At Smith Insurance Agency of West Virginia in Kingwood, WV, we know many homeowners opt to share their homes with roommates to lower their living expenses or help out folks who may prefer to live in a house rather than an apartment. No matter what brings roommates into your home, you may wonder if it will affect your home insurance or if your home insurance will cover your roommate’s belongings and liability expenses. To answer these questions, we’ll talk about what you can expect as a homeowner with roommates from your home insurance policy below. Since every home insurance policy differs, speaking to our insurance agents for more detailed information on this topic is important.

Does Home Insurance Cover a Roommate or Tenant’s Belongings?

If your home experiences a theft and your roommate’s belongings are stolen, you might wonder if you can submit a claim to your homeowner’s insurance for their stolen valuables. Unfortunately, most homeowner’s insurance policies will probably not cover the roommate’s belongings. As a result, we recommend the roommate or tenant purchase renter’s insurance to cover those items and protect against liability.

What If You Don’t Live in the Home?

If you no longer use the house where the roommates or tenants live as a primary dwelling, homeowner’s insurance isn’t the appropriate policy for your situation. If you have another primary dwelling, you should get landlord’s insurance to protect yourself and the property. If you share a vacation home with roommates or tenants, second home insurance could be your best option. One of our insurance professionals can help you decide which insurance policy is right for your circumstances.

To protect your home, call our Smith Insurance Agency of West Virginia team in Kingwood, WV.

West Virginia is known as the mountain state and can be quite ferocious in the winter. Ensuring that your home can stand up to the rough weather is essential in preserving the value of your investment. At Smith Insurance Agency of West Virginia in Kingwood, WV, we provide our customers the personalized service they deserve from an independent insurance agent. 

Make sure your home is insulated.

Insulation is important to help your home keep the cold out and warmth in. It can be in the attic, between the walls, and under the floors. It makes whatever hearing system you have more efficient. 

Get a furnace tuneup.

A yearly tuneup helps your furnace to work better and use less fuel. It is also designed to catch anything that might be wrong before it leaves you out in the cold.

Stock up.

It is always a good idea to be prepared for the winter weather, and that means getting sand and salt, stocking up on water, and food that is easy to store and requires little or no cooking. 

Clean out the gutters.

Leaves and other debris can accumulate in the gutters, leading to damage to your roof. It can be dangerous to clean them yourself, so never climb a ladder alone; if you can afford it, get someone else to do it. 

Plug the leaks.

Caulk is inexpensive and can save you a lot of money on heating by plugging any leaks around your windows. Weatherstripping on your doors can take care of any leaks where drafts may be creeping in.

Contact Smith Insurance Agency of West Virginia in Kingwood, WV, to make an appointment to discuss your home insurance needs. We can be reached by phone, via email, or in person. 

Life changes, your situation changes, and your home may change. Your home insurance needs to keep up with the changes. It is easy to get complacent and just let your insurance roll over from year to year. This is not necessarily the best thing for you or your finances. At Smith Insurance Agency of West Virginia in Kingwood, WV, our team of experienced insurance experts is here to help you review your home policy. 

The ideal time to review your home insurance is when your policy renews. Whether you get your policy through the mail or online, the first page will be the declaration page. It lists all your coverage amounts and what you are paying for them. If you have any endorsements, they will also be listed. It will also show any discounts that you are eligible for. Please look at the amount of coverage you have and whether it makes sense. 

Another reason to review your home insurance is if you get a sudden increase in the premium. Compare the declaration page to last year’s declaration page and see where the increase is. Call your insurance agent and ask for an explanation. It may be time to consider changing to another carrier. 

You should let your insurance agent know if you have renovated your house. These are things like adding extra living space or another bathroom that increases the value. Adding safety equipment to your home, like an alarm system or wired smoke detectors, may save you money. 

Don’t ever assume that your home insurance is correct. Question everything.

Contact Smith Insurance Agency of West Virginia in Kingwood, WV, for all your home insurance needs. Give our office a call or reach out through our website. 

Owning a home has continued to be a worthy investment in the Kingwood, WV area. If you are going to buy a home, you will enjoy having a place to call your own and the ability to build long-term wealth. If you are going to buy a home here, you need to insure it properly. There are various reasons why you should get a home insurance policy for your West Virginia property. 

Receive Helpful Coverage

A primary reason that people will want to have this insurance is so they can receive reliable coverage. If you purchase a home, you will want to know that you are supported if you incur an unforeseen loss due to damage or destruction of your home. A home insurance plan will provide coverage to repair and replace the property in various situations. 

Stay in Compliance

Getting home insurance to stay in compliance and in good standing with your insurance obligations is also a good idea. It is very common to be required to have home insurance. If you have taken out a mortgage or live within a home association, you will likely need a certain type and level of insurance. Having home insurance will keep you in good standing with these obligations. 

Those living in the Kingwood, WV area will need to ensure they are correctly covering and protecting their home. If you want this type of coverage, it would be wise to call the Smith Insurance Agency of West Virginia team. The Smith Insurance Agency of West Virginia team can assess your situation and help you build a home insurance plan that is right for your situation. 

As with any insurance policy, the amount you spend annually on your home insurance policy is not tax-deductible. However, if you claim on your home insurance policy and receive a reimbursement, that amount is tax-deductible. Keep excellent records to ensure you have all the necessary documentation for your home insurance claim. Contact Smith Insurance Agency of West Virginia for questions in Kingwood, WV. 

