Common Myths About Home Insurance

When you are shopping for home insurance, you come across a lot of information. However, how do you know how much of it is actually true? There are so many myths and misconceptions about home insurance that you need to know about in order to make the right and informed decision. Versatile Insurance Planners serving San Antonio, TX and other surrounding towns prepared a list of a few myths that are easy to fall for:

Myth 1: A Standard Home Insurance Policy Covers Damages Caused By Flooding

It is one of the most common myths. Unfortunately, the truth is unless you have a separate flood insurance policy, your home insurance does not cover flood damage. If you live in a flood-prone zone, it is recommended to talk to your insurance agent and make sure that your home is fully protected. 

Myth 2: It Is Not Necessary To Keep an Inventory List

Actually, having an inventory list is very important because it is proof of your ownership of certain items in your home. You can use your inventory list when filing a claim for damaged items. Making an inventory list of all the stuff before anything bad happens is a good idea, as it assures that nothing gets lost or missed. 

Myth 3: Home Insurance Covers All Personal Items

Just like any other type of insurance, home insurance has monetary limits. That means that it covers most of the personal stuff and valuables, but not all of them. If you have extremely valuable and expensive items (jewelry or pieces of art for example), it is recommended to get separate coverage for them to make sure that they are properly covered. 

Get Your Home Insured With Us

It may be hard to find the right home insurance policy, especially if there is so much false information and misconceptions. If you live in San Antonio, TX or any other surrounding area and you are currently looking for proper home insurance, Versatile Insurance Planners is a reliable insurance company that is ready to help. All you need to do is to visit our website or call us for more information. 

Three things to know about filing a home insurance claim

As a homeowner, it’s important that you understand the home insurance claim process. It’s a good idea to learn about the home insurance claim process when you purchase home insurance. You don’t want to add to the stress of experiencing home damage by not knowing how to go about filing a claim after an accident occurs. 

At Versatile Insurance Planners, we offer home insurance in San Antonio, TX. The following are three things that policyholders should know about filing a home insurance claim. 

You’ll need to contact your home insurance provider to get things started.

The first step to filing a claim is contacting your home insurance provider and providing details about the incident that led to home damage. You can typically file a claim over the phone. Some providers also will allow policyholders to file a home insurance claim over the Internet. 

It’s important to document the accident and the resulting damages carefully.

As part of the claim process, an adjuster from your home insurance company will come to your property and assess the damage. You should carefully document damages by photographing or videotaping them. If you have any repairs done, keep receipts to show the amount that you had to spend on them. 

Damages need to be covered under the terms of your policy. 

It’s a good idea to look over your policy and read the fine print before you file a claim. Your home insurance policy should detail exactly what types of damage are covered. Make sure that your policy does not deny coverage for damages resulting from the type of accident or incident your home has just experienced. 

If you’re looking for the right home insurance policy in San Antonio, TX, contact us at Versatile Insurance Planners. We can find the best home insurance option to protect the investment you’ve made in your home. 

Is it time to upgrade your home insurance policy?

Homeowners in the greater San Antonio, TX area are finding a benefit in reviewing their home insurance policies each year. The team at Versatile Insurance Planners recommends that residents do this review regularly to ensure that their policy coverage amounts are keeping pace with the value of their home. Don’t find out after it’s too late that you don’t have the coverage levels that you need!

Factors that May Increase Your Coverage Needs

Property Values – As your home value increases, so do your coverage needs. A regular review of your policy will make sure that your insurance protection is keeping pace with your needs. This is a factor that’s often overlooked by homeowners until they have a covered event and find out that their policy levels are now insufficient for their protection needs.

Improvements and Renovations – If you have contracted an addition on your home, installed a new kitchen, or updated your bathrooms, your coverage requirements have likely increased. Smaller home improvements, like installing new flooring, may also affect your coverage levels.

Personal Belongings – The more expensive gadgets and items that are purchased through the years, the more insurance coverage will be necessary. Keep in mind that items and devices that you use every day, such as personal electronics, can add up very quickly. TVs, computers, and other technological items also carry a high value, especially when each member of the family has their own devices.

Are you a homeowner in the greater San Antonio, TX area? Contact the team at Versatile Insurance Planners today and schedule a consultation to review your home insurance policy. It’s essential to make sure that your coverage continues to be adequate for your needs.

3 Renovations That Positively Impact Your Homeowner’s Policy

Renovations make your San Antonio, TX home more valuable, comfortable, a fit for the needs of your family and lifestyle. However, some changes affect more than how your home feels. Here are some renovations that also have a big impact on your home insurance.

Security Upgrades

Adding security features is a great way to keep your property safe from malicious invaders. Floodlights, cameras, and defensive landscaping prevents unauthorized access and makes it easier to catch culprits in the act. Your insurance company may also look favorably on your upgrades. Increasing security means it’s less likely they’ll have to pay for theft damages.

