Article

7 things that burglars hate

burglar

They say one's home is one's castle. Unfortunately, if you are a homeowner reading this, your castle probably doesn't have a moat. The average loss from a home burglary has climbed to $7,815 in stolen property.

Fortunately, there are several tried and true ways to prevent intruders, such as having a security system or getting a dog. But, there are some effective lesser-known steps that are easy to implement. This list of tips can help you roll out the "unwelcome mat" to would-be thieves.

1. Hidden valuables

Most thieves tend to head right to the master bedroom when they are looking for valuables. Hiding such items in a different room reduces the chances of being found. Also, consider conspicuous spaces such as a hollowed-out book, false VHS tape carton, false container of food or wrapped in tinfoil in the back of the refrigerator. 

Make sure whatever clever spot you have avoids spaces with water or where excess food or moisture could possibly damage your valuables.

2. Strategic landscaping

Keeping large or dense shrubbery away from your home gives thieves fewer places to hide. Conversely, thorny bushes, like roses, can also help deter break-ins when planted near windows.

Also, consider asking a trusted friend or neighbor to mow your lawn if you are away for an extended time to avoid having your house seem vacant.

3. Lights – inside or out

Motion detection lights (for exteriors) and lights on timers (inside your home) will give burglars less cover, and more reason to question whether or not your home is occupied.

Plus, combining an exterior light with a security system is an excellent way to deter burglars.

4. A car in the driveway

Surprisingly, most burglaries happen during the day, with peak activity at 8-9 a.m., 12-1 p.m. and 5-6 p.m. while you are probably at work.

However, most thieves are deterred if it looks like someone is home. One really simple way to do this is to make sure a car is parked in your driveway, and that it is kept clean and moved often.

5. Dowel rods

When correctly cut and measured, they are an inexpensive and unobtrusive solution for securing sliding doors and windows.

6. Caution

Potential burglars (or their accomplices) sometimes visit your home under the guise of providing service or repair work. Each time service people enter your home —for instance, to go to the bathroom — make sure after they've left that they haven't taken the liberty of unlocking any doors or windows while inside. Doing so could help thwart a later attempt at intrusion.

7. Helpful neighbors

In addition to having someone willing to trim your lawn, a neighbor can act as a helpful set of eyes when you are away for an extended time. Asking them to bring in any mail and packages you receive, as well as empty trash cans and recycling bins can help avoid making your home look vacant - and an easier target for potential thieves.

 

Call for backup

Talk to your independent insurance agent about coverage options geared towards theft, such as personal property replacement cost protection for damaged, destroyed or stolen property. For homeowners with exceptionally valuable items in their home, a scheduled item endorsement can offer maximum coverage against not just theft, but breakage and disappearance as well.

To help you keep your "castle" safe from intruders, The Hanover partners with Scout to provide home insurance customers with an elevated level of home security solutions. Learn more about Scout, and all of our affiliated service providers at our Partners in Protection page.

 

Sources

Safewise

Family Handyman

International Association of Certified Home Inspectors

ADT

7 things that burglars hate

They say one's home is one's castle. Unfortunately, if you are a homeowner reading this, your castle probably doesn't have a moat. The average loss from a home burglary has climbed to $7,815 in stolen property.

Fortunately, there are several tried and true ways to prevent intruders, such as having a security system or getting a dog. But, there are some effective lesser-known steps that are easy to implement. This list of tips can help you roll out the "unwelcome mat" to would-be thieves.

1. Hidden valuables

Most thieves tend to head right to the master bedroom when they are looking for valuables. Hiding such items in a different room reduces the chances of being found. Also, consider conspicuous spaces such as a hollowed-out book, false VHS tape carton, false container of food or wrapped in tinfoil in the back of the refrigerator. 

Make sure whatever clever spot you have avoids spaces with water or where excess food or moisture could possibly damage your valuables.

2. Strategic landscaping

Keeping large or dense shrubbery away from your home gives thieves fewer places to hide. Conversely, thorny bushes, like roses, can also help deter break-ins when planted near windows.

Also, consider asking a trusted friend or neighbor to mow your lawn if you are away for an extended time to avoid having your house seem vacant.

3. Lights – inside or out

Motion detection lights (for exteriors) and lights on timers (inside your home) will give burglars less cover, and more reason to question whether or not your home is occupied.

Plus, combining an exterior light with a security system is an excellent way to deter burglars.

4. A car in the driveway

Surprisingly, most burglaries happen during the day, with peak activity at 8-9 a.m., 12-1 p.m. and 5-6 p.m. while you are probably at work.

However, most thieves are deterred if it looks like someone is home. One really simple way to do this is to make sure a car is parked in your driveway, and that it is kept clean and moved often.

5. Dowel rods

When correctly cut and measured, they are an inexpensive and unobtrusive solution for securing sliding doors and windows.

6. Caution

Potential burglars (or their accomplices) sometimes visit your home under the guise of providing service or repair work. Each time service people enter your home —for instance, to go to the bathroom — make sure after they've left that they haven't taken the liberty of unlocking any doors or windows while inside. Doing so could help thwart a later attempt at intrusion.

7. Helpful neighbors

In addition to having someone willing to trim your lawn, a neighbor can act as a helpful set of eyes when you are away for an extended time. Asking them to bring in any mail and packages you receive, as well as empty trash cans and recycling bins can help avoid making your home look vacant - and an easier target for potential thieves.

 

Call for backup

Talk to your independent insurance agent about coverage options geared towards theft, such as personal property replacement cost protection for damaged, destroyed or stolen property. For homeowners with exceptionally valuable items in their home, a scheduled item endorsement can offer maximum coverage against not just theft, but breakage and disappearance as well.

To help you keep your "castle" safe from intruders, The Hanover partners with Scout to provide home insurance customers with an elevated level of home security solutions. Learn more about Scout, and all of our affiliated service providers at our Partners in Protection page.

 

Sources

Safewise

Family Handyman

International Association of Certified Home Inspectors

ADT

7 things that burglars hate

They say one's home is one's castle. Unfortunately, if you are a homeowner reading this, your castle probably doesn't have a moat. The average loss from a home burglary has climbed to $7,815 in stolen property.

Fortunately, there are several tried and true ways to prevent intruders, such as having a security system or getting a dog. But, there are some effective lesser-known steps that are easy to implement. This list of tips can help you roll out the "unwelcome mat" to would-be thieves.

1. Hidden valuables

Most thieves tend to head right to the master bedroom when they are looking for valuables. Hiding such items in a different room reduces the chances of being found. Also, consider conspicuous spaces such as a hollowed-out book, false VHS tape carton, false container of food or wrapped in tinfoil in the back of the refrigerator. 

Make sure whatever clever spot you have avoids spaces with water or where excess food or moisture could possibly damage your valuables.

2. Strategic landscaping

Keeping large or dense shrubbery away from your home gives thieves fewer places to hide. Conversely, thorny bushes, like roses, can also help deter break-ins when planted near windows.

Also, consider asking a trusted friend or neighbor to mow your lawn if you are away for an extended time to avoid having your house seem vacant.

3. Lights – inside or out

Motion detection lights (for exteriors) and lights on timers (inside your home) will give burglars less cover, and more reason to question whether or not your home is occupied.

