What is Homeowners Insurance?

Who Needs Homeowners Insurance?

If you own a home and it’s your main residence, it’s wise to have Homeowners Insurance—it’s that simple. Whether you’re a new buyer or you’ve had your castle for years, we at PSIC believe every homeowner should have the confidence that comes with Homeowners Insurance. It’s not just a smart move; it’s peace of mind.

Is Homeowners Insurance Required by Law?

By law? No, but usually your mortgage lender may ask for it. While the state doesn’t mandate it, your lender typically requires Homeowners Insurance to protect their investment (and yours too!). Nevertheless, it’s quite important to keep your most important asset safe and secure regardless of what’s mandatory.

PSIC is here to help you meet those needs with a robust Homeowners Insurance policy that ticks all the boxes.

How Does Homeowners Insurance Work?

Think of Homeowners Insurance as a promise. You pay a premium, and in return, at PSIC, we stand ready to help you recover from loss or damage outlined in your policy. In the event something happens, you will need to file a claim, and an insurance adjuster will evaluate and rate your covered loss or damage using one of these two methods:

• Actual Cash Value: Homeowners insurance offers options like actual cash value (ACV), which pays out for property damage considering depreciation.
• Replacement Cost: Opting for replacement cost coverage, avoids depreciation. It will reimburse you to restore your home or personal property with similar quality new items.

You can choose one of these two options at the moment of getting a quote. That’s why we recommend you contact a producer, get assistance, and make sure you get exactly the coverage you need.

What Does Homeowners Insurance Cover?

At PSIC, we’re all about protecting your assets and yourself. Our standard Homeowners Insurance coverage protects your house and your personal belongings, and provides liability protection, among others. If you’re looking to customize your policy, you can also add optional coverages.

The following list details the covered perils.

• Fire or Lightning: Flames can leave trails of destruction.
• Windstorm or hail: Harsh winds and ice balls batter and bruise structures.
• Explosion: Sudden blasts demolish with devastating force.
• Riot or civil commotion: Chaotic turmoil can lead to property damage.
• Aircraft: Objects in the sky that fall can cause significant damage.
• Vehicles: Cars gone rogue can crash into and harm property.
• Smoke: Dark plumes from fires can silently spoil and erode interiors.
• Vandalism or malicious mischief: Deliberate damage strikes at your peace of mind.
• Theft: Uninvited hands taking what’s yours.
• Falling objects: Gravity’s missiles causing unexpected harm.
• Weight of ice, snow, or sleet: Heavy cold blankets exerting destructive pressure.
• Accidental discharge of water or steam: Wild waters and vapors wreak havoc indoors.
• Sudden & accidental tearing or cracking: Unexpected rips and splits that compromise integrity.
• Freezing: Icy temperatures clasp pipes in a frigid grip.
• Artificially Generated Electrical Current: Electrical anomalies sparking potential disaster.
• Volcanic Eruption: Molten earth and ash descending from the sky.

What Is Insurance Deductible?

The insurance deductible is the amount you’ll pay out-of-pocket before your coverage kicks in. A higher deductible can mean lower premiums, but more expenses when you file a claim. At PSIC we recommend you contact a producer to personalize your Homeowners Insurance deductible to suit your financial situation.

Is Homeowners Insurance Tax Deductible?

Ah, tax questions! Generally, Homeowners Insurance isn’t tax-deductible for personal residences. But if you use part of your home for business purposes, for example, the insurance costs for that part might be. At PSIC, we recommend consulting with a tax advisor for guidance on your specific situation.

How Much Is Homeowners Insurance?

Homeowners Insurance costs vary based on factors like location, home value, and coverage needs. We can’t pinpoint an exact price here, but PSIC offers competitive rates and Homeowners Insurance discounts that make protection accessible.

Moreover, there are many optional add-ons you can include in your policy, affecting its final price. Everyone has their own particular needs, at PSIC we’re ready to help you make your Homeowners Insurance policy fit your needs. We recommend you contact a producer and get more details.

Where Does PSIC Offer Homeowners Insurance?

We currently offer Homeowners Insurance in the states of Arizona, California, Connecticut, and New Jersey. To learn more about how you can customize your policy please select your state.

We plan to expand our Homeowners Insurance coverage nationwide soon, ensuring all homeowners the benefit of our reliable insurance solutions.