Home insurance is something people tend to purchase and then not think about again for years. However, your home insurance should actually change along with your home, as well as your life.

If you’re in or near Evergreen Park, IL, the Martin Insurance Team will be happy to review your policy with you and update it. But in the meantime, here’s a quick rundown of some of the most important times to review your home insurance.

It’s Been a Year or More

Even when nothing’s changed recently, homeowners should go over their policy and review it for possible changes once a year. It’s the best way to determine whether your needs are the same and prevent winding up underinsured in an emergency.

You’ve Improved Your Home

Remodels, upgrades, and additions all increase a home’s overall value. The same goes for decisions like having your home equipped with a security system. Any upgrade in home value should trigger a review of your insurance coverage.

You’re Facing Additional Liability

Your home insurance might not be the first thing on your mind when installing a pool or finally getting your kids that dog they’ve always wanted. But it would be best if you were still prepared for the possibility that the dog might bite a visitor or someone could get hurt in your pool at your next barbecue. Updating your policy is part of that.

You’re Facing Less Liability

Some life choices actually mean less liability and more insurance-related benefits for you. For example, a person who stops smoking is less of a fire risk. So, anytime you make similar life choices, you should consider whether they correlate to your insurance.

Suppose you’re unsure whether it’s time to reassess your Evergreen Park, IL home insurance policy, call the experienced agents of Martin Insurance Team. We’ll be happy to help you make sense of it all.

You know you need homeowner’s insurance, but you may not know if you have enough coverage. At Martin Insurance Team in Evergreen Park, IL, our skilled agents are here to ensure you have the coverage you need. 

The Right Coverage Matters

If your home is destroyed, your homeowner’s policy will determine how much money you have to replace it. Ideally, having enough to replace a home similar to your current one would be best. 

Dwelling Coverage

Dwelling coverage is designed to replace your home if it’s destroyed, which is known as a total loss. 

The cost to replace your home may be more than what you paid, and the average home prices in your area aren’t a great indication either. 

The best way to know if you have enough dwelling coverage is to get an appraisal from a local contractor or appraiser. 

If it’s been years since you had your home appraised or you’ve added to the structure of your home, there’s a good chance that you need more dwelling coverage. 

Contents Coverage 

You’ll also want to check your content coverage. If your home is destroyed, you’ll lose most or all of your possessions as well.

You may need to increase this coverage if you have accumulated valuable items since you took out your homeowner’s policy. You may also need to add a rider for very valuable items, like jewelry, antiques, and art. 

Lender Requirements 

Lastly, if you have a mortgage, you should ensure that your policy meets your lender’s requirements. This requirement will vary based on your mortgage company and the amount of your mortgage. 

Homeowner’s Insurance with Martin Insurance Team

If you need homeowner’s insurance in Evergreen Park, IL, contact us at Martin Insurance Team. We will discuss your needs and help you select the proper coverage. 

Home insurance is a complex subject, and the terminologies used can confuse anyone. So our team at Martin Insurance Team made a glossary for our neighbors in Evergreen Park, IL!

Deductibles:

Deductibles are the amount you pay out of pocket when filing a claim. Homeowners’ insurance typically includes a deductible. The deductible amount is set when you purchase your policy. If you have a higher deductible, you can lower your premium costs for your policy. When purchasing a deductible, you must consider the amount you can afford to pay out of pocket.

Endorsements:

Endorsements are upgrades or add-ons to your homeowner’s insurance policy. You can customize your home insurance coverage by adding endorsements to your policy. Endorsements offer coverage beyond what standard home insurance policies provide.

Exclusions:

Exclusions are specific events or circumstances your home insurance policy does not cover. Typical policy exclusions include flood damage, earthquake damage, and damage caused by neglect or normal wear and tear.

Policy Limits:

The policy limit refers to the maximum amount the insurance company will pay in case of a covered loss. Standard home insurance policies have limits on coverage for specific perils.

Premiums:

The premium is the amount you pay for home insurance coverage, typically annual, semi-annually, or monthly. Your premiums are determined by the coverage and level of protection you desire. Various factors, such as geographic region, construction materials, credit score, and house age, influence the premium amount. It is essential to keep your premiums affordable without compromising the coverage that you need.

Did we miss a term you want to define? If you live in the Evergreen Park, IL, area and have questions about your home insurance, contact the Martin Insurance Team.

Landlords are liable for many things. While being a landlord can be rewarding financially, they still have to shoulder considerable risks. Fortunately, however, landlord liability insurance and other insurance policies can help reduce risks. This way, property owners can enjoy peace of mind while they serve their local communities and build their businesses. Are they looking for landlord liability insurance? Contact Martin Insurance Team, serving Evergreen Park, IL, and beyond.

Landlord Liability Insurance 101

First, your general homeowner’s insurance policy may not cover any rental properties you own. Often, landlords must instead take out separate insurance policies to cover rental properties.

Since the risk profile and liabilities for a rental property may be different from a private, personally-owned dwelling, costs and terms between homeowners’ and landlord liability insurance policies often differ. This is true even for the same exact house or other building.

If a tenant is injured on your property, say suffering a slip and fall in the parking lot, you might ultimately be found liable as a landlord. If you have the right insurance policies, they can provide protection during many events. Of course, it is essential to closely vet the terms and conditions when considering any insurance policy, including a landlord liability policy.

A landlord insurance policy may also cover damage caused by adverse weather events, like lightning or a tornado. However, many insurance policies will only cover certain weather events, so make sure you ask an insurance agent about any gaps or other risks.

Before purchasing a property to use as a rental property, it’s wise to take a holistic look at all the risks involved. Examining risks doesn’t mean you need to shy away from them, far from them. However, it would be best to have a good grasp of the challenges involved before making any significant decisions. This way, you can consider how to mitigate risks from the get-go.

Want to learn more about landlord liability insurance and other insurance policies? Folks living in or near Evergreen Park, IL should swing by and chat with the Martin Insurance Team.

At Martin Insurance Team in Evergreen Park, IL, we are happy to help business owners, and homeowners navigate the insurance process. No matter your questions, we can answer them all at our office or over a convenient phone call. If you have difficulty differentiating personal umbrella insurance and business umbrella insurance policies, we’ve listed some key differences below.

What is business umbrella insurance?

Business umbrella insurance provides coverage that extends commercial insurance policies. For example, if you have commercial auto insurance, business umbrella insurance can help increase the mileage of the policy by covering liability expenses beyond the commercial auto insurance policy’s limit. For general commercial liability insurance, a business umbrella policy can be helpful in the same way.

What is personal umbrella insurance?

For homeowners and personal vehicle owners, personal umbrella insurance can give you an added amount of liability protection on top of your current home insurance or car insurance policy. While you already need to have a home or car insurance policy to add umbrella insurance, it can be helpful if you anticipate a high risk for liability or want more coverage than your existing policy provides.

What is the difference between personal and business umbrella insurance policies?

As you can probably tell, the main distinction between personal umbrella insurance and business umbrella insurance is the types of policies under them. For commercial insurance policies, you will want to add commercial umbrella insurance. You will want to add personal umbrella insurance for all personal insurance policies.

If you still have difficulty telling these insurance policies apart, our staff at Martin Insurance Team in Evergreen Park, IL is here to answer all your questions over the phone or in person!