Rollo Insurance Blog
Buying your first home is a time of great excitement and immense responsibility. Every new homeowner should be aware of the various aspects that come along with owning a property, including home insurance. Let's review some of the things any new homeowner should know.
1. Insurance Is a Necessity
According to Comfy Living, 85% of homeowners in the U.S. have insured their homes, and there is good reason for it! Whether it's your first home, a vacation property, or an investment rental, home insurance is a must. It's essential for protecting your investment and covering potential damage. It can help cover the cost of repairs if you experience a natural disaster or robbery and provide liability protection if someone becomes injured on your property. This can give you peace of mind as a new homeowner.
2. Shop Around for the Best Rates
Every home insurance company is different, and the rates you receive will depend on where you live and your personal needs. At Rollo Insurance of Dripping Springs, we do all of the research for you by getting quotes from different companies, and comparing them to find the best deal. Don't be afraid to ask questions and find out more about the coverage you're getting. As a new homeowner, it pays to let us shop around to get you the best rates.
3. Homeownership Has Additional Expenses
Even if you pay for your home in cash and don't need a mortgage, homeownership will still eat into your pockets. Plan for repairs and maintenance, insurance payments, taxes, and utilities. As a new homeowner, you'll want to keep your budget in mind at all times and ensure you're prepared to cover these costs. Also, bear in mind that it's possible to lose a paid-off home due to unpaid property taxes.
4. Get to Know Your Neighbors
Getting to know your neighbors is a great way for new homeowners to build a sense of community. Fostering good relationships with your neighbors makes it easier to keep an eye out for each other's properties and watch out for strangers. Such positive relations are important if you ever plan to be away from home for a while.
5. Home Maintenance Is Key
A well-maintained home requires regular upkeep and preventative maintenance. This work includes checking and replacing HVAC filters, caulking around windows to keep out drafts, ensuring gutters are properly draining, and checking for water leaks. Taking care of the smaller issues now can help prevent more serious problems in the future.
Owning a home for the first time is a rite of passage, and it can be both exciting and intimidating. Knowing the facts and being prepared for the responsibilities of homeownership will help ensure a successful experience. If you're in need of home insurance for your new property, contact Rollo Insurance today to learn more about our policies.
National Public Radio reported that about 262,000 people were left without power in parts of Austin and San Antonio last week with temperatures dropping as low as 29 degrees. During these cold months, it's important for your home and property to be protected. Winter storms can cause major damage to home structures. Fallen trees can do harm to your home, fence, garage, or even your shed. According to Bankrate, 93% of homeowners have active homeowners insurance policies in place. Holding such a policy is an important part of responsible home ownership. It can cover damages from harsh weather conditions like wind or hail. Continue reading to learn more about why you should have this type of insurance, especially with these temperature drops.
A Homeowner's Policy Provides the Protection You Need
Without a proper policy in place, you could find yourself having to pay out of pocket for any losses that occur with your home or your belongings. Depending on the type of policy you choose, you can enjoy protection from hail, water damage, fire, and other disasters or accidents. This means your policy can cover increased living expenses while you're home is being repaired due to winter storm damage. Storms bring strong winds so make sure your insurance policy includes wind damage. That way you are protected if a tree falls on your home.
What Happens if I’m Not Covered?
Without the proper home insurance coverage, you could be responsible for any damage done to your home or property. If you live in an area that receives snow or even ice during the winter season, it's vital to get the protection you need. Snow and ice can cause tree limbs to fall onto your home or power lines surrounding your home. In some cases, it can actually cause structural damage to your roof. Areas that aren't used to cold temperatures are not well insulated and ready to withstand below-freezing temperatures. Homeowners insurance can cover the costs of repair or replacement of items that are damaged from winter storms.
Common Claims and How to Prepare
During the winter, the weather has the potential to cause some serious harm to your home. Some common insurance claims to look out for are frozen pipes, snow and ice damage, house fires, wind and hail damage, and slippery driveways. Besides having the right coverage, there are a few things you can do to prepare. Keeping a consistent temperature indoors, maintaining safe walkways and driveways, running your water, and getting your chimney and heating appliances inspected are just a few ways to get ready.
