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Things you need to know about Homeowners Insurance
House, condo, apartment, and mobile home: This is your residence and it needs to be protected. Factors such as fire, lightning, theft, wind, water can cause damage to your home and your personal belongings. You need to protect these assets for which you have worked to acquire.
We want to be sure that when you have a policy with us, you fully understand the coverage you are purchasing and what it all means. We will take the necessary time to explain your coverage to you, so together, we can make the right decision on the protection you, your family and your home needs.
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Once a client with us, we will periodically be reviewing your policy, making sure to see how your situation may have changed. We will review your coverage again, make adjustments if necessary, and continue to make sure you are adequately covered.
In dealing with a local agency instead of an 800 number, we are able to get to know you, your family and your situation to better serve your changing needs.
With a local agent, you will gain the added benefit of having someone that can assist you along the way with any issues that may arise during a claims situation. It could be as simple as helping explain the coverage or work with you and the adjustor to coordinate things.
There are many different types of homeowners coverage you need to understand when a putting a policy together.
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Dwelling Coverage - The maximum dollar amount of coverage selected to cover the rebuilding of the home structure from inside and out in due to a covered loss.
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Personal Property - Contents coverage is a typical component of all homeowner and renter's insurance policies. Personal property refers to all tangible goods commonly found inside your residence and owned by you or family members who live with you. Examples of personal property include your clothes, furniture, furnishings, and appliances.
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Liability – this coverage pays when you are legally obligated for damages that occurred as the result of something that happened on your property (someone slips on ice on your driveway and sustains injuries). It also covers damages caused by your personal activities (you hit a golf ball through your neighbors window). This coverage would pay the claims as well as a lawyer to defend you in the event of a lawsuit. In addition to protection for claims and lawsuits arising out of non-auto incidents that occur at your premises, these policies often provide protection for incidents that occur off the premises.
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Medical Payments – This coverage pays the medical bills for people accidentally hurt in your home. It also pays for people hurt away from your home by you, your household members, or by your pets. Often, this coverage is provided no matter who is at fault for the injury. It is intended to cover the costs of minor injuries without the need for a third party to sue for reimbursement.
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Deductible - This is the dollar amount you selected that you are responsible for, prior to the insurance company paying out money on a covered claim (Claim amount is $10,000 and you have a $1000 deductible, company responsible for $9,000 of claim). Deductibles can range from $100 - $10,000 depending on the company’s options.
Home Insurance Frequently Asked Questions
Does my homeowner insurance provide coverage against losses due to lightning, fire, smoke, tornadoes, windstorms, hail, explosions, theft and vandalism?
Yes, normally, your homeowner’s insurance policy provides coverage for those perils. There are certain limits and exclusions, though, so it's best to consult with your agent and your policy to be sure.
Am I covered if a pipe bursts and water flows all over the floors?
Yes, this is typically covered by your homeowner’s insurance policy. You will want to be sure you check your plumbing and heating at least once a year, to try and avoid the situation.
What if a neighbor slips on my sidewalk and threatens to sue me. Will my homeowner’s policy protect me?
Yes. If the accident is the result of your negligence, your homeowners insurance will pay for the damages, in addition to paying for the legal costs of defending you against the claim. The medical payments part of your homeowner’s policy will provide coverage for the medical expenses arising from an injury to a neighbor or guest.
Is my jewelry covered by my homeowner’s policy?
Within your homeowners policy is a standard coverage amount provided for your jewelry. In most cases, you will need to schedule any items when their value is higher than the stated limits to be sure they are adequately covered. Your agent can help determine if you need to purchase this additional coverage.
I have a small, home-based business. Is my inventory and covered against damage or loss under my homeowner insurance?
No. A homeowners' policy doesn't cover you for losses that might occur with a home-based business. Contact your agent regarding a separate business owners' policy to cover losses from theft or damage.
My son is at college and lives in a dorm. