Becoming a homeowner is such a happy milestone, and we work hard in order to own the home we live in. But, with the excitement of homeownership also comes a certain amount of risk and responsibility.
Homeowners Insurance is a type of property insurance that protects the physical structure of your home, as well as your belongings and your liabilities for accidents that may occur on your property. Additionally, it is almost always required by lenders if your home is financed by a mortgage. After the hard work and saving it takes to buy a home, you will most certainly want the peace of mind in knowing your home is protected from any unanticipated mishaps with a Homeowners Insurance policy.
Webb Insurance is an experienced Homeowners Insurance brokerage firm located in St. Charles, Mo. Our office has been serving the greater St. Louis region and beyond for more than 35 years, and has an in-depth knowledge of how Homeowners Insurance works to protect your home from a variety of risks – and to protect your savings from unnecessary losses resulting from damages or repairs. Let a member of the Webb Insurance team be your ally and help you choose the best policy for one of your biggest investments: your home.
Types of Homeowners Insurance
Most standard Homeowners Insurance policies provide the following types of coverage:
- Dwelling Coverage
To repair or rebuild your home if damaged by a covered cause of loss. Benefits could pay for electrical wiring, plumbing, and heating and air conditioning, but should account for the total cost to rebuild.
- Other Structures Coverage
Pays for damages to detached structures on your property, such as a garage, shed, fence or cottage.
- Personal Property Coverage
Reimburses you for personal items in your home if damaged by a covered cause of loss. Benefits could pay for your furniture, clothes, electronics and more.
- Loss of Use Coverage
For any additional housing and living expenses incurred if you need to move out of your home temporarily while it is being restored.
- Liability Insurance
Helps protect your assets and cover defense costs in the event of a lawsuit for injuries that were sustained by guests on your property.
- Additional Home Coverages
For risks that are not typically covered by a Homeowners Insurance policy, such as flooding or earthquake damage.
Homeowners Insurance FAQs
Your family and your home are the center of your life. The last thing you want to think about is your Homeowners Insurance – until you need it. Then, the only thing you want to know for sure is that you have the right coverage. At Webb Insurance, our agents get to know you so they can customize coverage specific to your needs. Your agent will explain your coverage options in a way that’s easy to understand, and help you secure the right protection for the right price.
The questions we are most frequently-asked about Homeowners Insurance include:
- “Who needs Homeowners Insurance?”
In general, the owners of a home need Homeowners Insurance. If your home is financed by a lender, your mortgage will probably require you to carry Homeowners Insurance. After your mortgage is paid off, it is still worthwhile to maintain this protection to prevent you from having to dip into your savings for any structural or major appliance repairs, weather-related damages, and other unanticipated expenses. If you rent your home, click here for information about Renters Insurance.
- “What factors influence the price of my Homeowners Insurance premium?”
There are a variety of factors that can affect the price you pay for your Homeowners Insurance, which generally fall into three buckets: policy specifics, features of your home and personal factors. Policy specifics would refer to the basics of your coverage – depending on the deductible you’ve selected, the levels of protection in place and any additional coverage you may have added on. Features of your home, such as the age and location of the house, the age and shape of the roof, and whether or not you have a home security system, a pool and/or a wood burning stove can all influence the cost of insurance. Lastly, some personal aspects are factored into your overall “risk” quotient, including your credit and claim history, marital status and pet ownership, particularly for certain breeds of dogs. Your Webb Insurance broker will be happy to help you identify any factors that may be affecting your premium pricing, and to help you take advantage of any potential discounts you may be eligible for.
- “What about Homeowners Insurance exclusions? Should I be worried about those?”
Insurers are extremely careful about defining exactly what kind of losses are and are not covered under your policy, the latter being referred to as “exclusions.” You will want to be very familiar with the exclusions in your home insurance policy, and should consider whether you need supplemental coverage – or a surplus in your personal savings – to cover the exclusions another way. Flooding or water damage and earthquake damage are common exclusions. If you reside in an area prone to earthquakes, hurricanes or other weather-related hazards, you may be interested in supplementing your Homeowners Insurance with coverage for these risks.
- What is the difference between a premium and a deductible?
The premium is the price of insurance protection against specified risks for a specified period of time. For Homeowners Insurance, this is usually on an annual basis. Whereas a deductible is the amount of loss that the insured pays before the insurance kicks in. Learn more terms by accessing our complete Glossary of Insurance Terms.
Getting Started with Homeowners Insurance
Webb Insurance helps take the mystery out of Homeowners Insurance so that you can focus on the joy of owning your own home. Our knowledgeable and friendly home insurance agents will ensure your policy meets any requirements set forth by your lender in your mortgage. We will also meet with you 1:1 to help you inventory your belongings to calculate an appropriate level of coverage for your personal property and dwelling coverage. Then, we will review any opportunities for potential discounts and provide you with quotes from multiple providers in our independent network of insurance companies.
Webb Insurance is proud to represent our independent network of the industry’s leading A.M. Best-rated providers, including Liberty, Travelers, Auto Owners and more. See our full list of insurance companies.
Ready to start setting up your Homeowners Insurance Plan?