It’s likely that your home is your most valuable asset. In fact, this is true for most people, and you need to protect it! Whether you live in the Greenville, SC area or Nashville, TN area or any other part of those states, we can help you. You want to have peace-of-mind knowing that your claim will be settled by an insurance company that cares about you.
Magnolia Insurance Group can help you buy a policy that brings together custom coverage at a competitive price without sacrificing stellar service and support. Being our client means that you don’t have to worry about paying too much for the wrong coverage. We help protect you like our own family.
It doesn’t matter whether you live in Greenville, SC or Nashville, TN or anywhere else in those state,, we can meet your needs impeccably. In fact, our agents hold license in many state where we don’t have an office. By leveraging technology to provide a great experience, we can meet on the phone, in person, or via video. You tell us how you want to do business.
Our expertise means we understand each and every policy we put in place. Since no two insurance contracts are the same, its imperative to have an agent that has taken the time to read and study the insurance contracts that you are relying on.
If you’re not using a local independent agency like us, it’ll be very difficult, if not impossible, to find the right policy for you. Since no two policies are the same, you want an expert, independent agent that will give you the right coverage at the right price.
Important Insurance Coverages
There are several coverages in your policy that you should pay special attention to. You may have noticed some of these as you have flipped though previous policies. It is important to get these right to protect you and your family.
Part 1: Property Protection
- Dwelling: This offers protection as a result of damage to the structure of your home, including fixtures, plumbing and heating, due to a covered loss like fire or hail storm damage. You need enough coverage for the cost of rebuilding or repairing your home, less the cost of the land.
- Other structures: This includes coverage for detached structures, such as a garage, garden shed and fixtures attached to land such as a driveway, sidewalks, patio, fence and swimming pool.
- Personal property: This covers the contents and personal items in your home such as furniture, clothing and sporting goods. It also extends to your personal belongings anywhere in the world. To determine your property’s value, we’ll provide you with a home inventory checklist to help you quickly and easily itemize your belongings. We recommend insuring your personal property for its replacement cost value. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices.
- Loss of use: In the event that a covered loss forces you from your home, such as because of a fire, loss of use provides a safety net for additional expenses over and above your normal living expenses while you are unable to live in your home, up to the policy limit.
Part II: Liability Protection
This portion of your policy covers against lawsuits for bodily injury or property damage that you or family members may cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy. It covers you whether you are at home or away.
In the event that a visitor is injured in your home, medical payments coverage allows the person to submit medical bills directly to your insurance company. The benefit is that expenses are paid to the injured person up to the policy limit without a liability claim being filed against you.
What Factors Affect My Premium?
Home insurance coverage can differ from policy to policy depending on a multitude of factors. Being aware of these factors that affect your premium can ensure that you are appropriately covered. Review this Know Your Insurance to understand the factors that are influencing your home insurance premiums.
Your Personal Information
Your credit history, claims history and marital status can all contribute to your premium costs:
- Credit history—In most cases insurance companies will take your credit history into account when calculating your home insurance premium. Insurance companies will look at how good you are at making payments and how much debt you currently have. Typically, the better your credit score, the lower your insurance premium.
- Claims history—Any claims you’ve made at previous residences will be assessed by your insurance company when determining your premium. The type and frequency of the claims you’ve filed can lead to higher premiums.
- Marital status—Those who are married have been found to file fewer insurance claims than single individuals. Therefore, if you are married, you will generally have lower premiums.
The way you and your broker construct your insurance policy also determines your premiums. The following are policy items that have the greatest impact on the amount you pay:
- Type of coverage: There are three different coverage options you can purchase for your home insurance policy:
- Actual cash value will replace your home or damaged belongings, minus depreciation. Depreciation is the decrease in an item’s value over time due to wear and tear.
- Replacement cost pays to repair or replace your home or belongings without any deduction for depreciation.
- Extended replacement cost is the most expensive coverage option—but, it will pay to rebuild your home even if the replacement cost exceeds your policy limit.
- Limit: Your policy limit is the maximum amount that your insurance will pay in the event of a covered loss.
- Deductible: Your deductible is the amount you pay in order for your insurance coverage to kick in to help cover a loss.
- Additional coverage: You may choose to purchase additional coverage for items or circumstances that may not be fully covered under a standard home insurance policy. Possible circumstances may include keeping more expensive items at your home (e.g. boats, fine art or jewelry), or living in an area more susceptible to disasters that aren’t already covered under your existing policy.
There are a few factors about your home that may affect your premiums:
- Home value—The value of your home can also influence the cost of your insurance. Typically, the greater the value of your home, the higher your insurance premiums will be.
- Age of property—Older buildings tend to have costlier premiums since the materials they’re built with may be more expensive and harder to replace. For example, if you have stained-glass windows in your home, that could cost more to replace than a standard window since stained-glass windows are far less common.
- Remodeling—Any improvements made to your home will lead to an increase in your premiums since renovations typically increase the value of your home—therefore increasing your home’s replacement costs. Although, repairs made to your roof, electrical or plumbing that increase safety or efficiency may allow you to receive discounts that can reduce your premiums. Always alert your broker about new home remodels to ensure they can be replaced if damaged or destroyed.
If your home is located in a high-risk area, you will commonly pay more for your home insurance. Homes that are considered at a higher risk for damage or loss are those located near coastlines, farther away from response teams (fire or police departments) or are in areas that are more susceptible to natural disasters.
If your home is being used for work purposes, you may need to purchase additional coverage. Most standard home insurance policies will provide some liability coverage and limited protection for business equipment you may keep at your home, but it may not be enough. To ensure you are sufficiently covered, you may choose to purchase additional coverage or add to your home insurance policy.
Attractive nuisances are potentially dangerous objects that could attract people, including children, onto your property. The most common attractive nuisances are pools and trampolines—if you have either on your property, you will pay more for your insurance premium.
Depending on your insurance policy, your dog may be covered under your home insurance policy if they are involved in a liability claim. But, some dog breeds that are marked “aggressive” may have limited coverage or none at all. The most common dog breeds that insurance companies are wary to cover are Rottweilers and pit bulls.
How Do I Get Started?
We make the process of selecting the right coverage and finding the best premium easy. You can click here to enter as much info as you know (or are comfortable with) or give us a call in Greenville, SC at 864.448.0392 or in Nashville at 615.988.9585 .