Why You Should Not Save Money on Home Insurance in Cincinnati?

Don’t fall for the trick of purchasing cheap home insurance Cincinnati.

The biggest mistake you could make is reducing coverage to save money on your insurance. You could inadvertently save a small amount of money now, but cost yourself tens of thousands of dollars later.  

Call the Cincinnati homeowners insurance experts with Pathway Insurance at 513-662-7000.

We can help you design a homeowner’s plan that takes a balanced approach between reducing cost, and not reducing benefits.  Or for an online insurance quote click: Home insurance Cincinnati.

Why Saving Money On Insurance Can Cost You Money?

Isn’t it true that every single insurance company advertising on television tells pretty much a universal story on how important it is for consumers to save money on insurance? It’s true.

However what companies typically do not advertise is how insurance can save you financially in the event of a catastrophic claim.

Consumers have been misled into believing that the only thing that matters is the price you pay for the insurance, this is far from the truth.

Why?  Insurance is far more complicated than the price you pay for it. ™

This Is How Insurance Is Different between Companies

There are 4 specific factors or elements on insurance that consumers need to understand and take into consideration before they make a decision to change to another insurance company.

Each one of these areas can have an impact on you financially. What are the four factors?

1. Insurance policies are not identical
2. Claims reputation differs between insurance companies
3. Insurance endorsements can add or take away coverage from your policy
4. Are you given insurance education by your company? (Knowledge is power.)

Let’s discuss the first area, which regrettably is one of the most important factors that consumers pay absolutely no attention to because we have not been taught that it is something that’s important for us to pay attention to. But it’s an area that could literally cost you tens of thousands of dollars out of pocket if you have purchased the wrong insurance policy.

Did You Know Homeowners Insurance Policies Are Not Identical?

Certain insurance companies by means of television advertisements have attempted to subtly convey the opinion that the only difference between insurance policies is the price that you pay for that protection. That is absolutely not the truth, here is the reason why.

There can be many major differences in home insurance protection and coverage between companies. So you can have the same property coverage limits and deductibles on your homeowner’s insurance policy, but the claim results can turn out completely different between company to company, because of the language in the insuring agreement of the insurance policy itself.

In a new book that I am publishing, I will give actual examples of how a particular homeowner’s claim could be covered with one insurance policy, but would be denied by another insurance policy.

First Thing You Need to Know about Insurance

When you are looking for Home Insurance Cincinnati, the very first thing that you have to understand is that insurance policies are not identical. There can be significant differences between insurance company policies that could cost you a large sum of money if you are not aware of those differences.

In a future article we will discuss why the claims reputation of your insurance company is important.

If you are unsatisfied with your current insurance carrier why not give us a call? We offer the most competitive rates on Home Insurance Cincinnati. Our office number is 513-662-7000 or you can receive an online home quote by clicking on:  Home insurance quotes Cincinnati.

What should you do if your Cincinnati home insurance policy is canceled? Contact the insurance experts at 513-662-7000. We can help you find replacement homeowners insurance coverage in all 50 states. Click here for an online homeowners insurance quote.

Did You Receive a Cancellation Notice for Your Ohio Homeowners Insurance?

You are not alone. Due to record weather-related losses in Ohio insurance companies are canceling insurance policies like never before. The travesty is that in some instances, through no fault of your own, you are being singled out as a bad risk by your previous homeowner’s insurance company and that is why your insurance policy is been canceled.

Why Insurance Companies Cancel Policies?

As was mentioned above weather-related losses have reached unprecedented levels in Ohio and insurance companies are scrambling to stop the massive financial losses that are incurring by raising homeowner’s insurance rates substantially and canceling home insurance policies when they go over a certain number of losses, even if they are all weather related.

Ohio Homeowner’s Insurance Companies Will Not Show Loyalty to You, Even If You Have Been Loyal to Them for Many Years!

Insurance companies through their television advertisements want you to believe that they are a caring and compassionate industry, ready and able to be there for you when you need them at claim time. But in reality insurance companies will take dramatic steps to cut their losses when their purse strings are risk.

It doesn’t matter if you have been insured with your company for 30 years or more, if you start to cost them money they will cancel your insurance! The bottom line is that insurance companies want you to be loyal to them but they will not return the favor to you!

If Your Cincinnati Home Insurance Policy Is Canceled Call Us!

