Home Insurance Is Not a Maintenance Plan: Part 1 (Episode 9)

The Utah Real Estate Show

Watch on YouTube: https://youtu.be/fB3Y0ykDcu8

How much insurance do you really need? What coverages are you ok to get rid of? How do you actually file a claim, and then what happens?

This is part one of two of our interview StateFarm insurance experts Joe Bowen, Ben Hardmen, and Alex Resendiz.

Part 2 is here: https://www.youtube.com/watch?v=rYuEEqAVDgw

0:43 - Home insurance, AKA "Hazard Insurance". Why do lenders care about home insurance? Is it different than a homeowner?
1:21 - What is "the right coverage"? What's wrong with having only basic coverage? It's cheap, isn't that awesome! Most common losses in insurance.
2:05 - What's covered, and what ain't? How endorsements work. There are things that are NOT covered, but endorsements cover you.
2:52 - What's boilerplate (basic) coverage? The 17 named perils.
3:13 - Lenders don't care about possessions. Lenders care about being able protect the property enough to recover losses if they have to foreclose. Lenders care about enough insurance to cover the loan.
4:18 - "Inflation Guard" makes sure you continue to carry enough insurance on your house...even as it appreciates in value. So yes, when you're home insurance goes up, that's a good thing!
5:14 - How to upgrade a "bare-bones" policy.
6:15 - Talk to your agent. You need to be able to get ahold of your rep.
6:47 - Home Insurance isn't the same on a town home and condo, as a rental, as an owner-occupied single family home. HOA's have coverage...but there's a high deductible...like $25,000!!!
8:38 - What happens if I have a loss? I.e. my water heater exploded! Now what?
9:44 - What happens after you file a claim? Would you ever NOT file a claim. YES!

Stay tuned for part 2 next week!

*No insurance adjusters were harmed in the filming of this real estate discussion.

Please contact us to tell us you love us, you want to hire us! Call or text:

StateFarm, Dean H. Bowen Insur Agcy Inc
Joe Bowen
[e-mail]
801-489-5636

Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687

Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472

A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.