Plus, combining an exterior light with a security system is an excellent way to deter burglars.

4. A car in the driveway

Surprisingly, most burglaries happen during the day, with peak activity at 8-9 a.m., 12-1 p.m. and 5-6 p.m. while you are probably at work.

However, most thieves are deterred if it looks like someone is home. One really simple way to do this is to make sure a car is parked in your driveway, and that it is kept clean and moved often.

5. Dowel rods

When correctly cut and measured, they are an inexpensive and unobtrusive solution for securing sliding doors and windows.

6. Caution

Potential burglars (or their accomplices) sometimes visit your home under the guise of providing service or repair work. Each time service people enter your home —for instance, to go to the bathroom — make sure after they've left that they haven't taken the liberty of unlocking any doors or windows while inside. Doing so could help thwart a later attempt at intrusion.

7. Helpful neighbors

In addition to having someone willing to trim your lawn, a neighbor can act as a helpful set of eyes when you are away for an extended time. Asking them to bring in any mail and packages you receive, as well as empty trash cans and recycling bins can help avoid making your home look vacant - and an easier target for potential thieves.

 

Call for backup

Talk to your independent insurance agent about coverage options geared towards theft, such as personal property replacement cost protection for damaged, destroyed or stolen property. For homeowners with exceptionally valuable items in their home, a scheduled item endorsement can offer maximum coverage against not just theft, but breakage and disappearance as well.

To help you keep your "castle" safe from intruders, The Hanover partners with Scout to provide home insurance customers with an elevated level of home security solutions. Learn more about Scout, and all of our affiliated service providers at our Partners in Protection page.

 

Sources

Safewise

Family Handyman

International Association of Certified Home Inspectors

ADT

7 things that burglars hate

They say one's home is one's castle. Unfortunately, if you are a homeowner reading this, your castle probably doesn't have a moat. The average loss from a home burglary has climbed to $7,815 in stolen property.

Fortunately, there are several tried and true ways to prevent intruders, such as having a security system or getting a dog. But, there are some effective lesser-known steps that are easy to implement. This list of tips can help you roll out the "unwelcome mat" to would-be thieves.

1. Hidden valuables

Most thieves tend to head right to the master bedroom when they are looking for valuables. Hiding such items in a different room reduces the chances of being found. Also, consider conspicuous spaces such as a hollowed-out book, false VHS tape carton, false container of food or wrapped in tinfoil in the back of the refrigerator. 

Make sure whatever clever spot you have avoids spaces with water or where excess food or moisture could possibly damage your valuables.

2. Strategic landscaping

Keeping large or dense shrubbery away from your home gives thieves fewer places to hide. Conversely, thorny bushes, like roses, can also help deter break-ins when planted near windows.

Also, consider asking a trusted friend or neighbor to mow your lawn if you are away for an extended time to avoid having your house seem vacant.

3. Lights – inside or out

Motion detection lights (for exteriors) and lights on timers (inside your home) will give burglars less cover, and more reason to question whether or not your home is occupied.

Plus, combining an exterior light with a security system is an excellent way to deter burglars.

4. A car in the driveway

Surprisingly, most burglaries happen during the day, with peak activity at 8-9 a.m., 12-1 p.m. and 5-6 p.m. while you are probably at work.

However, most thieves are deterred if it looks like someone is home. One really simple way to do this is to make sure a car is parked in your driveway, and that it is kept clean and moved often.

5. Dowel rods

When correctly cut and measured, they are an inexpensive and unobtrusive solution for securing sliding doors and windows.

6. Caution

Potential burglars (or their accomplices) sometimes visit your home under the guise of providing service or repair work. Each time service people enter your home —for instance, to go to the bathroom — make sure after they've left that they haven't taken the liberty of unlocking any doors or windows while inside. Doing so could help thwart a later attempt at intrusion.

7. Helpful neighbors

In addition to having someone willing to trim your lawn, a neighbor can act as a helpful set of eyes when you are away for an extended time. Asking them to bring in any mail and packages you receive, as well as empty trash cans and recycling bins can help avoid making your home look vacant - and an easier target for potential thieves.

 

Call for backup

Talk to your independent insurance agent about coverage options geared towards theft, such as personal property replacement cost protection for damaged, destroyed or stolen property. For homeowners with exceptionally valuable items in their home, a scheduled item endorsement can offer maximum coverage against not just theft, but breakage and disappearance as well.

To help you keep your "castle" safe from intruders, The Hanover partners with Scout to provide home insurance customers with an elevated level of home security solutions. Learn more about Scout, and all of our affiliated service providers at our Partners in Protection page.

 

Sources

Safewise

Family Handyman

International Association of Certified Home Inspectors

ADT

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How to help Prevent frozen pipes in your fire protection sprinkler system —with The Hanover

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An umbrella policy offers million dollar peace of mind

In our litigious society – where approximately 15 million civil lawsuits are filed annually – an umbrella policy is a must-have. It's coverage that kicks in where your homeowners and auto polices leave off, providing you with extra protection and peace of mind should the unexpected happen and a claim or lawsuit be filed against you. 

 

Dan Halsey

"Many people think… I'm not wealthy enough to need an umbrella policy. But it is important that consumers consider all of their assets, including current and future wages, retirement savings, business income and college funds. If you are sued and do not have umbrella protection, in most states, these assets are all at risk."

— Daniel Halsey, President, The Hanover's Personal Insurance 

 

How umbrella policies work

If your homeowners insurance has a liability limit of $300,000, you may add an umbrella policy with an additional $1 million of coverage. That would give you a total of $1.3 million dollars of protection should someone be injured at your home. Similarly, an umbrella builds on the liability coverage your auto policy provides. If you are sued, your home or auto policy kicks in first and your umbrella policy covers the excess.

Home + auto + umbrella = total protection

For illustration purposes, here's an at-a-glance comparison of how auto, home and umbrella insurance can work together to protect you – and how adding an umbrella to your coverage can best safeguard you and your family.

 

Coverage

Auto

Home

Umbrella
Property damage ✔ ✔
Your property or another's property		 ✔
Another's property
Personal belongings   ✔  
Bodily injury ✔
Max of $500,000		 ✔
$300,000 to $500,000		 ✔
Minimum of $1 million
Slander, libel and defamation     ✔
Libel     ✔
Legal fees and settlements     ✔
Invasion of privacy     ✔
Wrongful entry     ✔
Wrongful eviction     ✔

 

You can't afford not to have umbrella coverage

With policies of $1 million of coverage starting at as little as $20 a month, financial experts agree that an umbrella policy offers the best value for the dollars you spend on insurance to protect your family and assets. Additionally, raising the deductible on your homeowners policy from $500 to $1,000 typically reduces your homeowners premium enough to cover the cost of a $1 million umbrella policy.

To customize an umbrella policy that’s right for you, talk to your local independent insurance agent or visit hanover.com for more information and a listing of agents in your area.

LC 2017-538

An umbrella policy offers million dollar peace of mind

In our litigious society – where approximately 15 million civil lawsuits are filed annually – an umbrella policy is a must-have. It's coverage that kicks in where your homeowners and auto polices leave off, providing you with extra protection and peace of mind should the unexpected happen and a claim or lawsuit be filed against you. 

