Homeowners' insurance is there to help when unexpected things happen like fires, storms, or theft. But not all policies cover what you might think. Many homeowners don’t realize they’re underinsured until it’s too late. A quick policy check could save you money and prevent major headaches down the road.
Caskey Real Estate Group understands that homeownership is more than just finding the perfect property. Protecting it is just as important. With costs rising faster than inflation and unpredictable natural disasters, now is the time to review your homeowners insurance policy to make sure you have the coverage you need without overpaying.
To help, Caskey Real Estate Group is offering key insights and tips to ensure you have the right coverage in place.
The Reality of Homeownership: Are You Fully Protected?
From unexpected floods and powerful earthquakes to high winds and sudden storms, natural disasters can cause significant damage with little warning. These events serve as a reminder that disaster can strike at any time, often catching homeowners off guard. For those in the South Bay, where coastal weather and shifting landscapes present unique risks, ensuring that their most valuable asset is adequately protected should be a top priority.
Many homeowners assume their insurance policies have them covered, but gaps in coverage can lead to financial disaster. Rising premiums, increasing natural disasters, and inflation impacting rebuilding costs make it more critical than ever to review homeowners insurance policies and make necessary adjustments. Caskey Real Estate Group encourages homeowners to take proactive steps to evaluate their coverage before it’s too late.
Why Now Is the Time to Review Your Homeowners Insurance
Insurance rates are climbing, and with recent natural disasters putting a strain on insurance companies, many homeowners are facing skyrocketing premiums. In California, the average homeowners insurance premium is around $2,250 per year, and that number continues to rise. However, many homeowners don’t realize they may be overpaying or, worse, underinsured.
Key reasons to check your policy now:
- Rates are rising – Many insurers have increased premiums in response to climate risks and rebuilding costs.
- Coverage gaps are common – Standard policies often exclude critical protections like fire, earthquake, and flood coverage.
- Replacement costs have changed – With rising construction costs, your current coverage may not be enough to rebuild your home in today’s market.
What’s Covered—And What’s Not?
A standard homeowners policy typically includes:
- Dwelling coverage – Protects the structure of your home from covered disasters.
- Personal property coverage – Covers belongings if stolen or damaged.
- Liability protection – Financial protection in case someone is injured on your property.
- Additional living expenses (ALE) – Pays for temporary housing if your home becomes unlivable due to a covered event.
However, most policies do not cover:
- Earthquakes and floods – Separate policies are required for these high-risk events.
- Sewer backups and water damage from slow leaks – Often excluded unless specifically added.
- High-value items – Jewelry, art, and other valuables may exceed standard policy limits.
- Damage from certain dog breeds – Some policies restrict liability coverage based on pet breed
Steps to Ensure You Have the Right Coverage
Taking the time to review your policy can save you thousands of dollars and give you peace of mind. Here’s how to make sure you’re fully protected:
- Know Your Home’s Replacement Cost – Ensure your policy covers 100% of rebuilding costs in case of total loss.
- Review Personal Property Coverage – High-value items may need separate riders for full protection.
- Look for Coverage Gaps – Fire, flood, and earthquake insurance may need to be added.
- Consider Raising Your Deductible – A higher deductible can lower your monthly premiums.
- Bundle Policies for Savings – Many insurers offer discounts for combining home and auto insurance.
- Ask About Discounts – Security systems, fire alarms, and claim-free histories can reduce rates.
Caskey Real Estate Group recommends that homeowners take the time to carefully assess their policies and speak with an insurance professional if they have any doubts about their coverage. Having the right protection in place is just as important as choosing the right home.
Homeownership and Insurance: A Necessary Investment
For those buying a home in the South Bay, homeowners insurance is a non-negotiable requirement for securing a mortgage. Even for those who have paid off their homes, the financial risk of going without coverage is far too high. Rebuilding a home from scratch without insurance is a burden most families simply cannot afford.
At Caskey Real Estate Group, the mission extends beyond just buying and selling homes—it’s about helping homeowners protect their investment. Whether navigating a home purchase or reviewing an existing policy, now is the time to ensure that insurance coverage aligns with current risks and costs. The team at Caskey Real Estate Group is committed to guiding South Bay homeowners through the complexities of homeownership, including understanding the importance of the right insurance policy.
Thinking about buying, selling, or reviewing your home’s value? The team at Caskey Real Estate Group is here to help.
Contact Information:
Dave Caskey – Caskey Real Estate Group
📞 Office: 310-374-1800
📱 Direct: 310-200-1960
✉️ [email protected]
🌐 caskeyrealestate.com
