Are You Searching for the BEST Murfreesboro Home Insurance?
- Do you worry about not being properly protected?
- Are you wondering if the policy you have is the policy you NEED?
- Are you worried you are paying too much?
Everyone wants the right policy at the right price!
Advocate Insurance will compare your rate with multiple top-rated companies to ensure you are getting the BEST coverage for your money. Fill out the quick form below to get started!
Or keep reading for more information about the basic parts of your Murfreesboro home policy.
The dwelling amount of your policy is one of the most important pieces of information on your home insurance policy. This will be the first thing listed under your coverage information on your declaration page. This is incredibly important that this figure is correct because your dwelling amount is the maximum amount of money available should your home need to be totally rebuilt. You can look at this amount in many ways.
- How do I determine the replacement cost of my home?
- Your insurance agent can easily create a rebuild estimate for you to determine the replacement cost for your home. They will take the specifics of your home including square footage, exterior finishings, roof type, and more to determine a proper amount. Be sure to inform your agent if you have any special features in your home such as custom finishings that would increase the replacement cost estimate.
- The cost to rebuild homes is skyrocketing, especially here in Middle Tennessee. Building costs are one of the reasons that the inventory of existing houses is so low – is it simply expensive to build! The laws of supply and demand come into play here. Mix that with our booming economy and job market and we have a recipe for high construction costs.
Does my dwelling amount affect my deductible?
- Some companies will calculate your deductible as a percentage of your dwelling amount. So if your dwelling amount was $300,000 with a 1% deductible, you would be responsible for the first $3000 of your claim. In this case, you would have a higher deductible with a higher dwelling amount.
- You can also set a specific dollar amount for your deductible such as $1000 or $2500. The lower the deductible, the higher your rate will be as the insurance company is taking on more risk (and likely more claims.)
Other Structures coverage is just what is sounds like…it coverage structures on your property other than your home. This includes structures such as:
- Detached garages
- Swimming Pools
Usually, the limit for this insurance is 10% of the dwelling coverage, however most carriers will allow you to purchase more coverage for an additional premium.
Your Personal Property limit is the maximum amount the insurance company would offer to replace all the “stuff” in your home. You can think of this as everything you would take with you if you were to move. It is extremely easy to underestimate your personal property amount. Here are a few things to consider…
- Clothes – Do you have designer bags or dresses? What about boxes of hand-me-downs waiting for the next kid?
- Food – Do you have hundreds of dollars worth of meat in your freezer or a pantry that would need to be fully restocked?
- Furniture – Beds, mattresses, dressers, couches…Sure it wouldn’t be bad to replace one, but what if you had a replace everything at once?
- Appliances – Yes, even that waffle maker from your wedding that you never use.
- Electronics – Tablets, phones, computers, TV, game consoles…it would break anyone’s budget to replace all of these at once!
- Musical Instruments – I mean, this is Nashville…
- Toys – Let’s be honest, everyone has WAY too many.
- Collectibles – Do you collect guns, art, wine, Star Wars memorabilia, or Barbies? All of these would need to be replaced.
Now that you realize that this number is higher than you originally thought…you might consider a few next steps.
- Complete a quick home inventory – Go through each room of your home and take pictures of your furniture and items in your closets, drawers and shelves. Store them somewhere in the cloud or on a flash drive that you keep somewhere other than your home.
- Ensure you have replacement cost basis on your personal property coverage – Think of the difference between replacing your belongings with new items or items from a garage sale. This one is a must!
Loss of Use
Loss of use coverage is what pays for expenses that you incur if you are unable to live in your home after a covered loss. This coverage will cover things like…
- Additional Living Expenses – For example, you normally spend $400 a month on groceries. While your home is being repaired, it now costs $500 to feed your family because you now need to eat out instead of cook at home. Your policy will cover this difference. It may also provide coverage for additional car mileage.
- Hotel or Rental Home Charges – If your home is uninhabitable, your policy will pay for a hotel or rental home for your family while your home is being repaired.
- Immediate Assistance – Your policy will cover immediate needs, such as money for clothing or necessities in the event of a covered loss.
- Mortgage Payment Coverage (Not Available with all Carriers) – Some carriers now provide mortgage payment coverage for a certain number of months after a covered loss. Ask your independent agent about carriers that offer this optional coverage.
Personal liability is a coverage that many people want to take it off the policy to keep their premium down. We can see your point. Nothing is worse than paying for something you don’t need!
However, personal liability coverage can protect you from lawsuits that can arise from situations like…
- Someone slips on your property and hurts themselves (even if they are uninvited)
- Your dog bites someone
- A tree in your yard falls on your neighbor’s house
- Accidental damage caused by you or a family member to someone else’s property
The list could go on and on…With liability coverage only costing about $10 a YEAR per $100,000, it is worth it to protect your assets from claims like these.
It can be easy to think that if you have a home policy, you are covered for ANYTHING that happens to your home. However, there are many things that you would assume would be covered, but actually require an addition to your policy called an endorsement. Here is a few of the more common endorsements we like our clients to consider.
- Sewer and Drain Coverage – Few things are as messy as a sewer or drain backing up into your bathroom. Ewww! Without this additional coverage, your insurance company won’t be on the hook for this mess.
- Building Ordinance – City building codes change all the time. While the insurance company will rebuild your house back to the way it was before the claim, it is not required to build it up to code if those codes have changed. This coverage fills the gap to make sure you don’t pay the difference to bring your home up to code.
- Extended Replacement Cost – What would happen if your dwelling amount was not enough to cover a rebuild due to high construction costs? This inexpensive coverage gives you a cushion, providing you enough money to finish the job.
- Service Line Coverage – This is a new coverage that many companies are now offering. A standard home policy does not cover the service lines between your home and the street, however as a homeowner, you are legally responsible for them. This coverage will protect you in the event those wiring or pipes are damaged.
Your deductible is the portion of your claim that you are responsible for. Deductibles usually range from $500 to $5000 (or more.)
- Does your deductible affect your insurance rate? – Yes! Since the insurance company is taking on less risk, you are rewarded with a lower premium if your deductible is higher. The opposite is true as well. You will have higher premiums if your deductible is lower.
- There are 2 options for home insurance deductibles in Tennessee…
- Flat Rate Deductible – It is most common to choose a flat rate deductible of $500, $1000, $1500 or more.
- Percentage of Dwelling Amount – You can also choose for your deductible to be a percentage of your dwelling amount. Considering the housing prices continue to rise in Rutherford County, this can end up being a large chunk of money. For this reason, this option is a less common choice of homeowners.
There are many more options for your home policy that can be discussed with one of our independent insurance agents. We are always here to answer your questions. When you are ready to get started, click the button below or call us at 615-919-1009.
Disclaimer: This site is to be used for educational purposes only. Every home policy is different. Please consult your particular policy for coverage details. This site does not guarantee that your policy provides coverage for any claim described above.