 

Dan Halsey

"Many people think… I'm not wealthy enough to need an umbrella policy. But it is important that consumers consider all of their assets, including current and future wages, retirement savings, business income and college funds. If you are sued and do not have umbrella protection, in most states, these assets are all at risk."

— Daniel Halsey, President, The Hanover's Personal Insurance 

 

How umbrella policies work

If your homeowners insurance has a liability limit of $300,000, you may add an umbrella policy with an additional $1 million of coverage. That would give you a total of $1.3 million dollars of protection should someone be injured at your home. Similarly, an umbrella builds on the liability coverage your auto policy provides. If you are sued, your home or auto policy kicks in first and your umbrella policy covers the excess.

Home + auto + umbrella = total protection

For illustration purposes, here's an at-a-glance comparison of how auto, home and umbrella insurance can work together to protect you – and how adding an umbrella to your coverage can best safeguard you and your family.

 

Coverage

Auto

Home

Umbrella
Property damage ✔ ✔
Your property or another's property		 ✔
Another's property
Personal belongings   ✔  
Bodily injury ✔
Max of $500,000		 ✔
$300,000 to $500,000		 ✔
Minimum of $1 million
Slander, libel and defamation     ✔
Libel     ✔
Legal fees and settlements     ✔
Invasion of privacy     ✔
Wrongful entry     ✔
Wrongful eviction     ✔

 

You can't afford not to have umbrella coverage

With policies of $1 million of coverage starting at as little as $20 a month, financial experts agree that an umbrella policy offers the best value for the dollars you spend on insurance to protect your family and assets. Additionally, raising the deductible on your homeowners policy from $500 to $1,000 typically reduces your homeowners premium enough to cover the cost of a $1 million umbrella policy.

To customize an umbrella policy that’s right for you, talk to your local independent insurance agent or visit hanover.com for more information and a listing of agents in your area.

LC 2017-538

An umbrella policy offers million dollar peace of mind

In our litigious society – where approximately 15 million civil lawsuits are filed annually – an umbrella policy is a must-have. It's coverage that kicks in where your homeowners and auto polices leave off, providing you with extra protection and peace of mind should the unexpected happen and a claim or lawsuit be filed against you. 

 

Dan Halsey

"Many people think… I'm not wealthy enough to need an umbrella policy. But it is important that consumers consider all of their assets, including current and future wages, retirement savings, business income and college funds. If you are sued and do not have umbrella protection, in most states, these assets are all at risk."

— Daniel Halsey, President, The Hanover's Personal Insurance 

 

How umbrella policies work

If your homeowners insurance has a liability limit of $300,000, you may add an umbrella policy with an additional $1 million of coverage. That would give you a total of $1.3 million dollars of protection should someone be injured at your home. Similarly, an umbrella builds on the liability coverage your auto policy provides. If you are sued, your home or auto policy kicks in first and your umbrella policy covers the excess.

Home + auto + umbrella = total protection

For illustration purposes, here's an at-a-glance comparison of how auto, home and umbrella insurance can work together to protect you – and how adding an umbrella to your coverage can best safeguard you and your family.

 

Coverage

Auto

Home

Umbrella
Property damage ✔ ✔
Your property or another's property		 ✔
Another's property
Personal belongings   ✔  
Bodily injury ✔
Max of $500,000		 ✔
$300,000 to $500,000		 ✔
Minimum of $1 million
Slander, libel and defamation     ✔
Libel     ✔
Legal fees and settlements     ✔
Invasion of privacy     ✔
Wrongful entry     ✔
Wrongful eviction     ✔

 

You can't afford not to have umbrella coverage

With policies of $1 million of coverage starting at as little as $20 a month, financial experts agree that an umbrella policy offers the best value for the dollars you spend on insurance to protect your family and assets. Additionally, raising the deductible on your homeowners policy from $500 to $1,000 typically reduces your homeowners premium enough to cover the cost of a $1 million umbrella policy.

To customize an umbrella policy that’s right for you, talk to your local independent insurance agent or visit hanover.com for more information and a listing of agents in your area.

LC 2017-538

An umbrella policy offers million dollar peace of mind

In our litigious society – where approximately 15 million civil lawsuits are filed annually – an umbrella policy is a must-have. It's coverage that kicks in where your homeowners and auto polices leave off, providing you with extra protection and peace of mind should the unexpected happen and a claim or lawsuit be filed against you. 

 

Dan Halsey

"Many people think… I'm not wealthy enough to need an umbrella policy. But it is important that consumers consider all of their assets, including current and future wages, retirement savings, business income and college funds. If you are sued and do not have umbrella protection, in most states, these assets are all at risk."

— Daniel Halsey, President, The Hanover's Personal Insurance 

 

How umbrella policies work

If your homeowners insurance has a liability limit of $300,000, you may add an umbrella policy with an additional $1 million of coverage. That would give you a total of $1.3 million dollars of protection should someone be injured at your home. Similarly, an umbrella builds on the liability coverage your auto policy provides. If you are sued, your home or auto policy kicks in first and your umbrella policy covers the excess.

Home + auto + umbrella = total protection

For illustration purposes, here's an at-a-glance comparison of how auto, home and umbrella insurance can work together to protect you – and how adding an umbrella to your coverage can best safeguard you and your family.

 

Coverage

Auto

Home

Umbrella
Property damage ✔ ✔
Your property or another's property		 ✔
Another's property
Personal belongings   ✔  
Bodily injury ✔
Max of $500,000		 ✔
$300,000 to $500,000		 ✔
Minimum of $1 million
Slander, libel and defamation     ✔
Libel     ✔
Legal fees and settlements     ✔
Invasion of privacy     ✔
Wrongful entry     ✔
Wrongful eviction     ✔

 

You can't afford not to have umbrella coverage

With policies of $1 million of coverage starting at as little as $20 a month, financial experts agree that an umbrella policy offers the best value for the dollars you spend on insurance to protect your family and assets. Additionally, raising the deductible on your homeowners policy from $500 to $1,000 typically reduces your homeowners premium enough to cover the cost of a $1 million umbrella policy.

To customize an umbrella policy that’s right for you, talk to your local independent insurance agent or visit hanover.com for more information and a listing of agents in your area.

LC 2017-538

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Video

Teen driving behaviors

Your son or daughter is ready to take the next step on the road to independence. Unfortunately, that road can get rough for inexperienced drivers. See how important it is that you stay involved and in touch with their driving habits. And don't forget, the Hanover SafeTeen safety and savings program can help.

Sources: 

Insurance Information Institute
Center for Disease Control
National Highway Traffic Safety Association

 

LC July 2018-333

Teen driving behaviors

Your son or daughter is ready to take the next step on the road to independence. Unfortunately, that road can get rough for inexperienced drivers. See how important it is that you stay involved and in touch with their driving habits. And don't forget, the Hanover SafeTeen safety and savings program can help.

Sources: 

Insurance Information Institute
Center for Disease Control
National Highway Traffic Safety Association

 

LC July 2018-333

Teen driving behaviors

Your son or daughter is ready to take the next step on the road to independence. Unfortunately, that road can get rough for inexperienced drivers. See how important it is that you stay involved and in touch with their driving habits. And don't forget, the Hanover SafeTeen safety and savings program can help.