Not every insurance company takes the same approach to claims so in other words just because you are an unacceptable risk to one insurance company, does not mean that other insurance companies will not insure you.

We have significant experience in helping policyholders who were previously with State Farm, Allstate, Nationwide, Farmers, and American Family that were canceled by their insurance company for claims frequency.

Call 513-662-7000 for Homeowners Insurance Quotes Ohio.

For coverage to apply to your personal contents or personal property coverage the loss must be named in your insurance policy. 

Please review the 16 typical perils that are insured against.

If you are looking for a superior homeowner’s insurance policy in Cincinnati please call 513-662-7000 to speak with one of our Cincinnati insurance experts.

Or request your online homeowners insurance quotes by clicking here.

What Is Covered by the Named Perils Homeowners Insurance Policy?

We cover direct physical loss to property insured under Coverage C – Personal Property caused by:

1. Fire or Lightning 

2. Windstorm or Hail

 This does not include loss:

• Caused directly or indirectly by frost, cold weather, ice other than hail, snow or sleet whether driven by wind or not; b. to property in a building caused by rain, snow, sand, sleet or dust unless the building is first damaged by the direct force of wind or hail, creating an opening through which the rain, snow, sand, sleet or dust enters; or c. to watercraft and their trailers, furnishings, equipment and motors unless inside a fully enclosed building.

3. Explosion

4. Riot or Civil Commotion

5. Aircraft, including self-propelled missiles and spacecraft.

6. Vehicles, meaning impact by a vehicle.

7. Smoke, if the loss is sudden and accidental. This peril does not apply to loss caused by smoke from agricultural smudging or industrial operations.

8. Vandalism or Malicious Mischief

9. Theft or attempted theft, including loss of property from a known place if it is likely that a theft has occurred.

• This peril does not apply to theft: (1) committed by an insured person or by any other person residing on the insured premises. (2) in or from a dwelling under construction or of construction material and supplies until completed and occupied. (3) from that part of a residence premises rented by an insured person to other than an insured person. b. This peril does not apply away from the residence premises to theft of: (1) property while in any other dwelling or its premises owned, rented or occupied by an insured person except while an insured person is temporarily residing there. Property of an insured person who is a student is covered at a residence away from home if the student has been there any time during the 45 days immediately before the loss. (2) watercraft, including its furnishing, equipment and outboard motors. (3) trailers and campers.

10. Falling Objects 

• This peril does not apply to loss to property within a building unless the falling object first damages the exterior of the building. We do not cover damage to the falling object.

11. Weight of ice, snow or sleet which damages property in the building.

12. Sudden and accidental tearing apart, cracking, burning, bursting or bulging of a steam or water heating system, air conditioning system or automatic fire protection sprinkler system or a water heater.

• This peril does not apply to loss to the system, or water heater, or loss which is caused by or results from freezing.

13. Sudden and accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning or automatic fire protection sprinkler system, waterbed, water heater, aquarium or household appliance. 

• This peril does not apply to loss: a. to the system, waterbed, water heater, aquarium, or household appliance from which the water or steam escapes; b. due to continuous or repeated seepage or leakage of water, steam or moisture which occurs over a period of weeks, months or years and results in deterioration, corrosion, rust, or fungi; c. caused by or resulting from freezing; or d. on the residence premises caused by accidental discharge or overflow which occurs off the residence premises. In this peril, a plumbing system does not include a sump, sump pump or related equipment.

 14. Freezing of a plumbing, heating, air conditioning or automatic fire protection sprinkler system, waterbed, water heater, aquarium, or household appliance. 

• This peril does not include loss on the residence premises while the dwelling is vacant, unoccupied or being constructed, unless you have used reasonable care to: a. maintain heat in the building; or b. shut off the water supply and drain the systems, waterbed, water heater, aquarium and household appliances of water. In this peril, a plumbing system does not include a sump, sump pump or related equipment.

15. Sinkhole Collapse.  Sinkhole collapse means actual physical damage arising out of, or caused by, sudden settlement or collapse of the earth supporting such property and only when such settlement or collapse results from subterranean voids created by the action of water on limestone or similar rock formations.

16. Sudden and Accidental Damage from Artificially Generated Electrical Current 

• This peril does not include loss to tubes, transistors, electronic components or circuitry that are a part of appliances, fixtures, computers, home entertainment units or other types of electronic apparatus.

Do You Need Homeowners Insurance in Cincinnati?

