Four of the most common insurance mistakes homeowners make

Home insurance mistakes could cost you a lot of money down the road. When you insure your property in Vernal, UT, it’s crucial that you make the right decisions and protect your investment in your home. At Perry Insurance Agency, we can help.

Here are four of the most common home insurance mistakes homeowners must avoid.   

Choosing a policy with a high deductible amount

While it might initially seem like a good idea to choose a high deductible for your policy, this could create financial problems if you eventually have to file a claim.

Ensure that your deductible amount is low enough that you’ll easily be able to pay it if you end up experiencing home damage and needing to file a claim.

Not making sure that outbuildings are covered.

If you have any outbuildings on your property, you should insure them. Home insurance policies won’t always automatically cover outbuildings like detached garages. That’s why it’s so important for you to read your policy’s fine print and ensure that all the buildings on your property are covered. 

Allowing a home insurance policy to lapse

Failing to make a premium payment could result in a lapse in home insurance policy coverage. Homeowners need to make all their payments on time to ensure their policy remains in effect. 

Failing to reconsider insurance needs periodically

A homeowner’s insurance needs can change. If your financial situation or your home’s value changes, you need to update your home insurance policy accordingly. That’s why you should periodically review your policy and consider any required updates. 

Insure your home in Vernal, UT, with a policy from Perry Insurance Agency. We’d be happy to assist you if you’re looking for the right home insurance solution. Call us now, and we’ll give you a quote on a home insurance policy. 

What’s the Difference Between Market Value and Replacement Value of My Home?

When choosing a home insurance policy, it’s important to understand the difference between market value and replacement cost. Perry Insurance Agency, in Vernal, UT is here to explain your options. 

What are Market Value and Replacement Cost Used For? 

Market value or replacement cost can be used to determine how much you will receive for your insurance claim. If your home is damaged or destroyed, your insurance company will use one of these methods to determine how much you will be reimbursed up to the coverage limit. 

What is Market Value?

Market value is essentially what your home could be expected to sell for. It considers the value of the land and improvements to the house and can also include personal property and intangible assets. 

What is the Replacement Cost? 

Using modern methods and materials, the replacement cost determines how much it would cost to build your home, or one very similar, based on current prices. This includes the cost of labor and materials.

Which is Better? 

Which value is higher will depend on market factors. If the real estate market is doing very well, the market value may be higher. If there’s a high demand for construction, replacement value could provide the best value. 

Market value is considered a gamble. It may be higher or lower than the cost of replacing or repairing your home. 

Replacement cost is usually considered the better option because it gives you the funds to replace or repair your home. Replacement cost should equal the actual cost of repairs or a new home of similar value. 

Home Insurance with Perry Insurance Agency

If you need home insurance in Vernal, UT, contact Perry Insurance Agency. Our trusted agents will discuss your options and help you select the best policy for your needs. 

Things home insurance doesn’t cover

Owning a home comes with an immense amount of responsibility. Home insurance can give you a sense of security that you can withstand any accident or incident that may befall you. That is not entirely true. All home insurance policies have exclusions, things they won’t cover. In Vernal, UT, you can count on  Perry Insurance Agency to provide the coverage you need to feel confident you have enough coverage. 

Wear and tear

Things wear out and stop working or break. This is natural and not something your home insurance will pay for. So, when your refrigerator dies, it’s not covered, and when your roof reaches the end of its usefulness, it’s not covered. 

Floods

Floods are one of the most devastating natural disasters, and as little as an inch in your home can cause thousands of dollars in damage. But your home insurance offers no coverage for floods. You can, however, purchase flood insurance, and if you are at any significant risk, you should purchase it. 

Earth movement 

There are different types of earth movement. Earthquakes and sinkholes are earth movements. Mudslides and landslides are earth movements. What they all have in common is that home insurance doesn’t cover them. If you feel that there is a danger you may need it, separate insurance is available for these things. 

Owner neglect 

The insurance carrier believes that, as a homeowner, you are responsible for maintaining your home. That means you should get your home inspected and treated if there is termite danger in your area. If you get infested with rodents, it’s your fault, and if your old leaky roof causes damage, it’s your problem. 

Contact Perry Insurance Agency in Vernal, UT when you are in need of home insurance information. If you want us to review your current coverage, we are here for you.  

Is Home Insurance Required in Utah?

If you own a home in Vernal, UT, congratulations! This is a beautiful place to live, raise a family, start a career and build a life. Perry Insurance Agency is here to help guide new homeowners through shopping for insurance and finding the best plan suitable for you and your family. 

Most lenders include a requirement in the terms of a home loan that mandates homeowners to maintain a home insurance policy. And in reality, home insurance is one of the smartest financial investments you can make. You saved and sacrificed to buy this home, whether it’s your first home or your last, and you should protect such an important investment. 