Sources: 

Insurance Information Institute
Center for Disease Control
National Highway Traffic Safety Association

 

LC July 2018-333

Teen driving behaviors

Your son or daughter is ready to take the next step on the road to independence. Unfortunately, that road can get rough for inexperienced drivers. See how important it is that you stay involved and in touch with their driving habits. And don't forget, the Hanover SafeTeen safety and savings program can help.

Sources: 

Insurance Information Institute
Center for Disease Control
National Highway Traffic Safety Association

 

LC July 2018-333

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Why am I paying more for auto insurance?

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Home tips for weathering a lightning storm

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Video

Five ways your insurance agent can help in the home-buying process

Each year, millions of people buy homes. Most know that a realtor and mortgage lender can be a huge help in the process.

A little-known secret though, is that an independent agent can be equally valuable in the home-buying process – providing critical information that can help you with your home-buying decisions. Here’s how your independent insurance agent can be of assistance.

  1. Local experts
    Independent insurance agents are local experts, deeply involved in the community. If you have yet to select a realtor or home inspector, your independent insurance agent can likely provide recommendations of local professionals. Your agent will also be able to share details about neighborhoods, school systems and community safety.
     
  2. Cost of coverage
    Once you narrow down your list to a few houses, your independent insurance agent can give you an estimate of what it will cost to insure the house. Remember, the neighborhood, the size of the home, the presence of a pool or trampoline, and the distance from a fire hydrant and fire station are just a few of the things that can impact your home insurance premium.

    As homeowners insurance is required by most mortgage lenders, this estimated cost-of-insurance figure, along with escrow payments for taxes, will need to be calculated as part of your total monthly payment to determine affordability of the home.

  3. Coverages to consider
    When purchasing a home, you will want to consider more than just basic coverage to ensure you are protected from the unexpected. Your independent insurance agent can walk you through the merits of having added-value coverages such as guaranteed replacement cost, water backup, service line, ordinance or law and debris removal.

    Your independent insurance agent can also explain the difference between the market value and the replacement cost of your home, and why it’s important to insure your home for the full replacement cost value.
     
  4. Previous claims
    Insurance claims filed by previous owners can impact your home insurance premiums. Your independent insurance agent should be able to access this information using the comprehensive loss underwriting exchange (CLUE). If several claims have been made on the property, insurance carriers may be concerned that the house may have long-term problems, resulting in higher premiums. It is particularly important to pay attention to water damage claims that have been filed.

  5. Reviewing your home inspection
    Once your choice home is inspected, it is a good idea to share the report with your independent insurance agent. Your agent can highlight any red flags that might impact insurance rates, such as the age of the roof, other building materials and the electrical system, cracks in the foundation, the presence of mold or leaks, damage from rodents and more.

Learn more about the value of working with an independent agent and the difference between captive and independent insurance agents. And, remember, when you find a new home, you don’t need a new agent. Your current agent has all your information, including other policies with loyalty credits, and knows your current coverages and limits. This information will allow your agent to tailor a package for your new home that continues to offer you the best combination of coverages, value and price.

 

 

Five ways your insurance agent can help in the home-buying process

Each year, millions of people buy homes. Most know that a realtor and mortgage lender can be a huge help in the process.

A little-known secret though, is that an independent agent can be equally valuable in the home-buying process – providing critical information that can help you with your home-buying decisions. Here’s how your independent insurance agent can be of assistance.

  1. Local experts
    Independent insurance agents are local experts, deeply involved in the community. If you have yet to select a realtor or home inspector, your independent insurance agent can likely provide recommendations of local professionals. Your agent will also be able to share details about neighborhoods, school systems and community safety.
     
  2. Cost of coverage
    Once you narrow down your list to a few houses, your independent insurance agent can give you an estimate of what it will cost to insure the house. Remember, the neighborhood, the size of the home, the presence of a pool or trampoline, and the distance from a fire hydrant and fire station are just a few of the things that can impact your home insurance premium.

    As homeowners insurance is required by most mortgage lenders, this estimated cost-of-insurance figure, along with escrow payments for taxes, will need to be calculated as part of your total monthly payment to determine affordability of the home.

  3. Coverages to consider
    When purchasing a home, you will want to consider more than just basic coverage to ensure you are protected from the unexpected. Your independent insurance agent can walk you through the merits of having added-value coverages such as guaranteed replacement cost, water backup, service line, ordinance or law and debris removal.

    Your independent insurance agent can also explain the difference between the market value and the replacement cost of your home, and why it’s important to insure your home for the full replacement cost value.
     
  4. Previous claims
    Insurance claims filed by previous owners can impact your home insurance premiums. Your independent insurance agent should be able to access this information using the comprehensive loss underwriting exchange (CLUE). If several claims have been made on the property, insurance carriers may be concerned that the house may have long-term problems, resulting in higher premiums. It is particularly important to pay attention to water damage claims that have been filed.

  5. Reviewing your home inspection
    Once your choice home is inspected, it is a good idea to share the report with your independent insurance agent. Your agent can highlight any red flags that might impact insurance rates, such as the age of the roof, other building materials and the electrical system, cracks in the foundation, the presence of mold or leaks, damage from rodents and more.

Learn more about the value of working with an independent agent and the difference between captive and independent insurance agents. And, remember, when you find a new home, you don’t need a new agent. Your current agent has all your information, including other policies with loyalty credits, and knows your current coverages and limits. This information will allow your agent to tailor a package for your new home that continues to offer you the best combination of coverages, value and price.

 

 

Five ways your insurance agent can help in the home-buying process

Each year, millions of people buy homes. Most know that a realtor and mortgage lender can be a huge help in the process.

A little-known secret though, is that an independent agent can be equally valuable in the home-buying process – providing critical information that can help you with your home-buying decisions. Here’s how your independent insurance agent can be of assistance.

  1. Local experts
    Independent insurance agents are local experts, deeply involved in the community. If you have yet to select a realtor or home inspector, your independent insurance agent can likely provide recommendations of local professionals. Your agent will also be able to share details about neighborhoods, school systems and community safety.
     
  2. Cost of coverage
    Once you narrow down your list to a few houses, your independent insurance agent can give you an estimate of what it will cost to insure the house. Remember, the neighborhood, the size of the home, the presence of a pool or trampoline, and the distance from a fire hydrant and fire station are just a few of the things that can impact your home insurance premium.

    As homeowners insurance is required by most mortgage lenders, this estimated cost-of-insurance figure, along with escrow payments for taxes, will need to be calculated as part of your total monthly payment to determine affordability of the home.

  3. Coverages to consider
    When purchasing a home, you will want to consider more than just basic coverage to ensure you are protected from the unexpected. Your independent insurance agent can walk you through the merits of having added-value coverages such as guaranteed replacement cost, water backup, service line, ordinance or law and debris removal.

    Your independent insurance agent can also explain the difference between the market value and the replacement cost of your home, and why it’s important to insure your home for the full replacement cost value.
     
  4. Previous claims
    Insurance claims filed by previous owners can impact your home insurance premiums. Your independent insurance agent should be able to access this information using the comprehensive loss underwriting exchange (CLUE). If several claims have been made on the property, insurance carriers may be concerned that the house may have long-term problems, resulting in higher premiums. It is particularly important to pay attention to water damage claims that have been filed.

