Frequently Asked Questions for Homeowners Insurance
Will homeowners insurance cover my home business?
If you run a business from your home or regularly work from home, you may need more coverage. Homeowners insurance policies may cover a limited amount of business-related equipment or supplies, but usually will not cover liability related to your home business. Make sure you talk to your representative to chat about your options.
Will my homeowners policy cover my valuable collections?
Your policy may not always cover the entire amount of valuable collections or other expensive items. Make sure you ask about your valuables to understand what’s covered and add any additional coverage as needed.
Does my homeowners policy cover my jewelry?
Most policies have a lower limit for high-priced jewelry. You’ll want to make sure you review what’s covered and add any coverage as needed.
Should I review my homeowners insurance regularly?
Building codes and zoning can change over time, making it more expensive to rebuild or repair your home. You should review your policy at renewal and any time you make changes to your home. You can always call if you have questions about your coverage.
Can homeowners insurance help if someone’s injured at my home?
Yes. Liability coverage is one of the most important parts of your homeowners insurance policy if an accident or injury takes place on your property. Examples include slips and falls, or dog bites.
Please note, intentional acts or failure to fix known hazards may not be covered.
What is a homeowners insurance endorsement?
A homeowners insurance endorsement is an optional coverage that you can add to your policy or a change to the standard policy. This usually provides additional coverage for parts of your home or property that aren’t covered by a standard policy.
Examples of endorsements are for:
- Additional coverage for valuable items like jewelry, furs, firearms, gold, or silverware
- Increasing coverage for a home business
- Coverage for damage caused by water backup in your home
There are a wide variety of endorsements available for most GEICO serviced policies. Call us at (800) 841-3005 to learn more.
What are some tips before I close on my new home?
In the hustle and bustle of the closing process, don’t forget to make time for the following important tasks.
- Set up a home inspection and make sure you understand the final report
- Schedule a final walk-through 24-48 hours before closing to ensure the condition of the home has not changed
- If you will have a Home Owners Association, read their paperwork and understand the requirements
- Determine if your home is in a flood zone
- Set up your homeowners insurance policy
Why do I need homeowners insurance?
Aside from the requirement to carry it by most mortgage lenders, it will help you sleep easy in your new home. Fire, theft, and accidents can happen to anyone. Homeowners insurance will help protect you from these threats. Start your free homeowners insurance quote now!
What should I do after buying a house?
Once your hand has recovered from signing your name over and over at closing, sit down and complete the checklist below.
- Change your locks
- Set up all utilities in your name
- Make sure all smoke detectors have batteries and are in working order
- Look through your home inspection to prioritize what projects should be completed first
- Update your address with banks or other companies you receive mail from
- Gather all of the appliance manuals, warranty information, and insurance paperwork together in one easy to access file
What is actual cash value coverage?
This typically only covers replacement cost minus depreciation. That means it may not cover the total cost to replace something.
Speak to your representative at the GEICO Insurance Agency about actual cash value coverage versus replacement cost coverage to pick what’s right for you.
What is a deductible?
This is how much you will pay out of pocket if you have a claim. Setting a higher deductible can help to save money on your insurance bill, but only if you can afford the deductible. Also, a higher deductible may make you think twice about claiming something small. Many times it’s not the amount of the claim that counts, but how many claims you have that affect your renewal premium.
What does effective date mean?
The date your insurance policy actually begins. Don’t let your insurance coverage lapse. If you need to renew your policy, give us a call at (800) 841-3005.
What does exclusion mean?
Certain situations, conditions or even people that are not covered by the insurance policy. Many policies have certain exclusions. If you need coverage for a situation that is excluded, it’s often possible to purchase it separately. Ask a representative at the GEICIO Insurance Agency for more info.
When should I start shopping for homeowners insurance?
Surprise! The best time to shop for homeowners insurance is before you purchase a home. Also, never assume that the rate the current homeowner is paying is what you’ll pay.
Homeowners insurance quotes can be based on a variety of factors like credit-based insurance score*, personal property, and improvements to the home. Many homeowners are underinsured, especially if they have owned the home for a long period of time.
* Credit-based insurance scores aren’t used in states where prohibited by law.
Homeowners coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, LLC.
The information you provide will be shared with our business partners so that they can return a quote.
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.