Homeowner Insurance Checklist: Protecting Your Home and Investment

Your home is more than just a place to live; it’s a valuable investment worth safeguarding. Homeowner insurance offers crucial protection against unexpected events, but understanding the nuances of your policy is essential. In this comprehensive coverage checklist, we’ll discuss key aspects to help you make informed decisions.

  1. Dwelling Coverage: Dwelling coverage forms the foundation of your homeowner insurance policy. It should encompass the cost of rebuilding your home if it’s damaged or destroyed by covered perils like fire, storms, or vandalism. Ensure the coverage amount is sufficient to reconstruct your home at current construction costs. If available, ask for Guaranteed Replacement and if this is not available then make sure you include Extended Dwelling Coverage which will help protect from rapid inflation within the construction industry which is not uncommon after catastrophes. Another important option to include, especially for older homes, is Building and Ordinance coverage which will help cover additional costs for bringing your home into compliance with local building codes which change year to year.
  2. Personal Property Coverage: Protect your possessions with personal property coverage, which includes furniture, electronics, clothing, and other personal items. Conduct a thorough inventory of your belongings and estimate their value to determine the appropriate coverage limit. Unless it is unavailable, ensure you have Replacement Cost evaluation added to your Personal Property. This will allow you to replace your contents at today’s prices without depreciation being applied.
  3. Liability Protection: Liability coverage safeguards you against legal expenses and claims if someone is injured on your property or if you accidentally damage someone else’s property. It’s a vital component of any homeowner policy. While standard limits often hover around $100,000, consider higher limits for enhanced peace of mind.
  4. Water & Sewer Backup Coverage: Water and sewer backups can result in substantial damage to your home. Ensure your policy includes coverage for these incidents, as it’s not always part of standard homeowner insurance. Verify the coverage limits and be aware of any exclusions.
  5. Additional Living Expenses (ALE) Coverage: If your home becomes uninhabitable due to covered damage, ALE coverage will cover your temporary living expenses which are above your usual costs, including accommodation and meals. Ensure your policy provides adequate ALE coverage to maintain your standard of living during the rebuilding process.
  6. Other Structures Coverage: For additional structures on your property which are detached from your home, such as a garage or shed, confirm that they’re covered under your homeowner insurance policy. Coverage may vary, so understand how it applies to your specific situation.
  7. Special Coverage for High-Value Items: Consider adding scheduled personal property coverage if you own valuable items like fine art, jewelry, or collectibles. This ensures proper protection for these assets, which otherwise may be limited by specific policy sub-limits or other restrictions.
  8. Roof Replacement Evaluation: Roof damage is a common homeowner insurance claim. Familiarize yourself with how your policy evaluates roof replacement. Some policies use actual cash value (ACV), accounting for depreciation, while others offer full replacement cost coverage. Opt for the latter if possible, as it guarantees your roof will be replaced with similar materials at current market prices.
  9. Flood and Earthquake Insurance: Standard homeowner policies generally exclude coverage for flood and earthquake damage. Depending on your location, separate policies may be necessary to protect against these specific perils.
  10. Deductibles: Balance your budget when selecting the deductible for your policy. Deductibles may also vary by cause of loss, as well as percentage of dwelling versus flat dollar. A higher deductible can lower premiums but ensure it’s affordable in the event of a claim.
  11. Discounts and Bundling Options: Explore available discounts, such as bundling your homeowner and auto insurance policies, safety features and updates to your home, to potentially enjoy significant savings.

Safeguarding your home with the right homeowner insurance policy is an essential aspect of responsible homeownership. At LG Insurance Group, we’re dedicated to assisting you in making well-informed decisions. Utilize this checklist as a reference when reviewing your current policy or shopping for a new one. Our team is here to guide you in finding the ideal coverage to suit your needs and budget.

Contact us today to discuss your homeowner insurance options. Your peace of mind is our top priority.

