Insurance Blog

Do you have enough home liability insurance to cover your risks

Home insurance is not just one type of coverage; it has multiple protections it offers. None of it is required except by a lender. No state requires you to carry home insurance. That doesn’t mean you shouldn’t carry it if you don’t have a home loan. Risks to your home and assets are abundant, and making sure you are prepared for anything that might happen is essential. Having a home insurance policy that offers adequate protection is vital to your peace of mind. At Harris Insurance in Jasper, AL, we have served hundreds of customers since 1980.

When accessing your need for liability insurance, several things need to be considered, including your net worth. The more you are worth, the more attractive you are to someone who might want to sue you. If you have a sizable net worth, your liability coverage should reflect it, and you should probably consider an umbrella policy as well. 

Pets are common additions to families, and they are a liability. Make sure your agent knows the number and breed of dogs you have. Some breeds of dogs are considered such high-risk, insurance carriers won’t cover them. 

Having a backyard pool can provide your family with a great entertaining space, but it does add to your liability risks. Be sure to follow all the local safety ordinances and have appropriate fencing installed. Someone injured in your pool does not have to be a guest. 

Trampolines are very popular with children, and they offer a very high injury risk. Making sure they have safety nets can reduce the risk. 

Contact Harris Insurance in Jasper, AL when you are looking for a home insurance policy. As an independent agency, we offer multiple carriers that allow us to shop for the best prices. 

What is an Escrow Account and What Impact Does it Have for Home Insurance?

If you plan to buy a home or recently have, the term escrow account should be ingrained in your brain. In its simplest form, an escrow is a legal agreement where a third party takes custody of a large sum of money or property until a predetermined condition has been met, which could be purchasing a new home. For real estate, escrow accounts have two main purposes:

  1. Home Buying: Protects both the buyer and the seller by holding a deposit in a separate account in good faith.
  2. Taxes & Insurance: May be required by a mortgage lender whereby a portion of your monthly payment for your home is set aside in a separate account out of which your homeowner’s insurance and property taxes are paid.

When you buy a home, your purchase agreement will likely include language around a good faith deposit, otherwise known as earnest money, which protects both the buyer and seller. For instance, if the deal falls through because of the buyer, the seller usually gets to keep the earnest money. In addition to earnest money, your mortgage lender may also establish an escrow account used to pay for homeowner insurance and property taxes. Given that your tax bill and homeowners insurance can either increase or decrease from one year to the next, this amount can change over the lifetime of your loan. 

At Harris Insurance in Jasper, AL, our talented and knowledgeable team of insurance professionals will walk you through every step of the process to find the right homeowner’s insurance policy and answer your questions on escrow accounts. Give us a call today to learn more. 

Three mistakes to avoid when you purchase home insurance in Alabama

Investing in quality home insurance is essential for homeowners in Jasper, AL. At Harris Insurance, we’re here to help you meet your home insurance needs in Alabama. 

Unfortunately, Alabama homeowners frequently make home insurance policy mistakes that hurt them financially down the road. The following are three mistakes to avoid when you purchase home insurance in Alabama. 

Failing to invest in flood insurance coverage

Flood insurance is vital for homeowners in any part of Alabama. Alabama homes can be especially susceptible to flood damage. This is especially true for those living in coastal areas or along the shores of any of the state’s many rivers and lakes. 

As a homeowner, you should know that a home insurance policy doesn’t typically include flood coverage. You need to purchase add-on flood insurance coverage for your home insurance policy. 

Purchasing an inadequate amount of coverage

Make sure you have enough coverage to compensate you for the costs of damage to your home. Ideally, you want to have a policy with coverage maximums large enough to compensate you for the full value of your property in the event of catastrophic damage. 

Choosing a deductible amount that’s too high

Because home damage is especially common in Alabama, it’s crucial to anticipate claims on your home insurance policy. This means opting for a lower deductible amount.

If your deductible amount is too high, claims on your policy could create financial hardship for you. It might be better to pay a few dollars more in premiums every month so that the deductible you need to pay in the event of home damage isn’t too much for your budget. 

Find the right home insurance policy to protect your home in Jasper, AL. Get started with our help at Harris Insurance. Contact us with your questions and inquiries. 

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Jasper, AL 35501

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