Lincoln Insurance Group LLC

Does home insurance cover plumbing?

2022-10-05

What’s one of a homeowner’s greatest enemies? Water (where it shouldn’t be). When water enters your home, it can quickly cause a lot of damage. So, it’s important to understand which types of plumbing issues and water damage are covered by your home insurance policy. Learn about the types of insurance for water damage as well as what is and isn’t covered:

5 Home Improvement Tips to Make Your Home Safer

2022-10-03

You can't possibly know every accident or disaster that you'll encounter, but these 5 steps can help you prepare for the worst.

Selling your home?

2022-09-29

Planning to put your house on the market? One of the easiest ways to boost interest and help your home sell quickly is to spruce up the exterior. Check out these 23 ways to add curb appeal.

23 Ways to Add Curb Appeal for the Best Front Yard on the Block (bhg.com)

Year-Round HVAC Upkeep Tips to Know

2022-09-26

Does your policy cover your HVAC system? Your insurance may only cover damage due to unexpected hazards, not normal wear and tear. That means it's up to you to keep your system in good shape.

10 Home Insurance Terms to Know

2022-09-21

Are you a home insurance expert or does the industry’s jargon leave you scratching your head?
Unfortunately, if you don’t understand everything that’s in your homeowners insurance policy, you could be vulnerable to expensive mistakes or unpleasant surprises later on. We’re here to help.
Keep reading for our list of 10 important, uncommon and often misunderstood home insurance terms to know about.

What to Know About Solar Panels

2022-09-20

Are you considering a solar panel system for your home? While the most obvious benefit is saving money on electricity, you can also feel good about helping the environment. And, if the electric grid experiences a temporary failure, you can continue to generate electricity from your solar panels.

Of course, there are also a few things to know before deciding on solar panels. Learn about leasing versus buying, maintenance, and how to insure solar panels:

Lease vs. Buy

When you lease solar panels, the upfront cost will be lower. The leasing company may also cover maintenance, repairs and insurance for your solar panel system.

Buying solar panels may increase the value of your home. You may also qualify for the federal solar tax credit, but don’t wait too long — this tax credit is scheduled to end in 2024.

Benefits

Decrease or eliminate electric bills
Earn federal, state and local tax credits and rebates
Potentially increase your home’s value
Not dependent on the electric grid

Maintenance

Solar panel systems are low-maintenance. You do have to give them a light cleaning every so often to prevent leaves and dirt from blocking the sun’s rays.

Insurance Coverage

Are solar panels covered under a homeowners policy? Solar panels are generally considered a permanent part of your property, so most homeowners insurance policies include solar panel coverage.
Do you need to adjust claim limits or add a separate policy? Check your policy to see if solar panels are already covered. If so, you don’t need a separate policy. You may want to adjust claim limits if you don’t have enough coverage to pay for repairs or replacement of the solar panels.
What about leased solar panels? Ask the leasing company if they have their own insurance or want you to insure the panels.

Have questions about your insurance coverage for solar panels? Just reach out and we’ll be happy to help.

Insurance Explained: "Acts of God"

2022-09-20

“Act of God” is a commonly used insurance term, but you may not know exactly what it means. When it comes to weather and other unpreventable events, it’s important to understand acts of God so you can protect your property by making sure you have the right insurance coverage.

Keep reading to learn what an act of God is, the types of events that qualify and how it all factors into home and auto insurance policies.

What does “act of God” mean?

Simply put, an act of God (in property and car insurance policy terms) refers to events, such as extreme weather, that are out of your control.

If it’s something you can’t prevent, it’s likely an act of God.

What types of events qualify as an act of God?

Examples of acts of God include windstorms, lightning strikes, hail storms, wildfires, hurricanes, tornadoes, floods and earthquakes. However, not every act of God is included in a standard insurance policy. You may need additional coverage.

Does auto insurance cover acts of God?

Car insurance will cover acts of God if you sign up for comprehensive coverage. This type of auto insurance covers natural disasters as well as other types of damage not caused by a collision. For example, if your car is vandalized or an animal runs out in front of you, comprehensive coverage can help you pay for repairs or a total loss.

