Best Homeowners Insurance Agencies in Escondido

FAQs

• 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 is the 80% rule in insurance and how can policyholders in Escondido use it to ensure their homes have enough coverage?

  The 80% rule states that insurance should cover at least 80% of the total cost of replacing a home. This means that a $300,000 home would require at least $240,000 in insurance coverage. Many homeowners follow this rule when purchasing their first policy but fail to apply it when renewing their insurance. Policyholders must account for inflation and home improvement costs to avoid being underinsured when it comes time to file claims. They must obtain insurance covering at least 80% of the current total value of their Escondido home.

• How can you get additional coverage if you have a California FAIR plan in Escondido?

  Due to the limited coverage provided by a California FAIR plan, a homeowner in Escondido can obtain a Difference in Conditions (DIC) policy to obtain comprehensive coverage comparable to that provided by traditional homeowner's insurance. Personal liability, theft, and water damage are examples of non-covered perils in a FAIR plan that can be covered under a DIC policy. The California Department of Insurance website has a list of insurers that offer DIC policies to supplement a FAIR plan.

• Which areas in Escondido are at risk for fires?

  According to the Escondido Fire Department, areas such as Mesa Rock, Vista Verde, La Honda, Rockwood, and Mountain View are extremely vulnerable to fires. Homeowners in these areas may have difficulty renewing their policies or receiving higher insurance premiums. If they run into such issues, they can contact the California Department of Insurance at 1-800-927-4357 for assistance. The fire department can provide information on high-risk areas by calling 760-839-5400. The address is 1163 North Centre City Parkway, Escondido, CA 92026.

• How do you obtain homeowner's insurance in Escondido if you are in the process of purchasing a home?

  In Escondido, you can purchase homeowner's insurance on your own or through your lender. This is usually required before your mortgage can be approved. If you do not buy your own policy, your lender can do so for you at a higher cost than you would pay on your own. Home insurance payments are typically included in your monthly mortgage payment and deposited into an escrow account.

• What should you do if your homeowner's insurance claim was denied in Escondido?

  Read the notice from the insurance company that explains why your homeowner's insurance claim was denied. If you still believe the insurer owes you money, you can bargain with the insurance adjuster. If this does not work, file an appeal with the Escondido insurance company. Make sure to complete this by the company's deadline. If you believe you have exhausted all of your options, you can consult with a licensed public insurance adjuster. Consult a lawyer if the problem has not been resolved and you believe you will need to file a lawsuit to resolve it.

• 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.
  

• What is the difference between home warranty and homeowners insurance?

  Homeowners' insurance protects your home and property from damage from events that include storms, theft, and fires. A home warranty covers repair costs for parts of your home that eventually breaks down. For example, if a fallen tree damages your roof, it's typically covered by insurance, not the warranty.
  

• Does Geico offer homeowners insurance?

  Because auto insurance is Geico's focus and where they invest the most in advertising, many people know the company only as a car insurance provider. On the contrary, Geico does offer a range homeowners' insurance policies that cover dwellings, personal property, and personal liability, among other provisions.
  

• How long does homeowners warranty insurance last?

  Home warranties vary based on the provider of the coverage, but most home warranties last for one year. Once they run out, homeowners have the option of renewing the warranty or letting it lapse. If a covered item breaks down after the warranty period is over, repair costs won't be reimbursed.
  

• Does homeowners insurance cover water heaters?

  Homeowners' insurance doesn't cover water heaters when they break down from normal wear and tear. An insurance policy may cover water damage to your home and property if it malfunctions, and if the water heater is damaged by a fire or an accident, home insurance may provide the costs to replace it.
  

• Are RVs covered under homeowners insurance?

  Usually, an RV is covered under your homeowners' insurance, but that coverage will probably be subject to several exceptions and contingencies. For example, if you want to drive your RV, you'll either need car insurance or specialized RV insurance since the risks you'll face on the road do not fall under a homeowner's policy.

• Do new buyers need owner\'s title insurance on a new home?

  There are unique risks that a buyer of a new home may face. For example, property claims from previous owners or liens from suppliers whom the homebuilders never paid during construction. Title insurance protects the home from these perils, and your mortgage lender may require it.
  

• Do owner builders need home warranty insurance?

  In the United States, owner builders are not required to have home warranty insurance. If you're the one who built your home, you're expected to incur the costs of repairs yourself if a structure or appliance breaks down.
  

• Are dogs deaths covered in homeowners insurance?

  Usually, the loss of a dog or other pet is not covered by your home insurance. However, many insurance providers offer riders — packages of added coverage — for pets called pet insurance. This ensures that medical costs and property damage caused by your pets are fully covered.
  

• Are earthquakes covered in standard homeowners insurance policies?

  Standard homeowners' insurance policies do not cover damage directly caused by earthquakes. Insurance will sometimes cover indirect damage, however. For example, if an earthquake causes a fire in your home, damage from the fire will be covered under a standard home insurance policy.
  

• Are homeowners insurance and car insurance deductible?

  Homeowners' insurance and car insurance premiums are not deductible as personal expenses on your taxes. However, some percentage of your premiums may be deductible as business expenses if you own a business and use your car and home for business purposes. This may vary between states.
  

• Are homeowners insurance payouts taxable income?

  If you file a claim after a burglary at your home, for example, the insurance company will assess the value of the property lost or damaged and reimburse that amount. This payout is not taxable because it's not income — it's a replacement of lost value.

• How frequent should one change auto or homeowners insurance to another provider?  

  If you find home and auto insurance policies that you're happy with, you may never want to switch. However, various providers offer different combinations of coverage and price, so you may want to assess all your options every few years.
  

• What should a homeowners insurance include/cover?

  A homeowners' insurance policy should cover the dwelling, personal property inside and some outside, other structures on the property, and liability. For example, it should cover medical bills if a guest sustains an injury. Not all of these coverages are included in every policy.
  

• How much homeowners insurance should someone carry?

  How much insurance you need depends on the size of your home, its age, and other unique factors. Standard insurance policies cover around 70% of the total value of your home and additional covered property. Most policies that offer premises liability include $100,000 in liability coverage.