Contact our independent insurance agency at 513-662-7000 or use our online rate quote system when you click on Cincinnati Homeowners Insurance Policy.

Cincinnati Homeowners Insurance Policies Do Not Provide Coverage For All Possible Events.

Are you looking for the best Ohio Home Insurance coverage?  Call the homeowners experts at 513-662-7000.  Or if you’d like to start the process of receiving an online quote, choose: Ohio Online Home Quote. 

As is true with any type of insurance that you purchase, what is covered on your Home Insurance policy can vary by insurance company.  

You should definitely take time to read what is covered and what is not. 

Limitations of coverage will once again be listed in the EXCLUSIONS section of your home policy. 

Let’s review a few common EXCLUSIONS on a typical home, condo, or renters policy.  (Not all Exclusions are listed) 

Earthquake or other earth movement including loss caused by, contributed to or aggravated by landslide; mine subsidence; mudflow, earth sinking, rising or shifting. We do cover direct loss that follows caused by fire, explosion or breakage of glass.

Earthquake coverage can be added with most companies for an additional premium.

Water damage, meaning: (a) flood, surface water, waves, tidal water or overflow of a body of water. We do not cover spray from any of these, whether or not driven by wind; (b) Water or water-borne material which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or related equipment; or (c)  Water or water-borne material below the surface of the ground. This includes water which exerts pressure on or flows, seeps or leaks through any part of a building or other structure, sidewalk, driveway, foundation or swimming pool; caused by or resulting from human or animal forces or any act of nature. We do cover direct loss that follows, caused by theft, fire or explosion.

It may be possible to add a water back up endorsement to your home, condo, or renters policy for an additional premium.  A separate flood policy can be purchased to cover what your home policy excludes.

Vandalism or malicious mischief, including intentionally set fires, if the dwelling has been vacant for more than 30 consecutive days immediately preceding the loss. A building under construction is not considered vacant.

If your home is vacant more than 30 days you can purchase Cincinnati Vacant Homeowners Insurance coverage. Click on Ohio Vacant Home Insurance.

Neglect of an insured person to use all reasonable means to protect covered property at and after the time of loss.

Example:  If a lightning bolt puts a big hole in your roof and you take no reasonable actions to prevent rain from entering your home which in turn causes additional damage to your home, the insurance company can refuse to pay for the damages.

(a) wear and tear, marring, or scratching, deterioration; (b) inherent vice, latent defect, mechanical breakdown; (c) smog, rust or other corrosion, mold, mildew or fungus, wet or dry rot; (d)smoke from agricultural smudging or industrial operations; (e) discharge, dispersal, seepage, migration, release or escape of pollutants unless the discharge, dispersal, seepage, migration, release or escape is itself caused by a Peril We Insure Against under Personal Property Coverage of this policy. Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed; (f) settling, shrinkage, bulging or expansion, including resultant cracking, of pavements, patios, foundations, walls, floors, roofs or ceilings; (g) birds, vermin, rodents or insects; or (h)animals owned or kept by an insured person. If, because of any of these, water escapes from a plumbing, heating, automatic fire protection sprinkler or air conditioning system domestic appliance, we cover loss caused by the water. We also cover the cost of tearing out and replacing any part of the covered building necessary to repair the system or appliance. We do not cover loss to the system or appliance from which the water escapes. 

Your home insurance policy does not cover maintenance issues, wear and tear, mechanical breakdown.  For instance, if your foundation cracks because of a lack of moisture that is not something that your homeowners insurance policy would extend coverage for.  (If your foundation cracks due to an earthquake and you have earthquake coverage, coverage may apply)

Collapse, other than as provided in Additional Coverages 8. – We cover risk of direct physical loss to covered property involving collapse of a building or any part of a building caused only by one or more of the following: (a) Perils Insured Against in Coverage C-Personal Property. These perils apply to covered building and personal property for loss insured by this Additional Coverage; (b) hidden decay; (c) hidden insect or vermin damage; (d)weight of contents, equipment, animals or people; (e) weight of rain which collects on a roof; (f) use of defective material or methods in construction, remodeling or renovation if the collapse occurs during the course of the construction, remodeling or renovation. 

The limitations of coverage is quite extensive for home insurance, you must read your policy carefully to determine if there are any possible gaps in coverage.  Insurance companies will not allow you to backdate or purchase coverage after the claim happens.  You must do that before the claim happens.

Call the Experts on Homeowners Insurance