With the major ice storms that have hit Austin and the surrounding areas, it's more important than ever to stay up to date on your coverage. Ice storms can not only affect the structure of your home but can also freeze or burst your pipes. If you want to ensure you're properly covered, work with a home insurance company that has a policy that meets your needs. Don't wait to purchase the proper protection. Be proactive and get in touch with us today at Rollo Insurance. We have coverage options that suit every homeowner.
3 Types of Homeowner Policies
When it comes to insurance for homes, 78% of homeowner's policies are HO-3 policies, according to ComfyLiving. There are eight types of policies, all starting with HO and then a corresponding number from HO-01 to HO-8. The numbers correspond to different home types and different types of coverage. HO-1 is no longer in use, and HO-2 policies are used less frequently. HO-6 covers condos, and HO-7 is for mobile or manufactured homes. HO-8 is a unique policy type that relates to older houses that don't meet current standards. Let's take a closer look at the three most commonly used types of insurance for homes.
1. HO-3 Special Form: Basic Single-Family Home Policies
If you have fairly conventional insurance needs, an HO-3 policy is likely to be a good fit. This policy type provides standard coverage and is the most common insurance type on the market. With this type of insurance covering your home, your building structure and contents are all covered. There are exclusions to covered events, and every policy is different, so be sure to check that the policy you select provides the protection you need.
2. HO-4 Contents Broad Form: Renter's Insurance
One of the best features of a Broad Form, or renter's insurance policy, is the breadth of protection provided for your belongings. For example, if your bike is stolen from a nearby park, the loss will be covered by an HO-4 policy. Of course, like all other insurance policy types, there are exclusions. Be sure to sign up for renter's insurance because your personal items won't be covered by your landlord's policy.
3. HO-5 Comprehensive Form: Comprehensive Single Family Home Policies
Anyone who has expensive personal items, like electronics, jewelry, and art can benefit from an HO-5 policy. This type of homeowner's policy is more robust than its HO-3 counterpart. There are higher limits to coverage and more favorable treatment for reimbursement for the replacement of lost or damaged belongings. They also offer all-risk protection for both your belongings and the structure covered by the policy. This type of policy is considered a good option for high-net-worth individuals with a higher risk profile in a high-loss area.
Tell Your Agent if You Are Using Your Home as a Vacation Rental
With home sharing services becoming a massive industry, it is important to know what your home insurance policy covers if you plan to join the growing trend. Since home sharing is considered a business operation, your entire policy may be rendered null and void if you fail to inform your insurance professional about the change.
Insurance held by rental services like Airbnb, HomeAway and Vrbo could leave gaps in coverage. While these sharing services may cover property damage, they often do not cover certain situations — for example, if a guest damages a neighboring property or sustains an injury while using your boat or bicycle. In addition, if a guest damages the unit and renders it uninhabitable, you might not be covered for the lost rental income. And claims resolution could get complicated if you rely solely on home-share insurance services.
We are the experts when it comes to insurance for homes in the greater Dripping Springs area. Contact Rollo Insurance today to schedule an appointment to find out more about the policies that are currently available in your area.
Home insurance offers the protection you need when the unexpected happens, but only if you choose the right policy. Need a little help finding the best home insurance policy for your home? Here are five things to look for.
1. Know Your Coverage
Before you decide on a home insurance policy, make sure you have a solid understanding of the coverage you are and aren't getting. Some policies may not cover certain types of damage, or they may not offer as much coverage as you'd like for personal property. It's important to thoroughly read over the terms and conditions of a policy to see what is and isn't covered.
2. Check Ratings
Do some research on insurance company ratings and compare some of the companies that you're considering purchasing coverage from. You can find ratings based on the current financial standing of insurance providers, which tells you whether or not a particular provider has kept up with paying claims. If a company has a lot of bad reviews, this is a sign that you should look elsewhere for your insurance.
3. Consider Your Deductible
Your deductible is the amount of money you have to pay when you file an insurance claim. In other words, you'll need to pay out of pocket for repairs that cost less than your deductible. While opting for a low deductible can be tempting to make sure you're covered, you can save money by choosing a higher deductible. A deductible of $2,500 is a good number for many homeowners.
