Best Homeowners Insurance Agencies in Newport Beach, CA

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.
  

• 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.
  

• 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.