Our Insurance Experts Answer FAQs about Homeowners Insurance
From understanding the difference between Homeowners and Renters insurance to how to choose your Homeowners insurance deductible amount, we get plenty of questions every day spanning everything there is to know about Homeowners insurance. While we can’t cover every question in one blog post, we did want to provide a resource that covers some of the most frequently asked questions about Homeowners insurance.
Does Home Insurance Cover Theft?
While coverage depends on the individual policy, many Homeowners insurance packages do cover the theft of many personal items. More expensive items like jewelry, art, and collector’s items typically have limited coverage, which is why it’s always smart to consider itemized scheduled coverage for items like engagement rings, musical instruments, cameras, and other valuables. Because the majority of burglaries occur in July and August, it’s especially important to safeguard your home to prevent burglaries during the summer months.
Is Home Insurance Tax Deductible?
Unfortunately, Homeowners insurance is not typically tax-deductible on your federal tax return. That means that in most cases, you cannot deduct your Home insurance premium or any property losses you incur from your taxes. However, there are a few exceptions. If you use part of your home for business purposes, for example, you may be able to deduct some portion of your premium. Similarly, if your home is damaged in a federally-recognized disaster, you may be able to deduct a portion of your financial losses. Talking with a tax consultant is the best way to determine the correct course of action.
Do I Need an Umbrella Policy?
It depends. While most people benefit from the extra protection that comes with an umbrella policy, it tends to be the most vital for people who have more than $500,000 in assets or who are at a higher risk for lawsuits, like if you have multiple teen drivers or own multiple rental properties. Because it covers claims that may not be covered by your personal insurance, and because it can help cover the difference for larger claims, Umbrella insurance can provide peace of mind and financial security in the face of the unexpected.
What Are the Benefits of Car & Home Insurance Bundles?
Choosing an insurance provider that can meet all your needs is a great way to simplify the process. When choosing an Auto and Homeowners insurance bundle, you’ll only have one insurance agent who will have a fuller picture of your insurance needs. In fact, you can even bundle additional coverages, including Farm insurance, Boat insurance, Umbrella insurance, and more. Many insurance companies offer discounts for customers who have more than one service through the same provider, so in addition to consolidation, you might even save money.
Still have insurance questions? Be sure to reach out to one of our independent insurance agents who can help you get the right coverage for your needs.