Life changes, your situation changes, and your home may change. Your home insurance needs to keep up with the changes. It is easy to get complacent and just let your insurance roll over from year to year. This is not necessarily the best thing for you or your finances. At Smith Insurance Agency of West Virginia in Kingwood, WV, our team of experienced insurance experts is here to help you review your home policy.
The ideal time to review your home insurance is when your policy renews. Whether you get your policy through the mail or online, the first page will be the declaration page. It lists all your coverage amounts and what you are paying for them. If you have any endorsements, they will also be listed. It will also show any discounts that you are eligible for. Please look at the amount of coverage you have and whether it makes sense.
Another reason to review your home insurance is if you get a sudden increase in the premium. Compare the declaration page to last year’s declaration page and see where the increase is. Call your insurance agent and ask for an explanation. It may be time to consider changing to another carrier.
You should let your insurance agent know if you have renovated your house. These are things like adding extra living space or another bathroom that increases the value. Adding safety equipment to your home, like an alarm system or wired smoke detectors, may save you money.
Don’t ever assume that your home insurance is correct. Question everything.
Contact Smith Insurance Agency of West Virginia in Kingwood, WV, for all your home insurance needs. Give our office a call or reach out through our website.
Owning a home has continued to be a worthy investment in the Kingwood, WV area. If you are going to buy a home, you will enjoy having a place to call your own and the ability to build long-term wealth. If you are going to buy a home here, you need to insure it properly. There are various reasons why you should get a home insurance policy for your West Virginia property.
Receive Helpful Coverage
A primary reason that people will want to have this insurance is so they can receive reliable coverage. If you purchase a home, you will want to know that you are supported if you incur an unforeseen loss due to damage or destruction of your home. A home insurance plan will provide coverage to repair and replace the property in various situations.
Stay in Compliance
Getting home insurance to stay in compliance and in good standing with your insurance obligations is also a good idea. It is very common to be required to have home insurance. If you have taken out a mortgage or live within a home association, you will likely need a certain type and level of insurance. Having home insurance will keep you in good standing with these obligations.
Those living in the Kingwood, WV area will need to ensure they are correctly covering and protecting their home. If you want this type of coverage, it would be wise to call the Smith Insurance Agency of West Virginia team. The Smith Insurance Agency of West Virginia team can assess your situation and help you build a home insurance plan that is right for your situation.
As with any insurance policy, the amount you spend annually on your home insurance policy is not tax-deductible. However, if you claim on your home insurance policy and receive a reimbursement, that amount is tax-deductible. Keep excellent records to ensure you have all the necessary documentation for your home insurance claim. Contact Smith Insurance Agency of West Virginia for questions in Kingwood, WV.
Know About the Tax Deductibles
Though the IRS does not currently offer a deduction for home insurance, it may be possible for you to deduct other expenses related to your homes, such as property taxes, mortgage interest, or utility bills. To claim these deductions, you must meet specific requirements, such as the amount of your income versus your expenses. To learn more about these requirements, visit the IRS website at irs.gov.
The Internal Revenue Service (IRS) requires home insurance policies to be bona fide and tax-deductible. To be bona fide, the insurance must be for something that has financial value and be covered by the policy. Common examples of non-deductible home insurance may include earthquake or flood insurance, certain types of liability insurance like workers’ compensation, car insurance, and life insurance.
The Internal Revenue Service (IRS) specifies that only certain types of home insurance are tax-deductible. The most common types of home insurance tax-deductible include: Mortgage interest — Interest paid on your home loan is usually tax-deductible.
Most policies have an annual premium, and it is best to keep track of these expenses throughout the year to ensure you don’t miss out on a tax deduction. You may also have to fill out a form (Form 1040) to deduct certain expenses that exceed 10% of your adjusted gross income.
To be eligible to deduct home insurance premiums on your taxes, you need to have a valid reason for buying it – like a significant risk to your property if you don’t have insurance. You can’t deduct the cost of a policy that only covers your health care expenses or a policy that covers a liability you might have if someone is hurt on your property. For help, call Smith Insurance Agency of West Virginia if living in Kingwood, WV.
When you think of your home, you think of your family and your place to call your own. You also think of the time and investment that you’ve made in purchasing your home. A home purchase is the biggest investment that you typically make in your life, so why would you leave your home unprotected against liability or damages? Home Insurance is a requirement when you have a mortgage on the property, but once the mortgage is paid off, insuring your home merely becomes an option. It is a wise option to exercise, and we’ll outline the reasons why below. Smith Insurance Agency of West Virginia in Kingwood, WV offers home insurance and other services to better serve your insurance needs.
Home Insurance protects the home during catastrophic events such as fires, floods, and storm damage. Flood Insurance may not be included within your home insurance policy and may be offered as an add-on or rider policy, you should consult with your insurance agent to see which of these apply to you.
Suppose you take the family on a vacation for a couple of weeks and when you come back, you find that your home has been burglarized. Your home insurance policy will cover everything in the home and either replace the items or pay you for the amount of the item to replace it. This is good peace of mind to have while you’re out of town with your family.
Suppose someone slips and falls on your property or gets injured while on your property? It could be a friend or a neighbor, but personal liability is a serious concern. Your home insurance policy’s personal liability coverage will protect you in these situations.
To Learn More
These are just a few reasons (of many) that home insurance is a good idea to have for your home. To learn more about home insurance, please contact Smith Insurance Agency of West Virginia in Kingwood, WV today!
