The most important things to know about insuring your new home

Having the right insurance coverage in place sounds pretty straightforward, though there's actually more to it than just working with the quote your broker or carrier works up for you. In this video, I interview Gino Benedetti, an insurance expert who has been working with homebuyers for close to 20 years. My hope is you'll get some answers to the most frequently asked questions (and more!) that I get from my clients while they are in contract to buy a home, and that this video will help you save time too.
If you're thinking about buying or selling real estate 🏡 in San Mateo County, or need a referral, I'd love to connect. 👋🏻 burlingameproperties.com/cont...
⏰ TIMESTAMPS:
Given the length and the how deep we go into this topic, check out the timestamps below so you can jump directly to any parts that are of most interest to you:
00:00 Intro
00:38 What homeowners insurance covers
01:02 The biggest piece of homeowners insurance: dwelling coverage.
01:40 How reconstruction cost is calculated
02:37 Other structure coverage: ADU's, detached garage, fences, and more
03:08 Personal property coverage: the stuff in your house
03:53 Cataloging the personal property contents in your home
05:56 Loss of use (if you have to move out), plus personal liability coverage
06:44 Examples of personal liability coverage
07:36 Umbrella coverage additional liability protection above the policy limits on the homeowner's policy
09:16 Extended replacement coverage: built-in for the unforeseen increased cost of construction inflation
11:22 The importance of umbrella policy, and bundling in home, auto, jewelry, and fine arts
11:55 What is covered by homeowner's insurance
13:04 What a home insurance policy does not cover
14:02 Cost of earthquake insurance and what it covers
16:24 Earthquake insurance: how percentage deductibles work
17:59 Increasing insurance rates in San Mateo County; zoning and potential risk for not qualifying
19:01 Insurance coverage in a high-risk area; grandfather clauses, non-renewal, solutions for different scenarios
21:00 Benefits of working with an insurance broker
21:42 Benefits of working with a captive insurance company like Farmers versus an insurance broker
22:22 Compensation for insurance brokers and the overall compensation model
24:39 Bundled home and auto insurance discounts
26:04 Insurance coverage for remodels: different types of insurance that should be put in place when vacated for construction
27:36 What is a builder's risk policy and why you may not think you want it, but you still need it
28:42 Calculating insurance premiums for builder's risk: how long you'll need the policy and other determining factors
31:34 Seller occupancy post-closing - renter's insurance coverage and the risks that should be considered
34:52 When to consider flood insurance
36:33 High-risk flood areas in San Mateo County
38:30 When to engage a home insurance broker and what to expect
Raziel Ungar, Realtor
Compass Real Estate
DRE # 01701234