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An Overview of Home Insurance: An Interview with Melisa Radin of Mitchell & Mitchell Insurance

By Marisa Lee

Tell us a little bit about your company and its foundation.

Founded in 1954 with a focus on helping dentist ensure business and financial stability and with success and have expanded to assist a range of professionals and their personal insurance needs. We're now servicing second- and third- generation clients. We handle your business and personal needs from graduation through retirement and beyond - and we do so with integrity and a solid commitment to protect you and your assets.

In general, what is homeowners insurance supposed to provide for homeowner?

Homeowner insurance is suppose to provide peace of mind for the homeowner in the event of a loss. If written correctly and endorsed to fit the homeowners specific needs, in the event of a loss, it would pay for the dwelling to be rebuilt, personal property replaced, temporary shelter, food & clothing while the dwelling is inhabitable and while it is being rebuilt.

What are a few of the different types of policies available? Are these policies mostly based on income level?

There are different types of policies available, HO3 & HO5 Homeowner, HO6 Condo Unit owners, HO4 Renters Insurance, DP3 Rental Property are just a few of the more popular policies. The policies are not necessarily based on income, our goal is to build a policy to fit the exposure.

Do most insurance companies require home inspections? What different type of home inspections are there?

The agent will calculate the replacement cost of the property by using a replacement cost guide. However, most companies will require an inspection. This is to make sure the replacement cost is accurate and it is at no cost to the insured.

What are some factors that influence the rate on my home insurance policy?

Some factors that may influence the rate is the location, is the house accessible to fire trucks, is there a fire hydrant within 1000 feet, how far is the closest fire station? The dwelling amount, endorsements and your choice of deductible will also determine the premium. Adding endorsements will increase the premium a few dollars but an Open Peril policy is broader than a Named Peril policy. Dwelling Replacement or Extended Dwelling replacement cost are important. Most policies have a limit on Jewelry, so schedule your engagement ring separately and add any valuable items that have appraisals so if something happens, you have coverage.

What are my options if I want to cancel my home insurance policy?

If you want to cancel a homeowner policy, you can at any time and receive a refund for unused premium. Sending the agent or the company a signed letter is the best way to get a policy cancelled.

What are some common claim concerns that may arise with my policy?

Some of the most common claim concerns is regarding the damage to a house due to a water loss and damage cause by not maintaining the property properly. Flood and Earthquake are specifically excluded and it is the homeowners responsibility to maintain the pipes, roof, electrical, heating and regular household repairs.

The more information you give the agent about you, your family, your assets and your property, the better the policy that can be written to fit your needs and price range.

What is the best way for people to get in contact with you or your company?

The best way to contact Mitchell & Mitchell Insurance for a homeowner quote or any personal lines related policy is to email: mRadin@mitchellandmitchell.com or call 800-995-0060. Visit our website www.mitchellandmitchell.com to see what other insurance we offer and request an online quote.

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About The Author

Marisa Lee is a passionate advocate for green building and energy efficiency. She has...

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