Homeowners Insurance vs Hazard Insurance

"Hazard" insurance means, stuff that can happen to the building. Mortgage companies use that term.
Homeowners insurance, covers the building, plus a lot more - like contents, your liability, medical payments, and loss of use.
Homeowners insurance is the CHEAPEST way to make the lender happy, and it gives you the most coverage, if the house is going to be owner occupied.

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Ohio Home Insurance Coverage Homeowners insurance coverage can vary significantly among insurance companies.   It’s critical to understand the different coverages available to protect your most valuable asset.  Two of the most important  items to keep in mind when considering Ohio home insurance coverage  are:  1) how is my property going to be valued should you have a loss, and 2) will what happens to my home be covered? 

Most policies Ohioans buy for their homes include replacement of the house.  Known as “replacement cost”, it will pay to rebuild your home without deducting for depreciation.   You can also opt to have replacement cost coverage on your personal property or contents.  It will pay “new for old” so if your 12 year old furniture is destroyed, the insurance company will buy you new furniture.  Although this is more expensive than insuring property to its ‘actual cash value’, make sure you know which valuation you are being quoted when comparing insurance companies.  

Another homeowner coverage feature to be aware of is whether you are being quoted “named perils” or “special” perils, also known as “all risk”.  Perils are the things that can happen to damage your home or personal property, such as fire, wind, hail, theft, broken pipes, etc.  Special perils include anything that can happen to cause a claim, except those that are specifically excluded in the policy.  With named perils, the perils are listed in the policy that trigger a covered claim.  If it is not listed, then coverage does not apply.  Named perils include fire, windstorm, hail and theft, among others.  Many large insurers will quote special perils on your home and named perils on your personal property.  This is less expensive for you, because there could be a claim to your contents that isn’t covered.

After a natural disaster, too many people discover an awful truth: They don't have enough insurance to rebuild their homes.
Nationwide, 68% of homeowners are underinsured, according to a survey by insurance-services firm MSB, by an average of 18%.
That means someone whose house cost $200,000 to replace would find themselves short by $36,000!
Call us at 440-888-7854 to make sure you don't fall into this category.