Washington Homeowners Insurance Coverage

Washington homeowners insurance coverage is something that you will need if you have a mortgage on your home.  Homeowners insurance coverage in WA can be confusing if you have never dealt with insurance before. The amount of coverage that you truly need, and the price you will pay for it are both based on a variety of factors. By understanding as much as you can about homeowners insurance coverage in WA before you sign up for a policy, you’ll be able to make sure that your home is well protected.

Parts Of A Washington Homeowners Insurance Policy

When you get your homeowners insurance policy it will have two main parts – the declarations page and the policy.  It is important to understand exactly what is contained in both parts of your Washington homeowners insurance coverage.

The declarations page contains:

1. Insurance Company Name

2. Insured Parties Names

3. Insured Property Location

4. Policy Number

5. Policy Coverage Period

6. Specific Property Coverage

7. Types Of Coverage

8. Liability Limits

9. Deductible Amounts

10. Premium Cost

This page is a quick reference for you.  It gives the basic information about your insurance coverage. However, for more detailed information and specifics on your insurance coverage you will need to look at the policy pages.

The policy pages contain:

1. Insurance Agreement

2. Definition Of Terms

3. Conditions Of Coverage

The policy is broken down into different sections. The first section will tell you what exactly will be covered under your insurance policy. It outlines the damages that are covered. The second section will explain your liability coverage.  Liability is coverage to protect you should someone be injured on your property. It will give the details of your liability coverage amounts.

Determining The Amount Of Washington Homeowners Insurance Coverage

Determining the amount of Washington homeowners insurance coverage you need is both essential and at times complicated. You do not want to end up with too little coverage when you need it, but at the same time, you do not want to pay for coverage you do not need.

The insurance company will likely have suggestions for the type of coverage you need. Many insurance companies have their own proprietary forumulas to help you decide the amount of coverage you need. However, you should have your own idea before getting an insurance quote.

Some things to consider when deciding how much insurance coverage you need are:

1. Cost To Rebuild Your Home

2. Personal Property Value

3. Average Coverage In Your Area

You should understand that you will be given a couple options on your policy coverage.  You will be able to choose replacement or actual cost value as to the coverage you have.  Replacement Value is when the insurance company will pay you to buy new and replace whatever was damaged. Actual Cost is based upon the worth of whatever was damaged and that is what you will be paid. You should understand that actual value is often less than what it will cost to replace what you have lost, however, this type of coverage is also less expensive than replacement coverage.

Important Points To Understand About Washington Homeowners Insurance Coverage

An important factor of Washington homeowners insurance coverage that you need to understand are the different coverage’ options offered under your policy. Knowing the different things that are covered under a policy will help you to ensure that you have adequate coverage. You will need to look over your policy to ensure everything is covered and that the coverage is adequate for your needs. Most types of coverage will have minimum and maximum amounts you can purchase.

Here are the different coverage options you should understand:

1. Dwelling: this is the coverage on your actual home and structures attached to your home.  The coverage amount on your dwelling is the amount of money you will get to repair or replace your home.
2. Other Structures:  This is coverage on any other building you may have on your property that are not attached to your home.
3. Personal Property:  This covers everything you own inside your home and other structures.  Something to note is that you should have a clear understanding of all your personal property so you can ensure that upon total loss you will get enough insurance to coverage to replacement the lost items.
4. Loss Of Use:  This is coverage available to you should you be unable to live in your home due to damages.  This would cover hotel costs and expenses related to having to seek housing elsewhere until your home is repaired.
5. Medical Payments: This is the amount of money that will be paid out for any medical coverage resulting from damage to your property.
6. Personal Liability:  This is the coverage for anyone injured on your property and what the insurance will pay them in costs for such an accident.

Your policy may also offer additional coverage options. Make sure you understand all of the coverage options listed in your policy so you can get the most appropriate policy for your specific needs.

Get Multiple Quotes For Washington Homeowners Insurance Coverage

Once you are prepared to start getting quotes you need to get to work gathering as many as possible so you can choose the best Washington homeowner insurance coverage.

You can use our quote tool to comparison shop coverage options from multiple insurance companies.

Get a free Washington state home insurance quote comparison now!