5 Home Insurance Terms You Need to Know

Understanding Your Homeowners Policy

Your basic homeowners can seem a little complex plus other riders and additional insurance can make it overwhelming. Your agent should be experienced and able to help you understand key terminology and what you really need to know. Once you have a grasp of common terms, your homeowners will be a breeze to understand and speak with your agent about.

At Ruddy Insurance Group in Niles, OH, we take time to listen to our clients. Our agents want to get you the best coverage at the most affordable price for your home insurance. When you get coverage with us, you can be sure we will be on your side in the event of claims and emergencies.

Some Common Terms

It can get overwhelming learning all the fine print of your policy, but luckily there are some key terms that are easy to understand. Here are some important terms you are likely to hear and what they mean:

  • Premium – One of the most common terms. This is what you pay an insurer to cover your home. 
  • Rider – These are typically separate from your main policy and cover particular property. 
  • Declarations page – This discusses your annual premium and gives an outline of your coverage.
  • Exclusion – These are items, conditions, or property not covered by your policy. Be sure to discuss what is excluded from your agent.
  • Actual-Cash-Value – As it states, this is the actual value of the items before they were destroyed.

Quality Homeowners Insurance in Niles, OH

Contact Ruddy Insurance Group in the Niles, OH area today to discuss your options for homeowner’s insurance as well as any other coverage you may be interested in. Our agents have years of experience helping customers like you get the best coverage at the most affordable prices. Give us a call today.

3 Things to Know About Home Security Systems

Home security systems are a great choice for homeowners and renters who want to protect their home and family from intruders and other unexpected events. Systems range from very basic to extremely complicated. At Ruddy Insurance Group, agents offer Niles, OH residents advice on how home security systems can benefit them in terms of both insurance and energy efficiency.

You Get What You Pay For

Surveillance cameras can start as low as $80 if you can find them on sale. Some of the more basic systems cost around $100 to start, while professionally monitored systems with all the bells and whistles can cost you well over $3,000 plus installation costs. Systems that are monitored professionally require contracts and monthly fees. 

DIY Systems Are Extremely Efficient

Many people opt for DIY systems because of their affordability. A do-it-yourself system means that you are in charge of the installation, monitoring, and moving of your system if you choose to sell your home. In most cases, monitoring is easy because it can be performed through an app that you download to your smartphone or other electronic devices. 

Home Automation and Energy Efficiency

Many of the more advanced systems offer home automation. When a home is fully automated, you can adjust your thermostat and control your lights through an app when you are not at home. 

Residents in the Niles, OH area can discuss the different home security options with an agent from Ruddy Insurance Group. Being fully informed about the benefits and advantages of having a home security system will help you choose which system not only fits your budget but allows you the best possible security. Call the agents at Ruddy Insurance Group today to find out how a home security system will affect your insurance.

How much home insurance do you need?

A good home insurance plan in Youngstown, OH works so that you only have to worry about rebuilding after devastation hits your family. You do not have to concern yourself with many financial aspects when you have the right insurance plan.

The agents at Ruddy Insurance Group understand the consequences associated with tragedy. They can, therefore, help you find the homeowner’s insurance plan that works best for your family. Read on to get a better understanding of how much home insurance you may need. 

The basics of coverage

The best home insurance plans replace your possessions as well as the structure of your home. Excellent policies also pay for personal injuries that occur on your property and reimburse living expenses associated with relocation. You may want to consider purchasing more coverage if your home insurance policy does not provide these things. The last thing that you want is to get caught in a natural disaster while underinsured in Niles, OH. 

The details of coverage

Your dwelling coverage should be enough to purchase a new home of equal or greater value to the property that you presently own. It can be challenging to calculate the replacement cost of your current home, which is why the agents at Ruddy Insurance Group are here to help. As a general rule of thumb, you should factor in new building codes in your area as well as the rising costs of building structures from scratch when determining replacement costs. 

Another factor associated with a good homeowner’s insurance plan is personal property. While there are items that are simply irreplaceable, your plan should at least offer a workable payout amount for sentimental possessions. Consider a umbrella policy if you have highly valuable items. You can discuss this with an agent.

Call us today!

We know home insurance plans and are eager to help you find the right policy in Youngstown and Niles, OH. Call us today to get started with a quote!

How to Do a Home Inventory for Insurance Purposes

It can be hard to remember everything that was in your home after a disaster strikes, which is where a home inventory comes in handy. An up-to-date inventory makes your claim process more manageable and can also help make sure you have enough coverage, to begin with. An agent at Ruddy Insurance Group in Youngstown, OH can also help you with conducting an inventory and suggests the following:

  • Use Technology: Technology can make the process easier. Take a photo of individual items and then label where you bought it, as well as the make, model, and any other information that is useful. You can also walk through the home and videotape the contents while you describe them. Many mobile apps will give you options to help you create an inventory, and you should go room by room so you won’t forget anything.
  • Start Somewhere Easy: A contained area, like an equipment closet or kitchen, is an excellent place to start so you don’t get overwhelmed.
  • Include Basic Information: When recording your inventory, make sure that you include the basic information of what you will need when filing a claim. Serial numbers are always a useful reference and can be found on the back or bottom of appliances and electronics. Keep any proof of value, such as recipes or appraisals.
  • Don’t Forget Off-site Items: Any items you keep in a storage facility will be covered under your homeowner’s insurance, so be sure to include these items in the inventory.
  • Count Clothing by Category: Include things like "three pairs of sneakers" or "six pairs of jeans" to make it easy, and note any pieces of clothing that are exceptionally valuable.
  • Keep It Up to Date: Add any significant purchases while they are still fresh in your mind. Store copies of the inventory outside the home and, if you are using an app, make sure that you know how to access the information and when a backup is needed.

Contact Ruddy Insurance Group, serving Youngstown, OH, to get a quote on home insurance.