  5. Reviewing your home inspection
    Once your choice home is inspected, it is a good idea to share the report with your independent insurance agent. Your agent can highlight any red flags that might impact insurance rates, such as the age of the roof, other building materials and the electrical system, cracks in the foundation, the presence of mold or leaks, damage from rodents and more.

Learn more about the value of working with an independent agent and the difference between captive and independent insurance agents. And, remember, when you find a new home, you don’t need a new agent. Your current agent has all your information, including other policies with loyalty credits, and knows your current coverages and limits. This information will allow your agent to tailor a package for your new home that continues to offer you the best combination of coverages, value and price.

 

 

Five ways your insurance agent can help in the home-buying process

Each year, millions of people buy homes. Most know that a realtor and mortgage lender can be a huge help in the process.

A little-known secret though, is that an independent agent can be equally valuable in the home-buying process – providing critical information that can help you with your home-buying decisions. Here’s how your independent insurance agent can be of assistance.

  1. Local experts
    Independent insurance agents are local experts, deeply involved in the community. If you have yet to select a realtor or home inspector, your independent insurance agent can likely provide recommendations of local professionals. Your agent will also be able to share details about neighborhoods, school systems and community safety.
     
  2. Cost of coverage
    Once you narrow down your list to a few houses, your independent insurance agent can give you an estimate of what it will cost to insure the house. Remember, the neighborhood, the size of the home, the presence of a pool or trampoline, and the distance from a fire hydrant and fire station are just a few of the things that can impact your home insurance premium.

    As homeowners insurance is required by most mortgage lenders, this estimated cost-of-insurance figure, along with escrow payments for taxes, will need to be calculated as part of your total monthly payment to determine affordability of the home.

  3. Coverages to consider
    When purchasing a home, you will want to consider more than just basic coverage to ensure you are protected from the unexpected. Your independent insurance agent can walk you through the merits of having added-value coverages such as guaranteed replacement cost, water backup, service line, ordinance or law and debris removal.

    Your independent insurance agent can also explain the difference between the market value and the replacement cost of your home, and why it’s important to insure your home for the full replacement cost value.
     
  4. Previous claims
    Insurance claims filed by previous owners can impact your home insurance premiums. Your independent insurance agent should be able to access this information using the comprehensive loss underwriting exchange (CLUE). If several claims have been made on the property, insurance carriers may be concerned that the house may have long-term problems, resulting in higher premiums. It is particularly important to pay attention to water damage claims that have been filed.

  5. Reviewing your home inspection
    Once your choice home is inspected, it is a good idea to share the report with your independent insurance agent. Your agent can highlight any red flags that might impact insurance rates, such as the age of the roof, other building materials and the electrical system, cracks in the foundation, the presence of mold or leaks, damage from rodents and more.

Learn more about the value of working with an independent agent and the difference between captive and independent insurance agents. And, remember, when you find a new home, you don’t need a new agent. Your current agent has all your information, including other policies with loyalty credits, and knows your current coverages and limits. This information will allow your agent to tailor a package for your new home that continues to offer you the best combination of coverages, value and price.

 

 

Video

Top home claims – and how to prevent them

Sometimes the unexpected happens.

According to the Insurance Information Institute’s most recent statistics from 2016 to 2020, about one in 20 insured homes has a claim each year. The six most common types of home claims are also, on average, among the costliest.

Fortunately, there are actionable steps you can take to help protect your home from damage, and insurance options that will help cover you. See how costly some of the most common claims can be, what you can do to prevent it and coverage options The Hanover offers in the event it happens.

Type of claim

Tips

Insurance protection to consider

Fire and lightning

Average cost per claim:
$77,340
Rank: 1st

Frequency of claim:
1 in 385 homes
Rank: 5th

Have a fire extinguisher on hand, especially in the kitchen, where almost half of home fires begin.

Check smoke alarms monthly. Set a recurring date or day, such as the first Sunday of each month.

In the event of lightning, unplug appliances, starting with computers and phones.

Guaranteed replacement cost coverage insures the full replacement cost to rebuild your home after a total loss with materials and craftsmanship of like kind and quality regardless of rising material and labor costs.

This infographic can help illustrate the importance of insuring to replacement cost.

Bodily injury and property damage

Average cost per claim:
$30,324
Rank: 2nd

Frequency of claim:
1 in 1,425 homes
Rank: 6th

Keep walkways clear, whether it's snow on your sidewalk or toys in the hallway.

Beware of (your) dog. Nearly one-third of homeowners' liability claims stem from dog bites.

Get rid of the trampoline. Few household items drive more home premium increases – or cause more injuries.

Umbrella coverage is insurance against defense costs, judgments and court costs relating to liability claims that take place on your property.

This umbrella coverage calculator can show you just how important – and how affordable – this protection can be.

Water damage and freezing

Average cost per claim:
$10,849
Rank: 4th

Frequency of claim:
1 in 60 homes
Rank: 2nd

Keep gutters clean and use downspout extenders. Make sure gutters drain away from your home.

Raise appliances off the floor, including washers, driers, and other heavy electrical equipment.

Periodically run your sump pump and clean it each year before spring.

Water backup and sump pump overflow covers property losses and clean-up costs that result from water backing up through sewers or drains or sump overflows.

Watch this short video on "Water backup" to learn more about how this coverage works.

Wind and hail damage

Average cost per claim:
$11,695
Rank: 3rd

Frequency of claim:
1 in 35 homes
Rank: 1st

Anchor larger outdoor items, such as grills or patio furniture, to prevent them from becoming potentially damaging projectiles in a wind storm.

Check your roof for loose shingles frequently, and repair promptly.

Trim tree limbs to prevent overhang.

Waiver of deductible coverage applies only the highest deductible when a claim affects multiple properties, such as a home and a car, or two cars.

A short video on waiver of deductible can show you how this coverage can save you money if you have a claim.

Property damage not caused by any of the above

Average cost per claim:
$6,773
Rank: 6th

Frequency of claim:
1 in 170 homes
Rank: 3rd

Make small home repairs promptly to prevent minor issues from escalating into more costly and time-consuming claims.

Seal any entry holes that may have developed in your home. Damage from rodents and other critters is more common than you think.

Keep it clean. That includes furnaces, lint traps, chimneys and other potential hazards.

Special personal property coverage protects you in incidents, such as misplaced jewelry or broken valuables, which are not typically covered in standard policies.

Watch this short video on scheduled items to learn more about this coverage.

Theft

Average cost per claim:
$4,415
Rank: 7th

Frequency of claim:
1 in 525 homes
Rank: 5th

Strategic landscaping, such as placing thorny bushes near first floor windows, can deter entry.

Don't hide valuables in the master bedroom. It's the first place thieves check.

Keep your vacation plans to yourself. Posting your upcoming trip on social media may alert thieves when to attempt a break-in.

Special personal property coverage is also must-have insurance against theft (as well as disappearance and breakage) for items whose value exceeds the limits of a standard policy.

 

There's a lot to consider when insuring your home. That's why the best bet is to rely on the expertise of your local independent insurance agent. Together with The Hanover, they'll be able to craft the ideal combination of coverage, value and price.