In Utah, home insurance is important because of the weather we experience here. From snowstorms and blizzards, earthquakes and mudslides, you never know what could happen while living in Utah and it’s important to be prepared. 

Home insurance can also cover things like theft, damage, fire, and more. These things do happen and it’s up to you to protect your home, your personal property within the home, and your family. Along with home protection, insurance can provide liability coverage that is important to have if someone is injured on your property, or if you cause damage to someone else’s home.

Residents of Vernal, UT should certainly prioritize home insurance and proper coverage for their homes. It’s the biggest investment you’ll ever make and should be treated as such. If you have questions or need assistance selecting the right plan for your home, don’t hesitate to contact Perry Insurance Agency. We have a team of agents who specialize in helping families and homeowners with the best insurance coverage for their lifestyles. Let’s talk! 

Doing a liability evaluation of your home

As a homeowner, you face many risks. Your home insurance helps to mitigate some of the risks you face. You will never be risk-free, it is just not the nature of homeownership. But if you have adequate coverage you will be able to sleep at night knowing you have done the best you can to protect your home. If you live in or near Vernal, UT, Perry Insurance Agency is a locally owned and operated independent insurance agent. Our goal is to provide our customers with the insurance they want at the best possible price. 

Liability coverage is included with home insurance. Some things around your home are much riskier than others. It is essential you take a good look at your potential for being sued and make sure you lower the risk if possible but certainly make sure you have adequate coverage.  

Pools

Swimming pools are a significant risk. It isn’t just risky for your children. It is a big temptation to other children in your neighborhood. You must make sure your pool area is in compliance with any local regulations to keep the risks lower. 

Trampolines

Trampolines are what is called an attractive nuisance. They are a magnet for kids. It is difficult to make sure they can’t be accessed without your knowledge. Having your yard fenced would be good but having a protective netting around the trampoline is the very least you should do. 

Pets

Especially dogs are very high risk and some breeds riskier than others. Some breeds are so risky your insurance will not cover them. 

Front stairs and driveways

You are responsible for maintaining your home. Guests to your home will use your driveway and stairs to enter and it is important to make sure there is not any unevenness that could be considered a trip hazard. 

Contact Perry Insurance Agency in Vernal, UT to discuss your home insurance and your risk level. 

When Accidents Happen: How Home Insurance Protects You

You’ve invested a lot in your home so you need to protect it with home insurance.  Home insurance is also a major tool to protect you financially.  Most homeowners consider insurance as a means to recover from a fire or severe weather event but it provides so much more.  Our agents at Perry Insurance Agency work with homeowners in the Vernal, UT area to get the right coverage for them. 

The home insurance policy covers the physical structure and everything inside of it.  This can help you recover from a fire or weather event faster.  It also protects items, such as electronics, if they are stolen or damaged away from home.  For instance, if your child’s laptop is stolen while they are at the library, it is still covered.  Also, all structures including pergolas, outbuildings, and fencing are covered. 

Consider, though, the importance of the liability coverage.  If someone is injured on your property and you are found to be at fault or negligent, the home insurance policy will cover their medical expenses.  This is an enormous amount of financial protection as medical expenses can quickly outpace what you are able to cover.  Also, should they sue you, it will cover their legal fees.  It’s easy to see that without the protection of home insurance, you and your family could be financially ruined following an accident. 

At Perry Insurance Agency, our agents work with homeowners in the Vernal, UT area to make sure that they have adequate home coverage.  Unfortunately, accidents do happen every day.  If something does happen, our team is ready to help you and your family through it.  Start with checking out some of the general information on our website.  Then contact us for more information.  Your home is important to you.  Let’s protect it today!

3 First Time Home Buyer Mistakes and How to Avoid Them

Shopping for a home in the Vernal, UT area? Let’s dive deeper into the most common first time home buyer mistakes.

Shopping Before Mortgage Approval

Since a mortgage dictates how much money a bank will lend you to purchase a home, it is imperative that you find a lender before looking at homes. Frequently, first time home buyers will fall in love with a home before knowing how much money they can spend only to learn that they can’t afford it. Additionally, be sure to talk to multiple lenders so that you can shop around and compare rates. 

Depleting Your Savings

Unexpected expenses whether related to the home or not can pop up at any time. Failing to leave an adequate emergency fund to pay for repairs, bills and other expenses is a common mistake for home buyers. In addition to having a down payment, most financial experts still recommend that you have a six-month emergency fund saved. If it comes down to it, avoid a 20% down payment and instead maintain some savings. 

Credit Carelessness

Your credit score is one of the largest determinants in what mortgage interest rate you qualify for. Not only will lenders pull your credit report and preapproval, but also they’ll do it just prior to closing. If you have taken any new loans or opened a new credit card between the time of preapproval and finding your dream house, then your loan may not be approved.

At the Perry Insurance Agency in Vernal, UT we strive to provide the best customer service to each of our customers. We know that buying a home is stressful and we want to make the search for homeowners insurance as smooth as possible so give Perry Insurance Agency a call today. 