Know About the Tax Deductibles 

Though the IRS does not currently offer a deduction for home insurance, it may be possible for you to deduct other expenses related to your homes, such as property taxes, mortgage interest, or utility bills. To claim these deductions, you must meet specific requirements, such as the amount of your income versus your expenses. To learn more about these requirements, visit the IRS website at irs.gov. 

The Internal Revenue Service (IRS) requires home insurance policies to be bona fide and tax-deductible. To be bona fide, the insurance must be for something that has financial value and be covered by the policy. Common examples of non-deductible home insurance may include earthquake or flood insurance, certain types of liability insurance like workers’ compensation, car insurance, and life insurance. 

The Internal Revenue Service (IRS) specifies that only certain types of home insurance are tax-deductible. The most common types of home insurance tax-deductible include: Mortgage interest — Interest paid on your home loan is usually tax-deductible. 

Most policies have an annual premium, and it is best to keep track of these expenses throughout the year to ensure you don’t miss out on a tax deduction. You may also have to fill out a form (Form 1040) to deduct certain expenses that exceed 10% of your adjusted gross income. 

Contact Us

To be eligible to deduct home insurance premiums on your taxes, you need to have a valid reason for buying it – like a significant risk to your property if you don’t have insurance. You can’t deduct the cost of a policy that only covers your health care expenses or a policy that covers a liability you might have if someone is hurt on your property. For help, call Smith Insurance Agency of West Virginia if living in Kingwood, WV.

When you think of your home, you think of your family and your place to call your own.  You also think of the time and investment that you’ve made in purchasing your home.  A home purchase is the biggest investment that you typically make in your life, so why would you leave your home unprotected against liability or damages?  Home Insurance is a requirement when you have a mortgage on the property, but once the mortgage is paid off, insuring your home merely becomes an option.  It is a wise option to exercise, and we’ll outline the reasons why below.  Smith Insurance Agency of West Virginia in Kingwood, WV offers home insurance and other services to better serve your insurance needs.

Property Damage

Home Insurance protects the home during catastrophic events such as fires, floods, and storm damage.  Flood Insurance may not be included within your home insurance policy and may be offered as an add-on or rider policy, you should consult with your insurance agent to see which of these apply to you.

Theft

Suppose you take the family on a vacation for a couple of weeks and when you come back, you find that your home has been burglarized.  Your home insurance policy will cover everything in the home and either replace the items or pay you for the amount of the item to replace it.  This is good peace of mind to have while you’re out of town with your family.

Personal Liability

Suppose someone slips and falls on your property or gets injured while on your property?  It could be a friend or a neighbor, but personal liability is a serious concern.  Your home insurance policy’s personal liability coverage will protect you in these situations.

To Learn More

These are just a few reasons (of many) that home insurance is a good idea to have for your home.  To learn more about home insurance, please contact Smith Insurance Agency of West Virginia in Kingwood, WV today!

Being a homeowner in Kingwood, WV means you take all measures necessary to protect your home, family, and belongings. However, always be prepared for a disaster to occur. Incidents such as a fire, theft, or storm can cause significant damage to your home. When insuring your home, it is essential to understand what is covered and what is not. If you have questions about if other structures on your property are covered, call the experts at Smith Insurance Agency of West Virginia for assistance. 

Dwelling Coverage

Dwelling insurance offers protection should your home and the structures directly attached to it become damaged. Your policy will cover loss associated with damage caused to these structures and if there is a burglary. Typically, a standard home insurance policy will cover a portion of unattached structures, but additional coverage may be needed to be fully covered. 

Other Structure Coverage

Check your policy to ensure that other structures on your property, such as a fence, unattached garage, or shed, are covered. It may be necessary for you to add additional coverage for these other structures to ensure they are covered. This additional coverage protects you by covering the costs to rebuild or repair those other structures on your property which may have become damaged due to wind, fire, or other included events. 

Personal Possessions

Your insurance policy will have a section where personal possessions are covered. If you have additional structures on your property, verify your possessions in these structures are also covered. 

Understanding if additional structures on a property are covered by insurance in Kingwood, WV is vital to ensure you are fully protected. For assistance covering your home and any other structures, call us at Smith Insurance Agency of West Virginia today.

Many homeowners insurance policies in Kingwood, WV will cover stolen packages. However, you will still have to pay your deductible on stolen items. As such, it may not make sense to file a claim, depending on how much your package is worth. Many deductibles are between $500 and $2,000, so if your package was worth more than your deductible, it could be worth filing a claim with your agent at Smith Insurance Agency of West Virginia to get your money back. If your package is not worth the amount of your deductible, consider the hassle of filing the claim and if there is a possibility of your premiums going up after your claim.

If filing a claim is not worth it, there may be other things to do in order to recover your stolen package. Track your package to make sure it was actually stolen and not just delayed in transit. If it has been delivered, check to see that a well-meaning neighbor doesn’t have it. Sometimes neighbors pick up packages to prevent them from getting stolen in the first place. Next, contact the retailer. Different retailers will have different policies on what happens for stolen packages and may issue a replacement or a refund. If the retailer is unable to help you when filing a claim with the shipping company may work, as well as looking into your credit cards for purchase protection.

There are ways to prevent packages from being stolen, and these may offer you discounts on your home insurance. Installing a security camera can give you some more peace of mind. Security systems may ward off potential thieves but, even if it doesn’t, you then have photo evidence for a police report or claim. Also, be sure to keep your home well lit and even consider using motion detection lighting.

Contact Smith Insurance Agency of West Virginia, serving Kingwood, WV, to get a quote on home insurance.