Source: Insurance Information Institute

 

Top home claims – and how to prevent them

Sometimes the unexpected happens.

According to the Insurance Information Institute’s most recent statistics from 2016 to 2020, about one in 20 insured homes has a claim each year. The six most common types of home claims are also, on average, among the costliest.

Fortunately, there are actionable steps you can take to help protect your home from damage, and insurance options that will help cover you. See how costly some of the most common claims can be, what you can do to prevent it and coverage options The Hanover offers in the event it happens.

Type of claim

Tips

Insurance protection to consider

Fire and lightning

Average cost per claim:
$77,340
Rank: 1st

Frequency of claim:
1 in 385 homes
Rank: 5th

Have a fire extinguisher on hand, especially in the kitchen, where almost half of home fires begin.

Check smoke alarms monthly. Set a recurring date or day, such as the first Sunday of each month.

In the event of lightning, unplug appliances, starting with computers and phones.

Guaranteed replacement cost coverage insures the full replacement cost to rebuild your home after a total loss with materials and craftsmanship of like kind and quality regardless of rising material and labor costs.

This infographic can help illustrate the importance of insuring to replacement cost.

Bodily injury and property damage

Average cost per claim:
$30,324
Rank: 2nd

Frequency of claim:
1 in 1,425 homes
Rank: 6th

Keep walkways clear, whether it's snow on your sidewalk or toys in the hallway.

Beware of (your) dog. Nearly one-third of homeowners' liability claims stem from dog bites.

Get rid of the trampoline. Few household items drive more home premium increases – or cause more injuries.

Umbrella coverage is insurance against defense costs, judgments and court costs relating to liability claims that take place on your property.

This umbrella coverage calculator can show you just how important – and how affordable – this protection can be.

Water damage and freezing

Average cost per claim:
$10,849
Rank: 4th

Frequency of claim:
1 in 60 homes
Rank: 2nd

Keep gutters clean and use downspout extenders. Make sure gutters drain away from your home.

Raise appliances off the floor, including washers, driers, and other heavy electrical equipment.

Periodically run your sump pump and clean it each year before spring.

Water backup and sump pump overflow covers property losses and clean-up costs that result from water backing up through sewers or drains or sump overflows.

Watch this short video on "Water backup" to learn more about how this coverage works.

Wind and hail damage

Average cost per claim:
$11,695
Rank: 3rd

Frequency of claim:
1 in 35 homes
Rank: 1st

Anchor larger outdoor items, such as grills or patio furniture, to prevent them from becoming potentially damaging projectiles in a wind storm.

Check your roof for loose shingles frequently, and repair promptly.

Trim tree limbs to prevent overhang.

Waiver of deductible coverage applies only the highest deductible when a claim affects multiple properties, such as a home and a car, or two cars.

A short video on waiver of deductible can show you how this coverage can save you money if you have a claim.

Property damage not caused by any of the above

Average cost per claim:
$6,773
Rank: 6th

Frequency of claim:
1 in 170 homes
Rank: 3rd

Make small home repairs promptly to prevent minor issues from escalating into more costly and time-consuming claims.

Seal any entry holes that may have developed in your home. Damage from rodents and other critters is more common than you think.

Keep it clean. That includes furnaces, lint traps, chimneys and other potential hazards.

Special personal property coverage protects you in incidents, such as misplaced jewelry or broken valuables, which are not typically covered in standard policies.

Watch this short video on scheduled items to learn more about this coverage.

Theft

Average cost per claim:
$4,415
Rank: 7th

Frequency of claim:
1 in 525 homes
Rank: 5th

Strategic landscaping, such as placing thorny bushes near first floor windows, can deter entry.

Don't hide valuables in the master bedroom. It's the first place thieves check.

Keep your vacation plans to yourself. Posting your upcoming trip on social media may alert thieves when to attempt a break-in.

Special personal property coverage is also must-have insurance against theft (as well as disappearance and breakage) for items whose value exceeds the limits of a standard policy.

 

There's a lot to consider when insuring your home. That's why the best bet is to rely on the expertise of your local independent insurance agent. Together with The Hanover, they'll be able to craft the ideal combination of coverage, value and price.

Source: Insurance Information Institute

 

Top home claims – and how to prevent them

Sometimes the unexpected happens.

According to the Insurance Information Institute’s most recent statistics from 2016 to 2020, about one in 20 insured homes has a claim each year. The six most common types of home claims are also, on average, among the costliest.

Fortunately, there are actionable steps you can take to help protect your home from damage, and insurance options that will help cover you. See how costly some of the most common claims can be, what you can do to prevent it and coverage options The Hanover offers in the event it happens.

Type of claim

Tips

Insurance protection to consider

Fire and lightning

Average cost per claim:
$77,340
Rank: 1st

Frequency of claim:
1 in 385 homes
Rank: 5th

Have a fire extinguisher on hand, especially in the kitchen, where almost half of home fires begin.

Check smoke alarms monthly. Set a recurring date or day, such as the first Sunday of each month.

In the event of lightning, unplug appliances, starting with computers and phones.

Guaranteed replacement cost coverage insures the full replacement cost to rebuild your home after a total loss with materials and craftsmanship of like kind and quality regardless of rising material and labor costs.

This infographic can help illustrate the importance of insuring to replacement cost.

Bodily injury and property damage

Average cost per claim:
$30,324
Rank: 2nd

Frequency of claim:
1 in 1,425 homes
Rank: 6th

Keep walkways clear, whether it's snow on your sidewalk or toys in the hallway.

Beware of (your) dog. Nearly one-third of homeowners' liability claims stem from dog bites.

Get rid of the trampoline. Few household items drive more home premium increases – or cause more injuries.

Umbrella coverage is insurance against defense costs, judgments and court costs relating to liability claims that take place on your property.

This umbrella coverage calculator can show you just how important – and how affordable – this protection can be.

Water damage and freezing

Average cost per claim:
$10,849
Rank: 4th

Frequency of claim:
1 in 60 homes
Rank: 2nd

Keep gutters clean and use downspout extenders. Make sure gutters drain away from your home.

Raise appliances off the floor, including washers, driers, and other heavy electrical equipment.

Periodically run your sump pump and clean it each year before spring.

Water backup and sump pump overflow covers property losses and clean-up costs that result from water backing up through sewers or drains or sump overflows.

Watch this short video on "Water backup" to learn more about how this coverage works.

Wind and hail damage

Average cost per claim:
$11,695
Rank: 3rd

Frequency of claim:
1 in 35 homes
Rank: 1st

Anchor larger outdoor items, such as grills or patio furniture, to prevent them from becoming potentially damaging projectiles in a wind storm.

Check your roof for loose shingles frequently, and repair promptly.

Trim tree limbs to prevent overhang.

Waiver of deductible coverage applies only the highest deductible when a claim affects multiple properties, such as a home and a car, or two cars.

A short video on waiver of deductible can show you how this coverage can save you money if you have a claim.

Property damage not caused by any of the above

Average cost per claim:
$6,773
Rank: 6th

Frequency of claim:
1 in 170 homes
Rank: 3rd

Make small home repairs promptly to prevent minor issues from escalating into more costly and time-consuming claims.

Seal any entry holes that may have developed in your home. Damage from rodents and other critters is more common than you think.

