Making Sense of West Covina Insurance
If you call West Covina, California home, you live in what was voted one of the best places to live in Los Angeles County for two years in a row. This growing suburb is known for its shopping, close proximity to LA, and plenty to see and do.
Like much of California, the cost of living in West Covina can be fairly high. With average home prices close to $500,000 (much higher than the national average of $174,000), it’s important to have the right insurance coverage for your investment. Your West Covina insurance quotes are also likely to be higher than the national average due to factors like cost of living and higher incidences of natural disasters.
While over-insuring your home can cause you to pay more than necessary, underinsuring it can be far more devastating. These tips will help you determine what you need when shopping for West Covina insurance.
Homeowners Insurance Basics
- Types of coverage. There are several types of homeowners insurance, but the most common is referred to as an HO-3 policy and covers 16 of the most common perils, which include fire, hail, explosions, smoke damage, theft, vandalism, and so forth. If you are a renter, you will want to opt for HO-4, which insures your personal property. Condo owners will want HO-6, and HO-8, a policy for older homes and covers with actual cash value.
- Personal property. Your policy will automatically cover 40% of the amount you insured your home for the contents of the home; so, with a $100,000 policy, you would get $40,000 for your contents. If you think you need more than that, you can purchase additional coverage.
- Replacement cost vs. actual cash value. You’ll hear this term a lot when shopping for West Covina insurance quotes. Actual cash value is basically that–the cash value of an item’s equal replacement. So, if your 5-year-old TV is destroyed in a fire, you will get the same amount that a 5-year-old TV is worth. With replacement cost, you would get a new set with similar features.
Living in California presents a number of special circumstances not present in other parts of the country. It’s important to know these, since your West Covina insurance may or may not cover them:
- Earthquakes. Damage from earthquakes is excluded in traditional policies, so you will have to purchase earthquake insurance separately if you feel you are at risk.
- Wildfires. In a dry desert state like California, wildfires can be common and devastating. Luckily, all policies cover damage from wildfires. If you live in a high risk area, however, you may be required to pay a higher deductible.
- Landslides/erosion/earth movement. This is a very common problem in California, particularly to those living on hillsides. However, it is not covered by insurance and policies are difficult to obtain.
- Flood. Like earthquake insurance, flood insurance must be purchased separately and isn’t included in the list of perils.
Finding the Lowest West Covina Insurance Quotes
Many people make the mistake of assuming all insurance companies charge the same amount. In reality, you can save a great deal by shopping around and comparing the quotes you get. Netquote.com takes the hard work out of this for you and can provide you with multiple West Covina insurance quotes for free to help you get the best deal possible.