Best Homeowners Insurance Agencies in Peoria

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What types of damage are not covered by homeowners' insurance policies in Peoria?

  Homeowners insurance policies in Peoria highly vary. Generally speaking, though, the insured is not usually compensated for losses due to natural disasters like floods and earthquakes; wars, nuclear accidents; intentional damage; and even normal wear and tear. In most cases, these types of damages can only be covered if additional coverage is purchased.

• Are you allowed to include expensive possessions in your Peoria homeowners' insurance policy?

  Yes. For expensive possessions that are beyond the value of the coverage limits of your homeowners' insurance policy in Peoria, such as jewelry, fine art, and electronic equipment, you can purchase additional coverage through an endorsement to your existing policy to extend the limits of coverage. Alternatively, you may acquire a separate policy for the specific items you intend to insure.

• Should you notify your insurer if you made changes to your Peoria home and you carry a replacement cost homeowners' insurance policy?

  Yes. It is imperative that you tell your insurance agent about your plans to make any changes to your home, like adding a new section or doing a remodel. Only then will the appropriate replacement cost changes be accounted for following your recent home improvement projects.

• Will your homeowners' insurance policy in Peoria pay for a guest’s injuries if they are attacked by your house pet in your residence?

  Yes. Among the most common coverages included in standard homeowners' insurance policies in Peoria is personal liability coverage. This takes care of the costs and your legal responsibility for property damage and bodily injury, including injuries inflicted by your pet on a guest. It can also shoulder the medical costs of someone who sustains an injury after slipping and falling on your property.

• Do homeowners' insurance companies in Peoria perform house inspections?

  There are some homeowners' insurance companies in Peoria that enlist the help of third-party inspection companies to perform exterior inspections of the residential properties they insure. These inspectors do not usually enter the home of the insured. Instead, they examine houses from the outside and take pictures for the reference of the insurance company.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.