Keep it clean. That includes furnaces, lint traps, chimneys and other potential hazards.

Special personal property coverage protects you in incidents, such as misplaced jewelry or broken valuables, which are not typically covered in standard policies.

Watch this short video on scheduled items to learn more about this coverage.

Theft

Average cost per claim:
$4,415
Rank: 7th

Frequency of claim:
1 in 525 homes
Rank: 5th

Strategic landscaping, such as placing thorny bushes near first floor windows, can deter entry.

Don't hide valuables in the master bedroom. It's the first place thieves check.

Keep your vacation plans to yourself. Posting your upcoming trip on social media may alert thieves when to attempt a break-in.

Special personal property coverage is also must-have insurance against theft (as well as disappearance and breakage) for items whose value exceeds the limits of a standard policy.

 

There's a lot to consider when insuring your home. That's why the best bet is to rely on the expertise of your local independent insurance agent. Together with The Hanover, they'll be able to craft the ideal combination of coverage, value and price.

Source: Insurance Information Institute

 

Top home claims – and how to prevent them

Sometimes the unexpected happens.

According to the Insurance Information Institute’s most recent statistics from 2016 to 2020, about one in 20 insured homes has a claim each year. The six most common types of home claims are also, on average, among the costliest.

Fortunately, there are actionable steps you can take to help protect your home from damage, and insurance options that will help cover you. See how costly some of the most common claims can be, what you can do to prevent it and coverage options The Hanover offers in the event it happens.

Type of claim

Tips

Insurance protection to consider

Fire and lightning

Average cost per claim:
$77,340
Rank: 1st

Frequency of claim:
1 in 385 homes
Rank: 5th

Have a fire extinguisher on hand, especially in the kitchen, where almost half of home fires begin.

Check smoke alarms monthly. Set a recurring date or day, such as the first Sunday of each month.

In the event of lightning, unplug appliances, starting with computers and phones.

Guaranteed replacement cost coverage insures the full replacement cost to rebuild your home after a total loss with materials and craftsmanship of like kind and quality regardless of rising material and labor costs.

This infographic can help illustrate the importance of insuring to replacement cost.

Bodily injury and property damage

Average cost per claim:
$30,324
Rank: 2nd

Frequency of claim:
1 in 1,425 homes
Rank: 6th

Keep walkways clear, whether it's snow on your sidewalk or toys in the hallway.

Beware of (your) dog. Nearly one-third of homeowners' liability claims stem from dog bites.

Get rid of the trampoline. Few household items drive more home premium increases – or cause more injuries.

Umbrella coverage is insurance against defense costs, judgments and court costs relating to liability claims that take place on your property.

This umbrella coverage calculator can show you just how important – and how affordable – this protection can be.

Water damage and freezing

Average cost per claim:
$10,849
Rank: 4th

Frequency of claim:
1 in 60 homes
Rank: 2nd

Keep gutters clean and use downspout extenders. Make sure gutters drain away from your home.

Raise appliances off the floor, including washers, driers, and other heavy electrical equipment.

Periodically run your sump pump and clean it each year before spring.

Water backup and sump pump overflow covers property losses and clean-up costs that result from water backing up through sewers or drains or sump overflows.

Watch this short video on "Water backup" to learn more about how this coverage works.

Wind and hail damage

Average cost per claim:
$11,695
Rank: 3rd

Frequency of claim:
1 in 35 homes
Rank: 1st

Anchor larger outdoor items, such as grills or patio furniture, to prevent them from becoming potentially damaging projectiles in a wind storm.

Check your roof for loose shingles frequently, and repair promptly.

Trim tree limbs to prevent overhang.

Waiver of deductible coverage applies only the highest deductible when a claim affects multiple properties, such as a home and a car, or two cars.

A short video on waiver of deductible can show you how this coverage can save you money if you have a claim.

Property damage not caused by any of the above

Average cost per claim:
$6,773
Rank: 6th

Frequency of claim:
1 in 170 homes
Rank: 3rd

Make small home repairs promptly to prevent minor issues from escalating into more costly and time-consuming claims.

Seal any entry holes that may have developed in your home. Damage from rodents and other critters is more common than you think.

Keep it clean. That includes furnaces, lint traps, chimneys and other potential hazards.

Special personal property coverage protects you in incidents, such as misplaced jewelry or broken valuables, which are not typically covered in standard policies.

Watch this short video on scheduled items to learn more about this coverage.

Theft

Average cost per claim:
$4,415
Rank: 7th

Frequency of claim:
1 in 525 homes
Rank: 5th

Strategic landscaping, such as placing thorny bushes near first floor windows, can deter entry.

Don't hide valuables in the master bedroom. It's the first place thieves check.

Keep your vacation plans to yourself. Posting your upcoming trip on social media may alert thieves when to attempt a break-in.

Special personal property coverage is also must-have insurance against theft (as well as disappearance and breakage) for items whose value exceeds the limits of a standard policy.

 

There's a lot to consider when insuring your home. That's why the best bet is to rely on the expertise of your local independent insurance agent. Together with The Hanover, they'll be able to craft the ideal combination of coverage, value and price.

Source: Insurance Information Institute

 

Video

Understanding your home's "replacement cost"

Here's a statistic that may surprise you: more than half of homes in the U.S. are underinsured*. This may be because home insurance policies are often believed to provide coverage based on a home's market value, as opposed to its replacement cost. Understanding the difference between these two concepts is a key factor in making sure your coverage is up to the high standards of your home.

Replacement cost versus market value

When you think of what your home is worth, you tend to think of either what you paid for it, or the price you can sell it for on the open market. This may be affected by factors beyond the size and features of your home, such as its neighborhood, school system, market demand and many other external considerations.

But insurance carriers are more concerned with the replacement cost of your home. This is essentially the amount it would take to rebuild your home from scratch in the event of a total loss. There are many factors that go into determining this figure, and as a result, a home's replacement cost often (and sometimes greatly) differs from its market value.

Here's an example (for illustration purposes only). Let's say you purchased your home for $225,000, and you opt to insure it for this amount. But then, unfortunately, a fire destroys your home completely, and the cost to rebuild it, factoring parts and labor, comes to $280,000. You would be underinsured for $55,000 – which means you may not have enough funds to rebuild your home the way it was.

Some factors that go into replacement cost

  • Roof and shingle style and quality, which can vary widely from home to home
  • Exterior features like porches, decks, and breezeways
  • The age and quality of your heating and cooling systems
  • The materials used in your kitchen and/or bath
  • The style of your garage, and whether it is attached
  • Present-day costs of building materials and labor
  • The costs of debris removal, which are not included in new home construction

Coverage A-OK

Replacement costs can change during the life of your home. That's why it's important to make sure you have the coverage you truly need should you ever suffer a total loss. Contact The Hanover and your independent insurance agent, who have the tools and expertise that can help you determine the right replacement cost for your home.

* Marshall & Swift/Boeckh

This material is provided for informational purposes only and does not provide any coverage or guarantee loss prevention. The examples in this material are provided as hypothetical and for illustration purposes only. The Hanover Insurance Company and its affiliates and subsidiaries (“The Hanover”) specifically disclaim any warranty or representation that acceptance of any recommendations contained herein will make any premises, or operation safe or in compliance with any law or regulation. By providing this information to you, The Hanover does not assume (and specifically disclaims) any duty, undertaking or responsibility to you. The decision to accept or implement any recommendation(s) or advice contained in this material must be made by you.

