Home Insurance Resources

Bills.com > Insurance > Home Owners

Save on your next home owners policy

 

Find the right answers:            

  • Do you have enough coverage?
  • Are you paying to much?
  • Do you have a good insurer?
Get Answers

Protect your family and enjoy peace of mind


  • Term Life or Whole Life?
  • How much do you need?
  • Who needs life insurance?

Start Planning

Check into health insurance coverage


  • Health insurance is complex
  • If you're not covered by an employer or Medicare, it's expensive

Read more
  • Overview
  • FAQs
  • Glossary

Why You Need Homeowners Insurance?

Your home is one of your most important asset and investment.  In the event of a disaster or accident, you'll want to have homeowners insurance to cover your loss and rebuild your home.  A home insurance policy will not only cover damages to your home's structure, but also your personal belongings if they get destroyed or stolen.  Don't put your home at risk and get the peace of mind that your biggest investment is protected with a home insurance policy.

Mortgages and Home Insurance

Generally speaking, mortgage loan lenders will require that person obtains a homeowners insurance policy when purchasing a home. Ultimately, if you are looking to purchase a home or to do a mortgage refinance on your home it is a requirement that you will not be able to avoid.  Furthermore, homeowners insurance policies can include protection against flood/storm damage, fire, earthquakes, and more. A mortgage lender will not want to risk the possibility of taking a loss should the home suffer sever damage as a result of a disaster.

Everything You Need for Home Insurance

Home insurance is a necessity for all home owners. If you want to protect your most valuable asset and your family, you need to find a policy that best fits your needs. But do you know where to begin? The answer is Bills.com.

Bills.com has the resources you need to find the best home insurance policies and rates so that you can protect your property and financial security. The Bills.com Savings Center allows you to get competitive home insurance policy quotes quickly and easily. And with the Bills.com home insurance articles, guides, and FAQs, all your home insurance questions and concerns will be answered. If you're looking for home insurance, Bills.com is your one-stop solution to getting the best policy at the best price.

  • How many different types of insurance providers are there?

    There are generally four types of insurance providers:

    • Mutual Insurers (insurance companies owned by their policy holders)
    • Reciprocal Exchanges (insurance companies wherein customers insure each other)
    • Lloyd Associations (a situation where those managing the insurance policies assume personal risk in the performance of the company by having their own wealth invested in the firm)
    • HMOs (Health Maintenance Organizations - health insurance companies that offer their customers health coverage for a pre-paid premium)

  • How much should I insure my contents for?

    Your contents should be insured according to the cost of replacement.

  • What do I pay if I make a settlement?

    Your portion will be calculated according to what is not covered by the claim settlement.

  • What does building insurance cover?

    Typically, home insurance covers the domestic purposes of the house, sheds, garages, and greenhouses, and other features on the physical property

  • What is GAP insurance?

    GAP insurance is additional car insurance that covers amounts not covered by typical auto insurance providers.

    For example, when you purchase a car, its value immediately decreases. If you get in an accident where the car is totaled, the insurance company will only pay the current blue book value of the car. However, you might owe more than the current value, leaving you with a few thousand dollars to cover on your own. GAP insurance will cover the remaining amount you owe; often it may also cover the deductible of your primary auto insurance.

  • What types of home insurance should I consider?

    Home insurance, often also referred to as hazard insurance, home-owners insurance or, in the industry, HOI, is intended to protect you financially against damage that might happen to your home, from fire and flood to accidents and criminal activity. It is intended to cover the replacement cost of your home and, with some policies, its contents. When shopping for insurance, ensure that you are familiar with the replacement cost of your home (this could be more than it would cost to buy a comparable home) and read the details carefully to ensure you will not be under-insured if the worst happens. For example:

    • Are the contents of your home covered? To what extent? For example, are you covered to buy new replacements for lost or damaged items or only to buy replacements of equivalent age to the originals.
    • If you must rebuild your home, are you covered to bring your home up to current building codes?
    • Are special articles you care about like art, jewelery, computers, electronics and photographic equipment covered?
    • Does your policy cover 'loss of use' - the cost of living somewhere else while your home is repaired or rebuilt?

    Note that certain catastrophic disasters like earthquake and flooding are typically not covered by standard homeowners policies. In the event that these events are realistic concerns, separate policies must be taken out to cover you against these risks.

  • Actual Cash Value (ACV)

    The value of property at the time of loss or damage, minus depreciation.  For example, a 10-year-old refrigerator has a lower ACV than a brand new refrigerator because of a decade of depreciation.

  • Appraisal

    An evaluation of property by an authorized person – typically a claims representative or certified appraiser – to determine property value or damaged property value.

  • Beneficiary

    When the insured suffers a loss covered by the insurance company, compensation is paid to the claimant, assignee, or beneficiary. It is not necessarily the case that the beneficiary of the policy should be the individual suffering the loss. Life insurance is the most common example of this.

  • Condo Insurance

    A type of home insurance policy designed to meet the specific needs of condo owners.  Typically provides coverage for contents, liability, living expenses, and limited structural coverage.  Most condo owners will also need to purchase a Master Policy from their homeowners association; this is often a requirement of the condo association.

  • Deductible

    The amount an insurance policyholder must pay out of pocket for a covered claim.

  • Depreciation

    The decrease in property value over time due to use, aging and other related factors.

  • Endorsement

    A document or provision added to an insurance policy that changes the original coverage offered in the policy.

  • Homeowners Policy

     an agreement to insure property and provide liability insurance within certain pre-established parameters.

  • Insurance Agent

    A representative working on behalf of one or more insurance companies who has been authorized to sell and service insurance contracts.

  • Insurance Policy

    A contract obligating the insurer to pay for particular losses and provide specific services in the event that certain events take place (such as a car accident, an illness, or a home fire).

  • Insurance Premium

    The agreed upon amount that a policy holder pays the insurance company for the insurance policy coverage. Depending on the type of insurance, the premium may be payable annually, semi-annually, monthly or even twice a month.

  • Insurance Quote

    An insurance quote is the estimated amount for the insurance premium for coverage specified in an insurance policy.

  • Liability Coverage

    Covers insured person for losses caused by events or situations where they are held legally liable.

  • Mortgage Disability Insurance

    when a home owner suffers a medically verifiable illness/disability and thus cannot work, this type of insurance covers a specified number of payments.

  • Premium

    payments made by the insured in order to own the policy.

  • Replacement Cost Coverage

    Cost to replace damaged personal property or items at current costs without factoring in deductions for depreciation.  (Note: Many policies set a maximum limit for the total dollar amount the insurer will pay out.)

  • Underwriting

    The process insurance companies use to determine if an applicant qualifies for a policy and, if qualified, the associated limits and cost of coverage. The underwriting process will examine the risk characteristics of the person and/ or their proposed activities, the value of the proposed insured property (in the case of life insurance, this will include the insured person's health) and other factors, including current, past or future economic or weather conditions.

  • Articles
  • Ask Bill
Thank you for subscribing!