4. Look for Discounts
Home insurance providers offer a wide range of discounts, from military discounts to discounts for bundling. Before you choose an insurance policy, make sure you ask your agent about any discounts you may qualify for, as they can significantly reduce your monthly premium.
5. Look Into Liability Protection
Did you know you can be held liable for injuries and other incidents that occur on your property? Liability insurance provides protection in the event that you're sued for some type of injury. Liability coverage is especially important for people who have potentially dangerous structures like pools and people with a high net worth.
6. Consider an Umbrella Policy
For less than $25 a month, you can get $1 million in coverage that extends across your home and auto policies -- sometimes with broader (ie. less restrictive) coverage than you have with individual policies. Note that an umbrella policy only covers what’s already included in your home and auto policies. If something is excluded in your home or auto policy, it will likely be excluded in the umbrella policy as well.
The U.S. homeowners' market has a $105.7 billion value, according to Country Living. This fact emphasizes the importance of protecting your home. Home insurance helps you protect your investment as well as your personal property, so you can enjoy total peace of mind. If you're looking for a home insurance policy that will offer you the coverage you need, contact Rollo Insurance today for a free quote.
Although the vast majority of homeowners have homeowner’s insurance policies,
according to the advocacy group Consumer Action, significant life changes may increase or decrease your risk and need for insurance protection.
Whether you own a home or are renting a home in the Dripping Springs area, it’s good to periodically evaluate your situation. Here are a few questions to consider.
• Has your family situation changed? Have you married or divorced? Or have adult children moved in or out of your home?
• Have you remodeled or added to your home?
• Have you added security alarms or a sprinkler system?
• Have you upgraded your heating, plumbing or electric?
• Have you added a swimming pool, hot tub, trampoline, tool shed or gazebo?
• Have you acquired a dog? Or, do you no longer have one? (According to Consumer Action, dog bites are a top reason for homeowners insurance liability claims.)
• Do you have more — or less — jewelry or electronics?
• Do you rent your home? Do you operate an Airbnb?
• Have you started a home-based business?
• Are you at risk for flooding? (Standard home insurance policies do not cover flooding. You can buy flood insurance through an agent or the National Flood Insurance Program.)
If any of these changes apply to you, give Rollo Insurance of Dripping Springs a call or reach out to us here. It’s a good rule of thumb to refer back to this checklist at least once a year and give yourself an insurance checkup. Though you may find that you need expanded coverage, a comprehensive policy will save you money in the long run. At Rollo Insurance, your protection is our priority!
Weddings are conducted to celebrate the unity between two people and their families. It is a happy occasion composed of people who are there to commune with two people who love each other dearly and with family and friends who support each other.
This is why you need to have an inclusive wedding if possible. Whether you are the one to be wed or choose to have a wedding coordinator handle everything, you have to make sure that you include everyone who will come to your wedding for a more enjoyable experience.
Below are a few important steps that you can take to ensure that your wedding becomes much more inclusive in 2022.
Ransomware has been one of the most insistent problems in the modern workplace. You must keep your files protected from this particular kind of problem. Many unscrupulous entities may get their hands on sensitive information online and hold it hostage until you pay up.
The following paragraphs will give you some tips on how to further protect your files from ransomware at a full scale and professional level. Hopefully, you will better protect your files in the long run because of these tips.
Keeping your policy updated is one of the most important aspects that you need to note when getting auto insurance for the first time. This is important because reflecting outdated or fraudulent information in your policy might land you in jail or have you paying a lot of fines.
Here are a few pertinent details that you need to have your insurance company be made aware of to keep everything on the legal side.
If you have children, they want to have various toys to play with. One of the most popular toys you can buy for your children, especially when building a playground, would be a trampoline.
However, installing a trampoline may cause you many issues, particularly with your home insurance firm. Some insurance firms do not allow the installation of trampolines because of the physical hazards that they can produce for the human building itself.
This holds especially if the house you will move into or own needs to be fixed up over time.
Now that every business operation relies on a digital approach, cyberattacks have been common. The systems used are more advanced, and many people are working from home. Those online attacks tend to affect large businesses significantly. Leading to a million losses worldwide.
That’s why maintaining cybersecurity insurance protects you against those potential losses. Through that, you can even create your cyber breach response plan. Here’s what you need to understand about creating one.
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