Using Your Homeowner's Insurance to Your Best Advantage in Virginia

Virginia is one state who regularly experiences hurricanes and long winter period, events that may cause considerable damages to your home and property. To this end, it would make a lot of sense to purchase a homeowner’s insurance policy to help cover for any eventual results of unforeseen events.

Most homeowner’s insurance policies in the state now include hurricane and wind deductibles. The closer your property is to the coast, the higher is the imperative for you to include these deductibles in your policy. The terms and conditions for these deductibles would also vary depending on the insurance company you choose to transact with. Most homeowner’s insurance policies in Virginia have deductibles ranging from one to five percent. Higher percentage of deductibles is also available upon request. Every time you renew your insurance policy, take the time to examine any changes made to your deductibles. In any case, the state also requires insurance companies to expressly notify policyholders should any changes are implemented.

Know that homeowner’s insurance policies in Virginia do not include coverage for floods caused by severe weather conditions. To acquire additional coverage, inquire with your insurance agent about the National Flood Insurance Program which is provided by the federal government. This program is actually designed to address damages caused by flood and may be purchased not only by homeowners but also by business owners and renters. Sometimes, citizens living along the coastal areas may have difficulty finding a homeowner’s insurance policy that suits their needs. In this case, they can ask the assistance of the Bureau of Insurance to direct them to the proper insurance companies.

Prior to the actual purchase of a homeowner’s insurance policy, there are several factors that you should consider. First would be to determine which payment schemes would you prefer, the replacement costs or the actual cash value for a loss. Soliciting quotes from several insurance providers is also a good way to determine which policy is actually affordable and provides the best deal in terms of value. Consider also a policy with coverage for the cost of removing debris from your property after a severe storm or hurricane. It would also make sense to make a complete inventory of your personal property and document them properly in order to facilitate any claims you might need to make in the future.

It would also pay for you to review your insurance policy regularly. As winter season approaches, make sure you have enough coverage for damages caused wind, falling object, snow, or rain. Some events, such as results of power outages and backed-up drains, are not commonly covered by typical insurance policies and may need additional coverage. As soon as you perceive the damages caused by bad weather on your home, it is advisable to make the necessary repairs to prevent further damage, such as covering leaking roofs as soon as possible. Just make sure you keep all the receipts and have pictures of the actual damages made. Contact your insurance provider immediately and have all the necessary information at hand. It would also be advisable to hold off permanent repairs only after inspections have been made by the insurance company. You might also consider purchasing coverage for additional living expenses in the event that your property becomes inhabitable due to the extent of damages.

If a company offers a home service contract, know that this is quite different from a homeowner’s insurance contract. A home service contract does not have deductibles and is not regulated by the state’s Bureau of Insurance. Make sure you read the contract through and through, as well as understand each term and condition before signing.

We help our Virginia customers in Virginia Beach, Norfolk, Chesapeake, Arlington, Richmond, Newport News, Hampton, Alexandria, Portsmouth, Roanoke, Suffolk, VA and other cities in The Old Dominion lower their premiums and save money on all types of insurance. Use the form above to find low cost auto, homeowners, health, medical, life and long term care insurance. Using our Virginia insurance agent and broker network, you can compare rates quickly from the comfort of your home.

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