Pools and Spas

Relaxing in an outdoor pool or spa is the best way to take the stress away. However, the installation of an outdoor pool could change your premiums. Pools are associated with high-risk activities that could trigger the need for a payout. In these cases, your insurance agent might look closely at your new addition and consider higher premiums.

Additional Rooms and Indoor Spaces

Adding an extra room onto your main dwelling gives you the space you want for bedrooms, storage, or a special area for friends and family. However, that structure may not fit into your current policy coverage. The agents at Versatile Insurance Planners use a formula to determine the proper amount of coverage for your home. Adding to your property changes this formula. Talk to our agents before you begin your build to ensure your new addition is fully covered.

Versatile Insurance Planners offers homeowners insurance coverage to residents in the San Antonio, TX area. Talk to our agents for more personalized information on how your renovation plans might affect your policy.

The Benefits of Having a Home Security System

Home security systems are designed to protect your home and your belongings. They work around the clock, whether you are at home or away. At Versatile Insurance Planners, the agents can help residents living in the San Antonio, TX area discover the benefits of having a home security system installed in their home.

A Deterrent for Burglars

Many home security systems offer small signs for the yard or stickers for windows that will alert potential burglars that the home has an active security system. Many won’t take the risk and will leave the property alone. 

Notifies the Authorities If An Alert is Triggered

Home security systems that are monitored by a third-party monitoring center will notify the authorities if an alert is triggered. This is true for both break-ins and fire or smoke alarms. Although some systems notify the owner first, some will automatically send an alert to local emergency response teams.

Discounts on Insurance Premiums

Many insurance companies realize the benefits of having a home security system and will offer discounted premiums to homeowners and renters who purchase and maintain a system. The additional security can save lives if the family is at home and a fire breaks out, or someone tries to break into the home. This dramatically reduces the risk of loss in terms of both life and property.

If you live in the San Antonio, TX area and are interested in learning the benefits of having a home security system installed in your home, call the agents at Versatile Insurance Planners today. We will schedule an appointment with you to go over your existing policy and find out if having a home security system will help to save you money.

 

 

Is There Such a Thing As Liability Home Insurance?

Home insurance is something that we all have to have on our homes if we have a mortgage or other types of loans out against the value of the home. This means that home insurance also comes in a wide range of sizes and a wide range of policy types that fit each home. For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help you find your perfect home insurance policy.

There are virtually thousands of different types of home insurance policies to choose from. This means that there are also thousands of different coverage types and different levels of coverage. There is no such thing as a liability only policy when it comes to home insurance. There is, however, a base amount of insurance that a home must be insured for. This base number is factored based on the amount of the loan that you have out on the house. This means if you have a $200,000 loan on the home, you have to have at least $200,000 home insurance.

Though you only have to have the home covered for the amount of your loan, it is always best to have your home covered for the value of the house rather than just the amount of the loan. If your home is destroyed and you only have it insured for the amount of the loan, you are going to have no money to buy another home or rebuild. It is always best to make sure you have your home assessed and covered for its full value and for the value of the contents of the house as well to make sure you can both rebuild or buy another home, as well as purchase the contents of your home again.

For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help.
 

When Is it Time to Cancel Home Insurance?

As a diligent San Antonio, TX, homeowner, you’ve always had a great insurance plan. Even so, there comes a time when you might need to cancel a policy. Versatile Insurance Planners has made a guide for dealing with the most common reasons to cancel a policy.

You Need a New Deal

Even if you aren’t changing homes, there are compelling reasons to cancel a policy. If your current arrangement is too expensive, lacks coverage you want or you simply haven’t had a good relationship with the company, it makes sense to shop around. If and when you find yourself in this situation, be sure that you have the new policy ready to go before you cancel the old one. It’s better to have an overlap between the plans than a gap in coverage.

Refinancing

Updating or making changes to your mortgage does not automatically necessitate a change to your insurance policy. But, there are situations where it could be an issue. The terms of the new loan might require specific coverage that you are currently lacking. When this happens, you can usually contact your provider and have the necessary changes made without much hassle. If, however, you do need to cancel an old policy, follow the golden rule and don’t let the old plan end until the new one is confirmed to begin. Many people run into trouble when final dates get changed at the last second.

Moving

This is the most common reason to cancel a policy. If you’re changing homes, you probably won’t be able to transfer the old plan to the new place. This is because homes tend to vary wildly in value and coverage needs. That said, you don’t always want to cancel the old plan as soon as the new one starts. What is more important here is to wait until you no longer have an ownership stake in the old home. For many people, this means insuring an empty house while you wait for it to sell. If that is the case, talk to your insurance agent. They may offer unique coverage options that are better suited for an empty home.

If you have any doubts about the best way to proceed, contact your Versatile Insurance Planners agent. They can help guide you through coverage for your San Antonio, TX, home or even your future home to be.