Best Homeowners Insurance Agencies in Newport Beach

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.
  

• How does high-value home insurance work in Newport Beach?

  A high-value home insurance policy covers homes worth one million dollars or more. It provides more coverage than standard policies, as well as more generous settlement offers and lenient rulings in situations such as accidental breakage or the mysterious disappearance of items. This is appropriate for Newport Beach homes, as the median home value in the metro is $2,900,000. It can also help luxury estates with staff, regular guests, and expensive items like custom-stained glass windows, fine wines, and imported rugs.

• Should you buy condo insurance if the condominium association in Newport Beach has a master policy?

  Condo insurance is recommended if you want financial protection for your internal unit and belongings. This is due to the condominium association's master policy only covering the Newport Beach structure. Having your own policy has its advantages as well, as many condo associations require the unit owners' deductibles on the master insurance. It is critical that your coverage is consistent with the master policy.

• How do you deal with the insurance adjuster after filing a property claim in Newport Beach?

  The more information you provide to the insurance adjuster, the faster your claim will be processed and settled. An insurance adjuster is a professional trained to assess the damage to your Newport Beach property. However, if they are unable to complete the assessment for some reason, they may be forced to do what is known as scoping the loss. It is critical that you keep a record of all phone calls and correspondence with the insurance adjuster, as well as all documents received from them.

• Can you cash out your home insurance's Additional Living Expenses (ALE) coverage limits in Newport Beach?

  Yes, you can ask the insurance adjuster in Newport Beach for a cash advance on your home insurance's Additional Living Expenses coverage. There will be times when the adjuster will refuse, but policyholders can always negotiate a solution. In general, insurance companies reimburse costs as they are incurred, eliminating the need for policyholders to wait for a lump-sum check at the end of the claim process.

• Will it be difficult to obtain homeowner's insurance that covers dog bites if you have a pet pit bull at home in Newport Beach?

  Most standard homeowner's insurance policies exclude coverage for dog bites involving specific breeds, with pit bulls usually at the top of the list. There are also some policies that do not cover pet liability, so check with your insurance company to see if you are covered. If you do not, you can always get umbrella insurance or find an insurer who does not discriminate based on breed.

• 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.