost Ads-on

As the cost of construction materials and labor gets higher, it can cost more to rebuild a home than the basic insurance valuation. This could be financially disastrous should the structure suffer complete destruction or non-reparable damage. An Extended Reconstruction Cost (ERC) add-on covers a specific percentage beyond basic coverage when costs are higher than expected.

Reach Out To Us

Your home and its contents are likely precious to you, and keeping them protected is essential. Go the extra mile and get any add-ons that may prove useful in saving you money. Talk to one of our experienced insurance agents at Fenzi Insurance Agency in Hamburg, NY to get solid advice and great rates.