Understanding your home's "replacement cost"

Here's a statistic that may surprise you: more than half of homes in the U.S. are underinsured*. This may be because home insurance policies are often believed to provide coverage based on a home's market value, as opposed to its replacement cost. Understanding the difference between these two concepts is a key factor in making sure your coverage is up to the high standards of your home.

Replacement cost versus market value

When you think of what your home is worth, you tend to think of either what you paid for it, or the price you can sell it for on the open market. This may be affected by factors beyond the size and features of your home, such as its neighborhood, school system, market demand and many other external considerations.

But insurance carriers are more concerned with the replacement cost of your home. This is essentially the amount it would take to rebuild your home from scratch in the event of a total loss. There are many factors that go into determining this figure, and as a result, a home's replacement cost often (and sometimes greatly) differs from its market value.

Here's an example (for illustration purposes only). Let's say you purchased your home for $225,000, and you opt to insure it for this amount. But then, unfortunately, a fire destroys your home completely, and the cost to rebuild it, factoring parts and labor, comes to $280,000. You would be underinsured for $55,000 – which means you may not have enough funds to rebuild your home the way it was.

Some factors that go into replacement cost

  • Roof and shingle style and quality, which can vary widely from home to home
  • Exterior features like porches, decks, and breezeways
  • The age and quality of your heating and cooling systems
  • The materials used in your kitchen and/or bath
  • The style of your garage, and whether it is attached
  • Present-day costs of building materials and labor
  • The costs of debris removal, which are not included in new home construction

Coverage A-OK

Replacement costs can change during the life of your home. That's why it's important to make sure you have the coverage you truly need should you ever suffer a total loss. Contact The Hanover and your independent insurance agent, who have the tools and expertise that can help you determine the right replacement cost for your home.

* Marshall & Swift/Boeckh

This material is provided for informational purposes only and does not provide any coverage or guarantee loss prevention. The examples in this material are provided as hypothetical and for illustration purposes only. The Hanover Insurance Company and its affiliates and subsidiaries (“The Hanover”) specifically disclaim any warranty or representation that acceptance of any recommendations contained herein will make any premises, or operation safe or in compliance with any law or regulation. By providing this information to you, The Hanover does not assume (and specifically disclaims) any duty, undertaking or responsibility to you. The decision to accept or implement any recommendation(s) or advice contained in this material must be made by you.

Understanding your home's "replacement cost"

Here's a statistic that may surprise you: more than half of homes in the U.S. are underinsured*. This may be because home insurance policies are often believed to provide coverage based on a home's market value, as opposed to its replacement cost. Understanding the difference between these two concepts is a key factor in making sure your coverage is up to the high standards of your home.

Replacement cost versus market value

When you think of what your home is worth, you tend to think of either what you paid for it, or the price you can sell it for on the open market. This may be affected by factors beyond the size and features of your home, such as its neighborhood, school system, market demand and many other external considerations.

But insurance carriers are more concerned with the replacement cost of your home. This is essentially the amount it would take to rebuild your home from scratch in the event of a total loss. There are many factors that go into determining this figure, and as a result, a home's replacement cost often (and sometimes greatly) differs from its market value.

Here's an example (for illustration purposes only). Let's say you purchased your home for $225,000, and you opt to insure it for this amount. But then, unfortunately, a fire destroys your home completely, and the cost to rebuild it, factoring parts and labor, comes to $280,000. You would be underinsured for $55,000 – which means you may not have enough funds to rebuild your home the way it was.

Some factors that go into replacement cost

  • Roof and shingle style and quality, which can vary widely from home to home
  • Exterior features like porches, decks, and breezeways
  • The age and quality of your heating and cooling systems
  • The materials used in your kitchen and/or bath
  • The style of your garage, and whether it is attached
  • Present-day costs of building materials and labor
  • The costs of debris removal, which are not included in new home construction

Coverage A-OK

Replacement costs can change during the life of your home. That's why it's important to make sure you have the coverage you truly need should you ever suffer a total loss. Contact The Hanover and your independent insurance agent, who have the tools and expertise that can help you determine the right replacement cost for your home.

* Marshall & Swift/Boeckh

This material is provided for informational purposes only and does not provide any coverage or guarantee loss prevention. The examples in this material are provided as hypothetical and for illustration purposes only. The Hanover Insurance Company and its affiliates and subsidiaries (“The Hanover”) specifically disclaim any warranty or representation that acceptance of any recommendations contained herein will make any premises, or operation safe or in compliance with any law or regulation. By providing this information to you, The Hanover does not assume (and specifically disclaims) any duty, undertaking or responsibility to you. The decision to accept or implement any recommendation(s) or advice contained in this material must be made by you.

Understanding your home's "replacement cost"

Here's a statistic that may surprise you: more than half of homes in the U.S. are underinsured*. This may be because home insurance policies are often believed to provide coverage based on a home's market value, as opposed to its replacement cost. Understanding the difference between these two concepts is a key factor in making sure your coverage is up to the high standards of your home.

Replacement cost versus market value

When you think of what your home is worth, you tend to think of either what you paid for it, or the price you can sell it for on the open market. This may be affected by factors beyond the size and features of your home, such as its neighborhood, school system, market demand and many other external considerations.

But insurance carriers are more concerned with the replacement cost of your home. This is essentially the amount it would take to rebuild your home from scratch in the event of a total loss. There are many factors that go into determining this figure, and as a result, a home's replacement cost often (and sometimes greatly) differs from its market value.

Here's an example (for illustration purposes only). Let's say you purchased your home for $225,000, and you opt to insure it for this amount. But then, unfortunately, a fire destroys your home completely, and the cost to rebuild it, factoring parts and labor, comes to $280,000. You would be underinsured for $55,000 – which means you may not have enough funds to rebuild your home the way it was.

Some factors that go into replacement cost

  • Roof and shingle style and quality, which can vary widely from home to home
  • Exterior features like porches, decks, and breezeways
  • The age and quality of your heating and cooling systems
  • The materials used in your kitchen and/or bath
  • The style of your garage, and whether it is attached
  • Present-day costs of building materials and labor
  • The costs of debris removal, which are not included in new home construction

Coverage A-OK

Replacement costs can change during the life of your home. That's why it's important to make sure you have the coverage you truly need should you ever suffer a total loss. Contact The Hanover and your independent insurance agent, who have the tools and expertise that can help you determine the right replacement cost for your home.

* Marshall & Swift/Boeckh

This material is provided for informational purposes only and does not provide any coverage or guarantee loss prevention. The examples in this material are provided as hypothetical and for illustration purposes only. The Hanover Insurance Company and its affiliates and subsidiaries (“The Hanover”) specifically disclaim any warranty or representation that acceptance of any recommendations contained herein will make any premises, or operation safe or in compliance with any law or regulation. By providing this information to you, The Hanover does not assume (and specifically disclaims) any duty, undertaking or responsibility to you. The decision to accept or implement any recommendation(s) or advice contained in this material must be made by you.

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