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Posts made in January 2021

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Does Your Homeowners’ Insurance Have Limits?

As a homeowner, you want to make sure your property’s insurance coverage will provide the protection you need if you have to rely on it. That brings up the question of, “Does my homeowners’ insurance in Newark, DE, have limits?” We have the answer at Broadbent Insurance, Inc., and we’ll discuss it here with a broad overview.

There are limits on most policies, including homeowners’ insurance. Some of these are commonly known, such as limits on jewelry coverage, while others may be found in the fine print. Limits dictate the maximum amount paid when you make a claim. They are established to keep the price of insurance reasonable and usually limit items to the standard of what an average person would own.

It is best to thoroughly go through your policy to determine if there are any limitations. If there are limitations you are unaware of, you can receive a much lower amount than you expected if you have to file a claim. The solution could be to add a rider or endorsement to your policy for enhanced coverage on certain items.

You should discuss this question with your insurance agent to get an in-depth look at your specific policy and get the exact answers you need.

home inspection

What to Expect During an Inspection for Home Insurance in Newark, DE

Purchasing a home is the most significant investment most people will make in their lives. Insurance needs to be a simultaneous purchase to protect that investment. The best way to make sure you get the most comprehensive coverage for your residence is to have an inspection.

At Broadbent Insurance, we know all about home insurance in Newark, DE, and this post will discuss what to expect during an inspection.

Let’s look at the definition of a home insurance inspection. It is a detailed examination of the building to determine the value and ensure you have the proper coverage.

The inspector will thoroughly go through the premises, looking for fire hazards or liability risks and ways to increase safety. The inspection will also include building measurements, a check of special features, plus an assessment of the quality of building materials. The examination will look at updates to the plumbing, heating, electrical systems, as well as roof and windows.

You can prepare for a home insurance inspection by having your documentation ready, including information about renovations, security features, and updates to the property.

Once the home insurance inspection is completed, you may receive recommendations to avoid claims. Following these recommendations can make sure your insurance isn’t canceled. If you have any questions, make sure to contact your insurance provider for answers.

text under ripped paper that says “are you covered?”

What Exactly is Liability Insurance?

Accidents happen to just about everyone at some point in life. Most mishaps are minor, resulting in minimal damage or physical injury. While you may take a carefree outlook on accidents, even minor ones can have serious implications. You may find yourself facing civil litigation if someone accuses you of causing them physical or mental harm. To protect yourself from financial ruin, you should be proactive and invest in liability insurance in Newark, DE.
An Investment That Gives Peace of Mind

Liability coverage provides compensation for the person or party that files a damage or loss claim against you. A liability policy protects the individual named as the negligent party in a lawsuit where a plaintiff feels you damaged them or their property. Professionals as diverse as physicians, commercial boat operators, and product manufacturers all protect their interests with liability insurance. Also, the liability policy covers individuals and entities that may not be able to fulfill contractual obligations.
Your Premiums Ensure Your Coverage

Most insurance carriers offer liability products among their options. Policyholders can choose coverage with set limits and make scheduled premium payments. If the policyholder is found negligent in a civil lawsuit, their carrier pays damages to the injured party.

Tips for Lowering Your Homeowners’ Insurance Premium

Your home’s age, the amount of money required to repair or replace it, and lack of safety features are all reasons why the premium for your homeowners’ insurance rises every year. Your premium may also go up to help cover the cost of damage repairs for other homeowners in your area. However, there are ways for you to save on homeowners’ insurance in Newark, DE.
Increasing your deductible can help lower your premium. If you are currently paying a relatively small deductible, consider paying substantially more. The extra money you spend could save you as much as 25% on your premium bill. Check with your carrier for details about how much savings you can expect if you increase your deductible. Also, avoid making small claims, because insurance companies may raise your premium if you make several small claims throughout the year.

Industry officials also recommend bundling your vehicle insurance and homeowners’ insurance to save money. Many carriers provide sizable discounts for customers that purchase both policies from them, and some companies offer discounts for homeowners that are longtime clients. You may also be able to lower your premium by staying up to date on house maintenance and improving your credit score.

senior man posing with new car

Can Insurance Rates Go Down?

We all love to drive. But no one loves paying large insurance bills. Fortunately, your auto insurance rate at the beginning of your driving career shouldn’t be the rate you pay forever. There are countless factors that can lower the price you must pay to protect your vehicle, your well-being, and your passengers while on the road. Drivers appreciate that the actions they take and the experience they acquire can decrease the amount of their auto insurance in Newark, DE.

Age & Experience

A driver’s age is one of the most important factors to consider when determining insurance rates–and not simply for the obvious reasons. A person’s age is tied to more than just a number. Typically, as people grow older, they advance in their careers, get married, buy a home, start families, and even acquire other forms of insurance–all signs that he or she is becoming more responsible. Insurance companies are more likely to offer lower rates to individuals that have proven their reliability and sound decision-making skills. Likewise, your credit score and its significance contribute to the price you’ll pay for auto insurance.

Claims & Driving History

But it’s not all about age. Your track record as a driver is also a major factor when it comes to lowering your insurance rates. Drivers with zero or few claims can typically expect to see their rates drop as a reward for safe road usage. An insurance company will also look at how you use the vehicle, the training you received, and the amount of miles you expect to put on the vehicle. At the end of the day, the best way to decrease your auto insurance rates is to exercise safety and caution whenever you’re behind the wheel.

man celebrating New Year’s

How New Homeowners Can Start the New Year

As the year ends, many can’t help but look to the future. For many homeowners, this is also a time to stop and reflect–and make commitments to do better. New homeowners may want to take this opportunity to make some resolutions. Here are a few ideas to help you get started.

Look over Your Insurance Policy

Homeowners’ insurance in Newark, DE, protects you from life’s unexpected twists and turns. Many policyholders might be surprised that they are paying too much for theirs. For the New Year, see if you can shop around and find an insurance plan with lower rates. You might even be able to meet with your agent and get discounts on your current policy.

Reduce Energy Consumption

Energy bills are one of the biggest expenses for a homeowner. If you found yourself working from home during this past year, then you might have also noticed your power consumption increasing. Now would be a good time to make changes to help keep your energy costs manageable. You can request a home energy audit and adjust accordingly.

From homeowners’ insurance to paying down your mortgage, there are many opportunities to make the next year the best one yet. When deciding on New Year’s resolutions, make sure that the goals are attainable. Start small, and you’ll see that your actions will add up.