Harrison Insurance and Financials, Ltd

101 E Bullion St, 2A
Hailey, ID 83333

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What Homeowners Insurance Covers in Idaho

If you own a home, you know that it’s an investment. More importantly, it’s comfort and security. That’s why you need homeowners insurance for when disaster strikes to protect your investment.  Moreover, you need to get repairs done properly and in a timely manner to restore that comfort and safety your home provides.

Harrison Insurance and Financials LTD in Hailey, ID understands the importance of homeowners insurance, and we want to provide you with more information. Here’s what homeowners insurance covers in Idaho.

What Homeowners Insurance Covers

When people think of homeowners insurance, they usually think of paying for the cost of damage caused by natural disasters. While this is true, it also covers much more.

In addition, it also covers:

  • Your personal possessions
  • Other structures on the property, like a detached garage
  • Personal injury liability
  • Vandalism and theft
  • Explosion
  • Fire
  • Falling objects
  • Damage caused by vehicle accidents

It’s a crazy world, and you never know what may happen. Someone might trip and fall inside your home. On the other hand, your home may suffer damage because of the reckless actions of someone else. Either way, with homeowners insurance, you can rest easy knowing that your home is covered.

Not only is your home covered, but so are you in the event of personal injury liability. If someone gets hurt on your property, It will cover the cost of medical expenses. 

More Than Insuring Your Home

As you can see, homeowners insurance does more than just insure your home. It gives you peace of mind knowing that your home, possessions, and people inside are covered.

Contact Harrison Insurance and Financials LTD in Hailey, ID to find out how we can help you with a homeowners insurance policy that is right for you.

Questions To Ask Yourself When Buying Home Insurance for the First Time

While home insurance is not mandatory in Hailey, ID, many homeowners are finding more reasons to get the policy now than ever before. Lawsuits, accidents and insecurity are the top reasons why many people are buying home insurance. If it’s your first time getting home insurance, Harrison Insurance and Financials LTD recommend learning more about the policy before making any purchase. Here are a few critical questions you should ask yourself.

What is your budget?

When buying any item in the market, it’s always prudent to research rates in your local area, assess your needs, and develop a reasonable budget. A flexible budget allows you to stretch and increase limits to some coverages, such as liability. Home insurance is quite affordable, especially if you live in a relatively safe area. However, your insurance provider may encourage you to buy additional coverages or separate policies if you own valuable items.

What are your home insurance needs?

Every home has different insurance needs. Insurance companies use the information you give them to determine your home insurance rates. Some of your insurance needs can affect your insurance rates directly. For instance, if you are a parent to young children in Hailey ID, you may want to get home insurance to pay for accidents they cause, such as property damage or injuries to other people. 

What’s the value of your home?

Determine the value of your home by calculating the cost of labor and materials in your local area. The value of your home may not necessarily increase your home insurance rates, especially if you have features that improve your home’s security. A trampoline or swimming pool, however, may increase your rates.

Do you need help from an insurance professional?

At Harrison Insurance and Financials LTD, we care about you and what matters to you most. We can help ensure that you have a home insurance policy that fits your needs, budget, and comfort. Call us today!

What type of content coverage should you have

Home insurance is something most homeowners have either as a requirement from their lender or by choice. Unfortunately, many homeowners are underinsured. It is estimated two out of three homes are not adequately covered. Most are more than 20% short of what they should have. That is pretty worrisome if you ever have to file a claim. At Harrison Insurance and Financials LTD in Hailey, ID, we have been providing coverage in Hailey, Sun Valley, and Bellevue for 31 years. We are locally owned and operated, which allows us to get to know our clients and their needs. 

Home insurance offers many different types of coverage. It protects your assets with liability insurance, it protects your physical structure with property insurance, and it covers your personal possession with content coverage. Content coverage is usually between 50-70% of your home replacement cost. If your home has an insurance replacement value of $100,000, your contents would be $50,000-$70,000 maximum. If you have expensive items, they should be added separately with a rider. 

Contents coverage comes in two options, actual cash value and replacement cost. The type you choose makes a big difference if you ever have to use it. With actual cash value, you will get the depreciated value of the items being replaced. An example is you have a five-year-old TV you paid $500 for. Today it is worth $200, and you will collect the lower amount. A new TV of a similar type now costs $550, and you will be $350 short of the amount you need to replace it. With replacement cost, the insurance company will give you the $550 you need to replace your TV when you actually replace it. 

Contact Harrison Insurance and Financials LTD in Hailey, ID with any questions you may have about home insurance and your content coverage. 

How Your Home’s Design Affects Your Insurance Policy

One of the biggest perks of owning your own home is the ability to customize your property to fit your lifestyle. Harrison Insurance and Financials can help you customize a policy that fully protects all the architectural and design elements in your Idaho home. However, did you know that your remodeling work might impact your homeowner’s insurance policy? Here are some common home design elements that might affect your homeowner’s insurance options.

Driveways, Sidewalks, Pathways

Having unpaved or poorly maintained driveways, walkways, and sidewalks increase the chances of someone getting hurt on your property. Your insurance agent may see that as an increased risk, which could mean higher premiums. Smooth, sealed, and clear pathways are the best way to protect your potential liability.

Swimming Pools

The type of pool you choose determines its effect on your policy. Permanent pools that are installed in the ground or anchored to the land are included in your primary policy. That means anything that happens in or around them qualify for liability coverage payments. Portable pools that are not permanently attached, however, may require additional coverages. Talk to your agent to understand your personal options.

Wood Burning Stoves

Your wood-burning stove decreases your energy costs and improves the aesthetic of your home. It could also increase your home insurance premiums. Poorly installed stoves are a big risk for fire, carbon monoxide, and other issues that could trigger a claim. Your insurance agent can help you find ways to decrease the risk of your indoor wood burning stove.

You don’t have to settle for a cookie-cutter home. Harrison Insurance and Financials in Hailey, ID can help you create a homeowner’s policy that fully covers all the design elements in your Idaho home. Contact us for a free quote or to discuss your coverage options.

 

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