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Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
Homeowner Ppt
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Homeowner Ppt

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Basics of Homeowners Insurance

Basics of Homeowners Insurance

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  • 1. Homeowners Insurance
  • 2. Introduction
    • Dwyer Insurance is a family-owned agency that has been in business since 1962. We take a unique approach to protecting the things that you’ve worked hard for in your life. We prefer to consult with you to build a policy that fits your needs, as we feel that there is no “one size fits all” approach to ensuring proper coverage.
    • Voted Best in Newport County by readers of Newport Life Magazine.
    • We provide all types of insurance:
      • Personal, Commercial, Health, Life, Farm, and Financial Services
    • Customer service is our #1 priority.
    • The following pages are the basics that you need to know to understand how we customize your home insurance program.
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 3. Rating 101
    • How is your home rated?
      • Your home is rated based upon the cost of rebuilding, not sale price or market value.
      • Most insurance companies use a software package that factors the cost of rebuilding a home.
      • Your homeowner insurance premium will be based upon the following rating factors:
        • Valuation: Replacement Cost/Actual Cash Value
          • Cause of loss forms: Basic, Broad, Special
        • Age of the building
        • Type of construction
        • Square footage of living space
        • Proximity to tidal water
        • Condition of the building
        • Occupancy Type (Owner Occupied, Rental, etc.)
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 4. Coverages
    • Dwelling Amount (Rebuild Cost)
      • Outbuildings/Other Structures
      • Value of Personal Property
      • Scheduled Items (Jewelry, other valuable items)
    • Liability
      • Things to Consider
        • Pools, swing-sets, trampolines, etc.
        • Animals (dogs, cats, etc.)
        • Exotic pets
        • Additional locations you own?
        • Assets you own (Need for umbrella coverage?)
        • Boats, motorcycles, high-performance vehicles, etc.
    • Medical Coverage
      • No-fault coverage for accidents on your property
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 5. Coverages
    • Loss of Use
      • Determines living costs, should you have to move out of your home due to a loss
    • Rental Properties
      • Coverage for Loss of Rent
        • Must be specifically addressed
      • How often is the property vacant?
        • Duration of vacancy has an impact on policy premium
      • Seasonal or year-round rental?
      • Multi-family rentals
        • Owner occupied/Non-owner occupied
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 6. Coverages
    • Optional Coverages
      • Flood
        • May be required if property is located in flood zone
      • Water-sewer backup
        • Water losses normally excluded from homeowner policies
        • Provides coverage for a loss due to backup of sump pumps, drains, etc.
        • Multiple coverage options available
      • Earthquake
      • Home business
        • Day care, home office, etc.
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 7. Coverages
    • Optional Coverages (cont.)
      • Recreational vehicles
        • ATV’s, golf carts, etc.
      • Identity Theft
      • Personal Injury Liability
        • Defense costs resulting from slander, false advertising, etc.
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 8. Discounts
      • The following discounts may be applied to reduce your premium:
        • Higher deductible limits
        • Fire/burglar alarms, smoke detectors, fire extinguishers
        • Wind mitigation
          • Storm shutters, hurricane glass, etc.
        • Sprinklers
        • Multi-policy discounts
        • Recent updates to roof, electrical, plumbing, etc.
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 9. Getting a Quote
      • What We Need
        • Homeowners’ names
        • Birthdates
        • Prior addresses
        • Social security numbers
        • Prior insurance, if applicable
        • Closing date, if home is a new purchase or refinance
        • Condos: Condominium declaration documents
        • Consultation to assess your individualized coverage requirements
      • Premium Rate Determining Factors
        • Credit check
        • Prior personal loss history
        • Lapses in coverage dates
    Michael Richard · Tel: (401) 846-9629 · [email_address]
  • 10. Summary
      • When buying an insurance policy, there is no standard, “one size fits all” quoting method. Everything is subject to the individual needs of each client.
      • Having an agent that understands all of the available carriers in the market and knowing how to apply their available coverages to your needs is the most important aspect to buying an insurance policy.
      • We do not produce a quote without a consultation with the client. As previously mentioned, there are just too many variables to consider that can influence how your policy will work for you. It is imperative that each of these variables are considered to ensure proper coverage.
      • After all, a policy will only pay in the event of a claim according to how policy coverages are applied to you.
    Michael Richard · Tel: (401) 846-9629 · [email_address]

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