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James F Naive CLU
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James F Naive CLU
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Home Owners Insurance in Montgomery, AL

What is homeowners insurance?

An insurance policy for your home normally has at the very minimum fire and casualty coverages – that’s dwelling (property) and valuables coverage for the value (and valuables) of your home/property. It covers the cost of replacing part or all of the property that was damaged through fire or some casualty (through no negligence of you or anyone living there at the time). With a coverage limit based on what is stated in the policy. Higher coverage limits normally cost more money. There are additional coverages such as flood, earthquake and other local specific coverages that can be obtained. Our agents are well versed in the nuances of home owners insurance in the Montgomery, AL area.

Why does homeowners insurance go up gradually or sometimes suddenly?

This can depend on many factors, but in essence a few key factors are at play –
  1. The size of the pool of people buying insurance in that region/state (areas surrounding Montgomery, AL).
  2. Recent catastrophes – forest fire damage, widespread earthquake damage, or widespread flooding.
  3. An indicative trend in certain conditions – such as data showing that there are more earthquakes in the region as a result of heavy fracking in the area.
  4. Competition among insurers.
  5. Insurance losses.

What about Renters and Condo insurance?
  1. Condo owners insurance essentially the same as homeowners insurance. There are some differences since there are some factors at play such as Home Owners Associations (HOA’s) and they also carry insurance, but in essence, getting insurance for your condo is comparable (maybe less expensive in some areas) to home owners insurance. A cousin to homeowners (or condo owners) insurance is Renters insurance – this is an increasingly popular policy among people renting. The Great Recession may have been a catalyst as more people resorted to renting rather than buying, but there is data that shows that millennials prefer to rent rather than make a larger investment of their time and money in a home/mortgage.
  2. Renters insurance typically covers the valuables in the renter’s apartment/condo/home. The primary insured is the person/s renting the home and the estimated value of their property in the rental unit. It normally covers fire and casualty damage, but there are some additional coverages available in some areas like theft coverage, jewelry/valuables, etc.
  3. To learn more from our experts in the Montgomery, AL and surrounding areas, get in touch with us.

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James F Naive CLU has other insurance programs like Auto Insurance in Montgomery, AL.