Utah’s Home Insurance Requirements

As a homeowner, it is always important to protect your investment. Property owners in the Vernal, UT area have a great option to discuss coverage and requirements with Perry Insurance Agency. Homeowner’s insurance is the simplest way to get coverage against things like disasters, accidents, and vandalism. However, it is also important to be aware that each area of the country will have slightly different requirements. Like every other state, Utah requires a certain level of coverage on mortgaged homes because a bank also has an interest in preserving the property as an investment. 

Fortunately, Utah tends to be on the inexpensive side for coverage. The average policy within the state is a few hundred dollars below the national average. However, this can also change based on the size of the property and a number of other issues. Homes in Utah also need to be covered against natural disasters like earthquakes and mudslides that occur with some regularity. There are also separate flood insurance policies to protect against water damage, and this may be required if the property is located near water or within a flood zone. Landslides are also treated differently from other problems, and your provider may need to get separate coverage for these events because most normal homeowner’s insurance policies do not cover them. Earthquake insurance is also another kind of overlooked insurance that is usually separated out from homeowner’s policies within the state. This is worth looking into, as earthquakes are becoming more common in Utah and surrounding areas. 

For more help with homeowner’s coverage in the Vernal, UT area, you can speak with an agent from Perry Insurance Agency. These representatives are knowledgeable of Utah’s specific requirements. 

 

 

 

Can Consumers Buy a Home Without Homeowners Insurance?

Homeowner’s insurance isn’t a strict legal requirement in most cases, but if you take out a mortgage or a second mortgage on the home, the lender will probably require it. The experts at Perry Insurance Agency can walk you through what homeowners policy is best suited to your home in Vernal, UT. In the meantime, take a look at some information to help you understand what homeowners insurance covers.

What Does Homeowners Insurance Offer?

Homeowners insurance gives owners protection from a number of covered events that cause damage or destroy their property. This financial protection is critical in the face of such a devastating loss. 

Legally, you can technically own a home without carrying insurance on the property. However, not many people are comfortable risking everything without the chance of regaining their loss through an insurance carrier. 

Most homeowners insurance policies include liability insurance. There are two main categories of liability protection, property damage, and personal injury. Liability insurance takes care of the cost of repairs if your home is damaged from an event written into the policy. It also pays for bodily injury for anyone injured while on your property. Ask your insurance agent how much liability coverage you may need.

Why Do Mortgage Lenders Require Homeowners Insurance?

Homeowners insurance helps mortgage lenders guarantee they can get back their investment if a home is damaged or destroyed due to an unforeseen event. Therefore, they’re likely to require a homeowners policy as a condition of getting the home.

Your representative at Perry Insurance Agency in Vernal, UT can walk you through the most likely options needed to protect yourself from catastrophic financial damage for covered events. Contact us with your questions and to schedule an appointment for a quote. We can help you find insurance in over 24 states!

Tips for Filing a Home Insurance Claim

Every homeowner dreads the thought of having to face a disaster that destroys their home or properties. If you have never filed a home insurance claim before, you shouldn’t rest easy. You’re more likely to file one during your lifetime, so understanding the claim process is crucial. Perry Insurance Agency suggests the following tips to help you go through the claim process in Vernal, UT.

Understand your Policy

You should first understand your coverage limits and deductibles. This is critical when filing a home insurance claim. For example, if a flood damages your home and your policy excluded such risks, your claim will be rightly denied. Your deductibles will also affect how much cash you’ll pay out of pocket for the repair or rebuilding of your home. This can help you determine which repairs are urgent and which ones can wait for a later date.

Document your Damages

Whenever a covered loss occurs, document all the damages before you begin the cleaning or repair process. Take several pictures of the damages caused to your home or property, furniture, electronic devices, clothing, and so on. If you’re forced to make a few repairs before filing your home insurance claim, be sure to keep all the receipts. After filing the claim, the insurer will send an adjuster to assess the situation and provide an estimate of the damage. This can difficult to achieve after cleaning the home and carrying out repairs, so the photos and the documentation of the receipts will be of great help.

Understand your Rights to Dispute Estimates

Sometimes you may not agree with the insurer’s estimates. You have rights under your home insurance policy to dispute or appeal the procedure. One way to achieve that is by submitting a second estimate through a public adjuster that you can hire. A public adjuster works exclusively for you, unlike an insurer’s adjuster who works for the interest of the insurance provider. Additionally, the public adjuster will work with you through the entire claim process to ensure that you receive your full entitlement under your home insurance policy.

Perry Insurance Agency is an experienced provider of affordable home insurance policies in Vernal, UT and surrounding areas. If you have further inquiries about filing home insurance claims, call us today. We serve over 24 states across the country. But if you need a quote, use our online rating tool or stop by our Vernal, UT offices.