Being a homeowner in Kingwood, WV means you take all measures necessary to protect your home, family, and belongings. However, always be prepared for a disaster to occur. Incidents such as a fire, theft, or storm can cause significant damage to your home. When insuring your home, it is essential to understand what is covered and what is not. If you have questions about if other structures on your property are covered, call the experts at Smith Insurance Agency of West Virginia for assistance.
Dwelling insurance offers protection should your home and the structures directly attached to it become damaged. Your policy will cover loss associated with damage caused to these structures and if there is a burglary. Typically, a standard home insurance policy will cover a portion of unattached structures, but additional coverage may be needed to be fully covered.
Other Structure Coverage
Check your policy to ensure that other structures on your property, such as a fence, unattached garage, or shed, are covered. It may be necessary for you to add additional coverage for these other structures to ensure they are covered. This additional coverage protects you by covering the costs to rebuild or repair those other structures on your property which may have become damaged due to wind, fire, or other included events.
Your insurance policy will have a section where personal possessions are covered. If you have additional structures on your property, verify your possessions in these structures are also covered.
Understanding if additional structures on a property are covered by insurance in Kingwood, WV is vital to ensure you are fully protected. For assistance covering your home and any other structures, call us at Smith Insurance Agency of West Virginia today.
Your home is a significant financial investment. Protecting it with the right insurance is a safeguard should anything happen. If there is a fire or severe weather, your policy helps you to recover more quickly. It provides more benefits than that, though. At Smith Insurance Agency of West Virginia, our team works with homeowners throughout the Kingwood, WV area to protect their homes.
Your homeowner’s insurance provides an array of benefits to protect your greatest asset, your home. The policy covers all of your possessions inside of the house, including artwork, furniture, and electronics. It even protects items that are damaged or stolen while away from home. For example, if your laptop is stolen while you are at the library or café, it is still covered. The liability coverage protects you if someone is injured on your property due to your negligence. For instance, if someone trips and is injured, the policy will cover their medical expenses. If they sue, it will also take care of their legal costs.
Your home insurance policy protects more than your house. It also covers all structures on your property. This includes outbuildings, fences, and gazebos. While this is a high level of protection for homeowners, there is one thing that a home policy will not cover. Home policies never cover water damage from a flood event. It will, however, cover water damage from a faulty water heater or broken pipe. If your home is located in an area at moderate or high risk for flooding, it’s important to talk with your agent about adding flood insurance to your policy. Even in areas with a lower risk for flooding, some homeowners opt for additional coverage. This is because 20% of flood claims come from low-risk areas.
Our agents at Smith Insurance Agency of West Virginia can help you understand your home insurance options. In the Kingwood, WV area, we are known for our quality service. Contact our office for information and have your questions answered! Our knowledgeable agents are ready to help you protect your investment in your home.
You work hard to protect your family, physically, and financially. However, do you know what your policy covers in terms of a liability claim? Our team at Smith Insurance Agency of West Virginia has put together a quick guide for you to review. Here’s how homeowner’s insurance coverage helps protect you against liability claims.
Protection Against Most Civil Liability Cases
First, it is essential to know that your policy has some protection against most civil liability cases. A civil liability case is where another person is suing you for damages that arise from your negligence or actions. This includes situations both in your home and outside your home and could cover a pretty wide variety of topics. Think things like contract disputes or defamation. If you find yourself facing a lawsuit and you have homeowner’s insurance, contact your agent.
Injuries to Others
One of the most commonly known aspects of homeowner’s insurance is that it pays for the medical bills of guests who are injured while visiting your home. For example, if your dog bites a visiting friend or the mailman trips over a cord on your porch and breaks their arm.
Property Damage to Someone Else’s House
Another coverage most people are surprised to see included in their homeowner’s policy coverage is damage to someone else’s house. As an example, your child accidentally throws a baseball through the neighbor’s window. The cost to repair the window would be paid for by your policy, subject to your deductible.
Learn more about how your homeowner’s insurance policy protects you from liability claims. Please get in touch with our Smith Insurance Agency of West Virginia team in Kingwood, WV today to schedule an appointment. We proudly serve the Morgantown and Kingwood, WV area.
Many homeowners insurance policies in Kingwood, WV will cover stolen packages. However, you will still have to pay your deductible on stolen items. As such, it may not make sense to file a claim, depending on how much your package is worth. Many deductibles are between $500 and $2,000, so if your package was worth more than your deductible, it could be worth filing a claim with your agent at Smith Insurance Agency of West Virginia to get your money back. If your package is not worth the amount of your deductible, consider the hassle of filing the claim and if there is a possibility of your premiums going up after your claim.
If filing a claim is not worth it, there may be other things to do in order to recover your stolen package. Track your package to make sure it was actually stolen and not just delayed in transit. If it has been delivered, check to see that a well-meaning neighbor doesn’t have it. Sometimes neighbors pick up packages to prevent them from getting stolen in the first place. Next, contact the retailer. Different retailers will have different policies on what happens for stolen packages and may issue a replacement or a refund. If the retailer is unable to help you when filing a claim with the shipping company may work, as well as looking into your credit cards for purchase protection.
There are ways to prevent packages from being stolen, and these may offer you discounts on your home insurance. Installing a security camera can give you some more peace of mind. Security systems may ward off potential thieves but, even if it doesn’t, you then have photo evidence for a police report or claim. Also, be sure to keep your home well lit and even consider using motion detection lighting.
Contact Smith Insurance Agency of West Virginia, serving Kingwood, WV, to get a quote on home insurance.