S2 Ep 29 - Homeowners Insurance with Kevin Cansler - a podcast by Brian Cook And Kindra Cox

On Season 2 Episode 28 of The Brian and Kindra Show, they are joined by State Farm agent Kevin Cansler to talk about insurance items to pay attention to and how to reduce the amount that you pay for your insurance.

First, they discuss with Kevin actual cash value vs. replacement cost insurance. Replacement cost insures your home for the estimated cost of totally rebuilding or replacing your home in the event of a total loss whereas actual cash value will consider the depreciation of your home in determining how much it will pay out. Additionally, pay attention to your policy to see if your roof coverage is actual cash value or replacement value because it is not necessarily the same as the rest of the coverage on your home. It is wise to meet with your insurance agent annually to review the replacement cost estimate in order to make sure that your insurance coverage is increasing at the same rate that the value of your home is increasing. 

Next they discuss personal property insurance; this coverage is for your possessions inside of your home. There are different kinds of claims for personal property -for example, if your home suffers a total loss such as fire or a tornado, you can use the full limit of your contents coverage, but if were to have some possessions stolen, you can only claim those that are missing up to the policy limits for that type of possession (make sure your limits on specific types of possessions match what you would need to replace them). 

Do you need flood insurance? With the amount of rain in our area lately, it’s important to know that water coming from outside the home from flooding is not covered under a standard policy, you need to add flood coverage to your policy for this! Often, if your home is in a flood zone, the mortgage company will require you to purchase flood insurance. If your home is not in a flood zone, flood insurance is optional and much less expensive. 

So, how do you save on insurance costs? The best way to get a low premium is to reduce the risk. Consider adding a security system or an impact resistant roof covering. Another way to reduce your premium is to increase your deductible.

Talk with your insurance agent about the level of risk you are comfortable with and the types of insurance you need - whether car, home, liability, or life insurance, you need to make sure you have coverage in place to protect yourself & your family. 

To listen to the full episode of The Brian & Kindra Show, search for them on your favorite podcast service or check out the video on YouTube by searching “The Brian and Kindra Show”. 

Brian and Kindra hope this information has been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

Further episodes of The Brian and Kindra Show

Further podcasts by Brian Cook And Kindra Cox

Website of Brian Cook And Kindra Cox