What about home insurance?

A standard homeowners policy usually covers some acts of God. Flooding and earthquakes are two common exceptions. If you live in a flood zone or an area prone to earthquakes, you’ll need separate coverage for those natural disasters.

Is an act of God the same as a force majeure?

The two terms are similar; however, the term force majeure is more commonly used in business and construction contracts. It refers to unforeseeable circumstances that prevent a contract from being fulfilled.

Have questions about your insurance coverage for acts of God? Just reach out, and we’ll be happy to help.

What's a reconstruction cost estimate?

2022-09-20

If your home is destroyed by a fire or other catastrophe, will you be able to rebuild it?

You may not know that your home’s reconstruction cost is already set in your insurance policy. With construction prices trending upwards, it’s a good time to check your coverage limit and increase it if necessary. Otherwise, you’ll have to cover any gap from your own pocket.

Learn what a reconstruction cost estimate is and how to calculate it for your home.

What is a reconstruction cost estimate?

Your reconstruction cost estimate (also known as your dwelling coverage limit) is part of your homeowner’s insurance policy. It refers to the cost of rebuilding your home and any attached structures as they were before a total loss.

The most important thing to know about a reconstruction cost estimate is that it’s not the same as your house’s current market value.

How is it calculated?

The simplest way to determine your home’s reconstruction cost estimate is to look up the average per-foot rebuilding costs (labor and materials) where you live. Multiply that per-foot cost by the square footage of your home and any attached structures.

Reconstruction Cost Estimate vs. Home Appraisal

A home appraisal looks at the real estate market in your area and comparable properties to determine a sale price for your house based on its location, condition and other relevant factors.

In contrast, a reconstruction cost estimate is solely about the price of labor and materials. If you had to build your home from the ground up, to resemble its current condition, what would it cost?

It’s important to choose the right amount of dwelling coverage, or you could be left with out-of-pocket costs for the difference between your coverage limit and the actual reconstruction cost.

What’s the difference between a reconstruction cost and a replacement cost?

The replacement cost for your home refers only to the price of labor and materials. Reconstruction cost accounts for additional costs related to rebuilding such as demolition, debris removal, and more.

Have questions about your dwelling coverage limit? Just reach out, and we’ll be happy to help.

Insurance Add-Ons for Homeowners

2022-09-20

Does your homeowner’s insurance protect against all the possible threats to your property? If you’re worried about something that isn’t covered, you may be able to add it on. An insurance add-on, also known as a rider or endorsement, is an optional addition to your policy.

It’s a good idea to review your current policy to get clear on the types of damage you’re insured against. Learn about a few popular insurance add-ons to see if any of them make sense for you:

1. Sewer Backup

Having your sewer back up into your sink, toilet or drain is no fun. In addition to the ickiness factor, the repair bill can be expensive. You need a plumber to unblock the sewer, and you’ll probably have a mess to clean up.

Adding a sewer backup rider to your homeowner’s coverage will cover the costs associated with repairing the problem, replacing damaged belongings and removing wastewater from your home.

2. Home-Based Business

Do you run a small business out of your personal residence? Instead of purchasing a commercial insurance policy, you can add a home-based business rider to your policy. This will protect the personal belongings in your office space and cover any medical bills for business visitors who are injured on your property.

3. Swimming Pool

When it comes to home pools, you should check your existing coverage to see if damage to the structure of your pool is covered. If guests injure themselves in or around your pool, it’s likely not covered by your standard homeowner’s policy. You’ll have to add injury coverage as a rider.

4. Earthquake

As with hurricanes and floods, earthquakes are a type of natural disaster that require additional coverage. An earthquake rider will cover the costs of repairs and debris removal in the wake of an earthquake. In addition to your home, earthquake coverage protects other structures on your property such as a garage, shed, deck, etc.

5. Umbrella Coverage

This is a type of personal liability insurance that protects you and your family from major claims and lawsuits. Umbrella coverage may extend to other homes you own, as well as your vehicles and any watercraft.

Have questions about insurance add-ons? Just reach out, and we’ll be happy to help.