We can help you determine the right San Diego homeowner’s insurance coverage
Every year there are many new homeowners who look to us for help with their first home. Understand homeowner’s insurance can bring stress and misunderstanding, and we are here to help you find the right combination of coverage, price, and service.
We find most first-time homebuyers may not understand what is covered and not covered under a typical home insurance policy. Many times the mortgage company will require insurance, and the homeowner won’t question the coverage specifics. But it is just a minimum requirement for what you are purchasing. If you are an uninformed buyer, you might not address every possible scenario that another policy might cover.
Keys to understanding your home insurance policy
- Talk to an agent who can out the coverage you actually need.
- Ask about policy exclusions.
- Read your policy.
- Understand the difference between insurance and just mortgage insurance.
- Ask about coverage for fences, landscaping, and other outbuildings.
- Consider insurance for loss of use and extra expense.
- Do you have guns, jewelry, art, or other collectibles?
A good agent will be willing to meet with you to review all your questions and provide the coverage you need.
San Diego Home Insurance Simplified
The building or structure
You need enough insurance to cover the cost of rebuilding your home at current construction costs. Don’t include the cost of the land. And don’t base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today.
Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality. There is no deduction for depreciation–the decrease in value due to age, wear and tear, and other factors.
Your personal possessions
Most homeowner’s insurance policies provide coverage for your personal possessions for approximately 50 percent to 70 percent of the amount of insurance you have on the structure or “dwelling” of your home. The limits of the policy typically appear on the Declarations Page under Section I, Coverages, A. Dwelling.
Insuring expensive items with floaters/endorsements
There may be limits on how much coverage you get for expensive items such as jewelry, silverware, and furs. Generally, there is a limit on jewelry from $1,000 to $2,000. You should ask your agent or look it up in your policy. This information is in Section I, Personal Property, Special Limits of Liability. Insurance companies may also place a limit on what they will pay for computers.
Additional living expenses after a major loss
This is a very important feature of a standard homeowner’s insurance policy. This pays the additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm, or another insured disaster. It covers hotel bills, restaurant meals, and other living expenses incurred while your home is being rebuilt.
Liability to others
This part of your policy covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for bodily injury and property damage to others caused by pets. It pays for both the cost of defending you in court and for any damages a court rules you must pay.
Discounts that can help save you money on your San Diego home insurance
- Bundling discount (combine auto insurance, umbrella insurance, earthquake insurance, personal article floater)
- Claim-free discount
- Newly purchased home or condo/townhouse
- Mature insured
- Newer home
- Safety features
- New generation tech sensors – water leak detection, gas leak detection
- Homeowners association (hoa)
- Taking higher deductibles
- Paying In Full – Save On Billing Fees
San Diego and Southern California residents, welcome to McCormick Insurance Solutions! San Diego’s Highly Rated Auto, Home, Life and Commercial Insurance Broker (Nominated for Best Preferred Insurance Agency in CA in 2017.)
Call or get a quote online – 619-276-0492
Our independent San Diego insurance brokerage offers a full range of auto, home, and life insurance and a variety of other insurance coverage needed to protect your property—and your loved ones. One of the biggest advantages? McCormick Insurance Solutions in Bay Park has direct access to high-quality A.M. Best rated “A” or better carriers in all lines of insurance.