FRIDAY, MARCH 20, 2015
The answer is an resounding - absolutely no. Home insurance is an extremely competitive product so insurance companies offer all kinds of different versions. Basic policies would cover a fire claim but maybe exclude coverage for theft of any part of your house or personal property. What could someone steal off of your house? For starters air conditioning systems have been stolen from homes. A basic policy may not provide windstorm coverage. Windstorm is generally considered wind damage from a hurricane but can be any type of damage from wind - hurricane or just a wind storm. On the beach areas of South Carolina home insurance policies may exclude wind damage since there is a higher probability of a wind loss to home located so close to the Atlantic. Either the homeowner needs to find a homeowners policy that includes wind coverage and they may be able to secure a wind policy from the South Carolina Wind & Hail Underwriting Association. Triest Agency offers both.
Loss of use coverage. The limit available for this coverage often varies by company and/or plan. Loss of use provides additional living expenses for a covered claim under a home insurance policy if you have to move out of your house. If you had a major fire or wind loss and had to move out, would your current policy provide enough in loss of use to pay all of the extra expenses until you're able to move back into your home?
Policy deductibles for Charleston home insurance policies vary widely. Most policies that include wind coverage will have a deductible that applies just to wind losses. It may be a percentage of the covered property or a flat dollar amount. Some of these are offered to only apply if there is a named storm or hurricane. This is a better alternative than one that applies to any type of wind loss. For a further explanation of this, give me a call at Triest Agency.
Now that you know that Charleston home insurance policies vary by company, how's your policy stacked up to the rest? If you email me your current policy (email@example.com) I'll review your policy and advise as to how you can better protect yourself. And of course the thing everybody puts at the top of the list is price. We'll shop policies from the many different insurance companies that we represent to get you the lowest price plan.
Seems complicated. Yes. It is but that's why you need an independent insurance agency like Triest Agency to be there to advise you about what alternatives are currently available. And I mean currently because just like most things in life, Charleston home insurance changes from year to year.