Toyen Insurance Agency Blog

Many people buy a homeowners policy for their new home, and then forget about it.   They don’t completely forget about it, of course.  They make their annual insurance payments.   But in their day-to-day lives, they have no reason to think about their homeowners coverage.

Should they?

Well, if it’s been a long time since you purchased your policy – the answer is YES!   As construction costs go up, the amount of money that it will take to rebuild your home from the ground up also goes up.    As an example, let’s take someone who bought a 2,000 square foot home 15 years ago.   They may have insured their home for $100/sq. ft, or $200,000.   These days it will cost a lot more than $200,000 to rebuild a 2,000 square foot home.  If their house burns down now, the actual cost is more likely to be over $300,000.    Our fictional family could be stuck with having to pay the extra $100,000 out of their pockets!

As someone who lives in the Scripps Ranch area of San Diego, a community that got ravaged by fire in 2003, and came perilously close again in 2008, and as an insurance agent, I understand the importance of making sure that your home is well protected.   It is my policy to conduct periodic reviews of my customers’ coverages, as well as reshop my customers’ policies for better rates.

Request a homeowners quote today!  http://www.toyeninsurance.com

* California only

Buying a new home can be an overwhelming experience for many people.  There are so many things to think about that homeowners insurance becomes an afterthought.  But unless you are comfortable enough that money is no object, doing a little bit of research to find out what to look out for in your new home can really pay off in the end.   This is because a few seemingly innocent things could mean the difference between paying $1,000/year or $2,000/year or more for your home insurance, for example.

What are some of these factors and what can you do about them?

1.  Prior loss history of the home.   If the house you’re thinking of buying has sustained serious losses in the past, it may be expensive or difficult to insure.   In order to prevent insurance rejections, ask the seller for a CLUE report to find out about the home’s history of prior claims.

2.  Location location location!  There are several factors having to do with a home’s location that will make a difference to an insurance company.   You may be excited about the gorgeous view from the patio, but is that patio looking out over a canyon full of uncleared brush?   Since brush is a fire hazard, ideally, you’ll want your home to be at least a 1,000 feet away from brush.

3.  And since we’re talking about location, the proximity to a fire hydrant and a fire station is also important.  You’ll want to be within 1,000 feet of a fire hydrant and 5 miles of a fire station.   This is usually not a problem in a metropolitan area.

4.  Does the house come with a pool?  If so, you should know that many insurance carriers will decline coverage if the pool comes with a diving board or a slide.  Trampolines are similarly a problem, as they can be a liability risk.   If you don’t have your heart set on having them, it may be worth your while to have them removed.

5.  If you’re buying an older home, you’ll want to find out what major renovations have taken place recently.   An old roof and old plumbing can leak and cause water damage.    An old electrical and heating system can be a fire hazard.  Insurance carriers will want to know when your home’s roof, plumbing, electrical and heating were last renovated – and may decline coverage if no renovations have taken place within the last 20 years.

Get a homeowners quote at http://www.toyeninsurance.com/homequote.html or call (858) 836-3050

*California only