Best Homeowners Insurance Agencies in Thousand Oaks

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.
  

• Why should you consider optional coverage for extended replacement costs on your homeowner's insurance in Thousand Oaks?

  Adding an extended replacement cost to your homeowner's insurance policy can be advantageous, especially as construction costs rise. Construction costs typically rise after major disasters strike. This add-on covers up to 20% to 25% more than the coverage limit based on standard building supplies. If you want to rebuild features such as antique floors or stained glass windows in your Thousand Oaks home, you should consider purchasing a rider or restoration-cost policy.

• Why is an appraisal process done to resolve a homeowner's insurance claim dispute in Thousand Oaks?

  If the policyholder and the insurance company cannot agree on the amount of loss, an appraisal process is one option for resolving the dispute. It is a non-discovery procedure that excludes interrogatories, depositions, and requests for admission. Each party appoints its own appraiser, who must also select an umpire on whom both parties agree. If there are unresolved issues, these appraisers will try to reach an agreement before voting. In Thousand Oaks, the prevailing party will be awarded based on a unanimous decision or a two-out-of-three vote.

• Can you use a homeowner's insurance to cover a vacation home in Thousand Oaks?

  No, you cannot. You must purchase Thousand Oaks vacation home insurance. It differs from homeowner's insurance in that it covers a property that is not occupied most of the time. Insurers typically view these types of properties as having a higher risk of theft, burglary, and vandalism losses. This means that the policy will specify a set of events that the insurance will cover, which can include fire, lightning, explosions, and smoke.

• Does homeowner's insurance in Thousand Oaks cover mold problems?

  If the mold problems were caused by an unintentional discharge of water or steam, homeowner's insurance may cover them. Mold problems behind the walls, ceiling, or floors are acceptable as long as the cause is not poor maintenance of leaky pipes or high humidity due to neglect. A policyholder in Thousand Oaks should carefully review their insurance for exclusions and coverage details.

• Would you be refunded if you cancel a homeowner's policy in Thousand Oaks?

  When you cancel a Thousand Oaks homeowner's policy, you have the right to a refund. Many insurance companies allow policyholders to cancel at any time and have their unused premiums refunded. However, a few companies charge a penalty fee, also known as a short-rate cancellation. The California Department of Insurance requires insurers to provide refunds within 25 days of the policyholder initiating the cancellation.

• 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.