Homesite Homeowners Insurance FAQs

Q. Who are you?
A. Homesite is a national provider of home insurance products. Homesite focuses on the needs of home owners, condominium owners, and apartment renters. It's what we do every day. Our commitment to you gives us the ability to tailor all aspects of our operations to your needs, resulting in greater efficiency and improved customer service. Homesite markets its products through strategic partnerships with nationally recognized insurance, mortgage and financial services companies, as well as partnerships with affinity groups, employers, and other selected business partners. We understand your needs, and we have the resources to make our expertise work for you.

Q. How long have you been in business?
A. Homesite Group Incorporated was founded in 1997 and began selling policies in mid-1999. Focusing exclusively on the homeowners market, Homesite has been committed to addressing problems long associated with the U.S. homeowners insurance business: high fixed costs, limited distribution channels, and minimal technological innovation. Today, Homesite continues to bring industry-leading technology, innovative marketing and distribution strategies, and expertise in catastrophe management to the home insurance business. As a result, Homesite continues to deliver quality insurance products, outstanding customer service, and low premiums to consumers all across the nation.

Q. What is your financial rating?
A. Homesite has received an initial rating of A' (Unsurpassed) from Ohio-based Demotech. This Financial Stability Rating® indicates that Homesite's balance sheet reflects excellent liquidity, an acceptable level of financial leverage as measured by total liabilities to statutory net worth, and a balanced portfolio of insurance products. Demotech is a national independent actuarial service firm that rates the financial stability of all P&C insurance providers within the United States. Demotech's Financial Stability Analysis Model, which determines the financial stability of P&C insurers, has been accepted by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), since 1989. For further information about our financial stability, please contact Demotech directly at (614) 761-8602, or visit their website at www.demotech.com for more information.

Q. Why is Homesite a smart choice for my insurance needs?
A. Homesite's goal is to provide quality service and products at competitive prices. Customers can enjoy a full array of discounts, including discounts for new homeowners and retirees. Homesite also provides discounts to consumers who have safety and protective devices such as fire and burglar alarms, sprinkler systems, and dead bolts installed in their homes.

Q. Can I speak to a Homesite representative about my home insurance needs?
A. Yes, Homesite's team of licensed Insurance Specialists will work with you every step of the way, to make sure you get the best policy available for your needs. Contact an Insurance Specialist at 1-800-947-0713 and get personalized assistance with:

• Determining the right amount of coverage needed to rebuild your home and replace your valuables if they are ever damaged or stolen.
  
  
• Custom-designing a policy with the options and features you want and need.
  
  
• Determining your eligibility for special discounts, like our new homeowner and home security discounts, that provide additional savings on your coverage.

Our licensed Insurance Specialists are available to provide you with a free home replacement cost analysis, a free, no obligation quote, or to answer any of your questions.

Q. How do I know my house is covered properly?
A. During the application process we use a replacement cost calculation system that determines what the cost would be to rebuild your home using current prices for labor and materials. This is how we establish a replacement cost (Coverage A).

Q. Should I make an inventory of everything in my home?
A. A homeowner's insurance policy protects you from damage that may affect the value of your home. A standard homeowner's policy also includes personal liability and theft coverage. An inventory of your possessions not only helps you determine how much homeowner's insurance you should carry, but can also help get your things replaced (or returned) if they should be stolen. Detailed records, including pictures and video tape of antiques, jewelry, silver, sporting goods, major appliances, and collector's items are very important, as these items are difficult to value once they're lost.

Q. What is the difference between an "all risks" policy and a "named perils" policy?
A. A named perils policy covers losses that are caused by specific perils listed in the policy. The perils typically covered include fire, windstorm, hail, and other direct physical losses. An all risks policy covers losses that are caused by any peril except those specifically excluded in the policy. It is important to note that an all risk policy provides broader protection than do named perils policies.

Q. Why does scheduling a jewelry item benefit me when it costs more money?
A. Scheduling jewelry, like any item which can be scheduled, provides more coverage for that item than is provided under the basic homeowners policy. In addition, the item is replaced at the value for which it is scheduled, subject to policy terms. Any jewelry item not scheduled on your homeowners policy can be replaced at its actual cash value, subject to the coverage limitations of the policy.

Q. What is the difference between ACV and Replacement Cost?
A. Actual Cash Value (ACV) is defined as the cost to rebuild your home when it was new minus any depreciation for its age. Replacement Cost guarantees the reconstruction of your home regardless of its current cost, subject to any policy limitations.

Q. Does my homeowner's policy cover damage caused by flood?
A. Homeowners policies do not cover flood damage. However, The National Flood Insurance Program (NFIP) offers flood coverage in many areas. If a mortgage lender determines a home is in a special flood hazard area, the borrower might be required to purchase flood insurance.

Q. I love the idea of saving money, but will I still get the same protection for my home?
A. Definitely. Homesite provides complete coverage. Our specialists will tailor your policy to protect you and your assets against personal liability, and do so within your personal budget.

Q. Does Homesite offer discounts?
A. Yes. Homesite gives discounts to homes with protection and early detection features such as smoke alarms, sprinklers, and burglar alarms. We also offer discounts for retirees, since being home helps protect your home.

Q. What can I expect if I become a Homesite customer?
A. A smooth efficient process. Our skilled, experienced Insurance Specialists take information about your home, then guide you through the process of selecting your coverage. They address any questions you may have, then tell you what your premium is. And when you have a claim, you have the added comfort of knowing you are dealing directly with the insurance company.

Q. What payment plans do you make available?
A. Homesite offers payment by credit card (Visa, Mastercard, Discover & American Express), electronic funds transfer from your checking account, mortgage bill, or personal check. You may elect to pay your annual premium in 1 payment or an initial payment of 25% of your annual premium followed by 9 installments. You will be charged a small installment fee for each installment, and can pay your remaining balance at any time.

Q. Where do I send my payments?
A. Please make checks payable to "Homesite Insurance". All payments should be mailed to:
Homesite Insurance
P.O. Box 414356
Boston, MA 02241-4356

Q. When can I reach a Homesite Insurance Specialist(s)?
A. Home Insurance Specialists are available to take your call at 1-800-947-0713 from 8 a.m. to 9 p.m. (EST) Monday through Friday, and from 10 a.m. to 3 p.m. (EST) on Saturday.

Q. What makes Homesite's service better than that of most insurance companies?
A. Focus on customer satisfaction. Meeting your home insurance needs promptly, responsibly and completely is our #1 priority.

• Homesite has Insurance Specialists to advise you.
• Homesite has 24-hour claims response for immediate service.
• Homesite has home inspectors and claims specialists right in your area.
• Homesite has convenient payment options.
• Homesite has easy switching with no lapse in coverage.

Q. Who am I talking to when I call Homesite?
A. A licensed Homesite Insurance Specialist. They are fully trained in all aspects of home insurance and can assist you with putting together a coverage plan that best suits your individual needs.

Q. Can I really call with a claim at 2 a.m?
A. You bet. Our claims service is available 24 hours a day, 7 days a week, 365 days a year. Should a problem occur, call us at that moment and we'll help you minimize the damage and solve your immediate needs. Then, if necessary, we will get an adjuster out to your home within hours. In fact, with some claims, your check is issued in 24 hours.

Q. Can I switch to Homesite anytime?
A. Absolutely. There's no need to wait until your current policy expires. Plus, there's no risk whatsoever of a lapse in coverage. Just call 1-800-947-0713 and we'll do the rest.

Q. I'm a first-time homebuyer – can I get Homesite insurance in time for my closing?
A. Definitely. We can get you a closing binder within 24 hours. All it takes is one call.