Longview Washington Business Directory Blog

Guide to Homeowner Insurance in Longview Washington

Understanding Your Homeowner Insurance Policy 

 Your Homeowner, or Home Insurance Policy for all residents of Longview Washington, and Washington State in general is a contract between yourself and your Homeowners Insurance Policy issuer. It should define exactly what the Insurance Company agrees to compensate you for in the case of a loss, in exchange for the premium that you are in contract to pay. The Homeowners Insurance Policy is divided into two main sections. The first is a declarations page and the second section is the Insurance Policy. This of coarse should be read in its entirety prior to signing as well as fully understanding what you coverages are under the Homeowners Insurance Policy.

The Declarations Page, This section of the Insurance Policy should include details of the contract. Information in this section should be checked for accuracy, as to the dollar amounts of coverage, and any specific additional coverages are fully outlined. In the declarations page of your Homeowners Insurance Policy, it will outline the following information.

• Name of the Homeowner insured
• Name of the Insurance Company
• Location of the Home that is covered by Insurance
• The Homeowner Insurance Policy number
• Policy period
• The location and the specifics of the Home covered
• A detailed outline of the individual coverages outlined in this Insurance Policy
• The limits of liability for each coverage in the Insurance Policy
• Any applicable Deductibles and their amounts
• And lastly your premium you will owe

The actual Homeowners Insurance Policy, The second section of the contract is the Insurance Policy itself. Your Homeowners InsurancePolicy will outline and describe the property covered and the losses it covers. Here in Longview Washington we really don’t need to worry about Earthquake Insurance, but in some areas of Kelso And Longview Washington Flood Insurance is a issue, some mortgage companies will mandate Flood Insurance if your Home is in a Floodplain. Meaning that the Home is in a geographical area that is prone to flooding. This part of the policy will include:

• The insuring agreements (Remember this is a Contract)
• The Conditions of this contract
• All the definitions of terms used in the Insurance Policy
• The Liability Coverage, outlining any or all coverage against claims someone might make against you or the property.
• Medical insurance if you elect to include this in your Homeowners Insurance policy. This pays for the damages if someone might slip and fall on your property. Remember here in Longview Washington it rains a lot and gets slippery!

The Types Of Homeowners Insurance Coverage

There are a wide variety of Homeowner Policies available. Be sure to read the Policy your Insurance Agent prepares for you prior to signing. A Homeowner Policy is designed to be a package providing coverage the dwelling itself, personal property, and possibly other structures on the property such as detached garages, storage sheds, barns and the like.

• Dwelling or Home Coverage, This part of of the Homeowners Insurance Policy outlines the coverage provided by the insurer in the event of a Fire, Theft, or any damage from storms. This coverage will pay for the loss, meaning it will either repair, or rebuild your Home in part or entirely to put you the Homeowner back to the condition it was in before the loss. Most Insurance Company’s offer a Policy to replace the home at actual replacement cost. This is even if in the event of a loss, it will cost more to replace than the Insurance Policy was written for. Meaning if it was above the Policy limit.
• Other Structures Also On The Insurance Policy, This part of the Policy covers structures like detached out buildings, garages, barns, and shops. Most Insurance Company’s set a limit to around ten percent of the main building allowed to be covered. If it exceeds that it will usually need a separate Policy.
• Personal Property Insurance, This section of your Homeowners Insurance Policy covers the Personal Property contained in your Home. Most Insurance Companies limit the coverage allowed to around seventy percent. The amount of coverage is usually limited to the ACV, or actual cash value at the time of loss. Yes this means basically garage sale prices! You may elect to put Replacement Cost Insurance on your contents. This means that the Insurance Company will have a adjuster, with your help determine what it will cost to replace the items at today’s value. It is usually advised by most Insurance Agents Kelso and Longview Washington to document your items and contents. Take pictures and keep receipts of the larger items.
• Flood Insurance Policy’s, Your Homeowners Insurance Policy in Longview Washington will not cover Flooding. Separate Flood Insurance can be issued by your Insurance Agent. It will provide coverage and cover the loss due to , Flooding, Flood related erosion, Mudslides, and abnormal tide surges. Once again if you reside in a area that has a high likelihood of flooding like in a floodplain your Mortgage holder will make it mandatory to carry Flood Insurance. You may go int this website http://www.floodsmart.gov/floodsmart/ for more information on Flood Insurance and where the Floodplains are inKelso and Longview Washington areas. Here is a Cowlitz County website with more information on the floodplains in our local area, http://www.co.cowlitz.wa.us/buildplan/planning/floodplain.html

Another Post in this Blog that you may find interesting is http://longviewbiz.com/blog/2008/08/auto-insurance-agents-in-longview-washington/

 For more information on purchasing Homeowners Insurance in Washington State feel free to go to the Washington State Insurance Commissioners website. http://www.insurance.wa.gov/index.asp

This Blog Post is not represented to be definitive, only as a source of information and hopefully good reading!