Frequently Asked Questions
A home can require a tremendous investment of money, time, and energy. Homeowners insurance is designed to protect that investment by insuring the actual structure or structures and the personal possessions in and around them, as well as providing liability protection for the residents. Through homeowner's insurance, you can protect yourself and your family from enormous loss in the event of damage or destruction to your home and property. Most likely, if you have a mortgage on your home, you are required to carry homeowner's insurance.
What does homeowner’s insurance generally cover? [expand]
Homeowners insurance is designed to cover the actual structure or structures of your home and the personal possessions in and around it. It also provides liability protection for you and other family members residing in your home. Homeowner's insurance provides repayment to you of all or certain portions of the costs resulting from covered occurrences of loss. Most likely, if you have a mortgage on your home, you are required to carry homeowner's insurance.
What damage to my house would not be covered by my homeowner’s policy? [expand]
Generally, unless you buy additional coverage, your homeowner’s policy won't compensate you for losses due to floods, earthquakes, nuclear accidents, wars, intentional damage, failure to maintain and normal wear and tear. Other exclusions may also apply.
Who is covered under my homeowner's policy? [expand]
A homeowner's policy will have a named insured, which is usually the owner named on the deed. The named insured's spouse is covered as well, even if he or she is not named on the policy declaration, if the spouse resides at the covered location. Other users and residents also may be covered to a lesser extent by the personal property and liability provisions in the policy. For instance, the insured's children or someone under 21 in the insured's care would likely be covered.
What is a deductible? [expand]
A deductible is the amount of the loss you pay before Golden Bear pays for the remainder of the loss. The deductible is subtracted from the total amount of the loss before payment is issued to you. The amount of your deductible is stated on the Declarations Page of your policy.
Does Golden Bear retain inspectors? [expand]
Yes - Golden Bear inspects every home we insure near the time the policy is issued. Inspectors will attempt to contact you prior to an inspection as they will also need access to your backyard. Inspectors provide information to Golden Bear about the condition of the risk.
Will filing a claim increase my premium or result in my policy cancellation? [expand]
You pay a premium for coverage and are entitled to the benefits of your policy. A claim is not a cause for concern, but a pattern of claims may result in a premium increase or non-renewal. A high frequency of claims is one red flag of insurance fraud. Golden Bear’s Special Investigation Unit monitors all claims for the detection of fraud indicators. Golden Bear has a duty to report any claims which present a reasonable suspicion of fraud to the California Department of Insurance.
My policy canceled. If I send a payment will my coverage be reinstated? [expand]
Reinstatement of coverage is subject to Underwriter approval. If reinstated, coverage will be effective 12:01 AM the day after the U.S. postmark date on your payment envelope. Reinstatement of coverage is not possible on any policy that has been canceled or expired for more than 30 days.
Is there a grace period if my payment is late? [expand]
There is NO grace period. Payments must be postmarked or received in our office or your agents office PRIOR to any expiration or cancellation date to avoid a lapse in coverage. No claims will be honored if a loss occurs during a lapse period.
What policy discounts are available on my Golden Bear Homeowner's Insurance Policy? [expand]
We currently offer the following discounts: New House Credit, Protection Device Credit, Gated Community Credit, Tile Roof Credit, Claims Free Renewal Credit.