Things That Might Void a Boat Insurance Policy and Avoiding Them

Boat insurance is generally a necessity, and it protects you from issues like damage from weather, fire, wrecks, and things cropping up out of the water. There are several things owners can do to make their boat policy ineffective. Our team at LG Insurance Group in Marietta, GA explains.

Intentional Damage

Some owners do nefarious things to their watercraft in an attempt to make a fraudulent insurance claim for a quick cash grab. If the company suspects or confirms that the policyholder has intentionally wrecked, set the boat on fire, sunk it, etc., they will not pay out on the policy. They will likely cancel it altogether.

Operating Your Watercraft While Under the Influence of Drugs or Alcohol

It’s tempting to want to imbibe certain vices while enjoying a day on the boat with friends, but it’s a huge no-no that can invalidate your insurance policy. Exceeding the boat’s maximum person or weight capacity can also null and void the boater’s insurance policies. These violations endanger passengers and those around the vessel, which is irresponsible.

Things That Can Result in Lapsed or Voided Policies

Certain situations that can result in either of these outcomes vary. Most often, lack of paying on time and missing multiple payments are the culprits of boat insurance lapses and subsequent policy voiding. The company will likely cancel your policy if you provide false information on your application or a claim.

Secure Boat Insurance Through LG Insurance Group in Marietta, GA

If you’re a boat owner, we can help you understand your personalized boat insurance policy to protect you, your passengers, and your watercraft. Our locally owned and operated agency covers residents across Georgia and Tennessee with boat insurance and other types of policies.

10 Smart Tips to Save Money on Auto Insurance Premiums

At LG Insurance Group, we understand that everyone wants to get the best value for their hard-earned money, and that includes your auto insurance premiums. Whether you’re a resident of Georgia or Tennessee, we’re here to help you save money while ensuring you have the coverage you need. In this blog post, we’ll share 10 smart tips to help you reduce your auto insurance premiums without compromising on protection.

  1. Shop Around: Just like any other purchase, it’s essential to compare auto insurance quotes from multiple providers. As an independent insurance agency, we can do the legwork for you, searching for the best deals and coverage options available in your area.
  2. Bundle Your Policies: Consider bundling your auto insurance with other insurance policies, such as home or renters insurance. Many insurers offer discounts for bundling, which can lead to significant savings.
  3. Maintain a Good Driving Record: Safe driving pays off. Avoid accidents and traffic violations, as a clean driving record often results in lower premiums.
  4. Choose a Higher Deductible: Opting for a higher deductible can lower your premium costs. Just make sure you have the funds available to cover the deductible in case of an accident.
  5. Drive Less: If you have the option to reduce your mileage, do so. Insurance companies often offer discounts for low-mileage drivers, as they pose a lower risk.
  6. Drive a Safe Vehicle: Safety features, such as airbags, anti-lock brakes, and anti-theft systems, can lead to insurance discounts. Consider choosing a car with these features when making your next purchase.
  7. Maintain Good Credit: In some states, insurers use credit scores to determine premiums. Maintaining good credit can help lower your insurance costs.
  8. Ask About Discounts: Insurance providers offer various discounts, such as safe driver discounts, good student discounts, and discounts for taking defensive driving courses. Don’t forget to inquire about these opportunities.
  9. Review and Update Your Policy Annually: Life changes, and so do your insurance needs. Review your policy annually with your independent agent to ensure it still meets your requirements and offers the best rates.
  10. Consider Usage-Based Insurance: Some insurers offer usage-based insurance, where your premium is based on your driving habits. If you’re a safe driver, this could lead to significant savings.

At LG Insurance Group, we’re committed to helping you save money on your auto insurance premiums while providing you with top-notch coverage. These 10 tips can go a long way in reducing your costs without sacrificing the protection you need. Remember, we’re here to assist you in finding the best insurance solutions tailored to your specific needs. Feel free to reach out to us for personalized assistance and quotes. Safe driving and smart insurance choices go hand in hand for a brighter, more secure future.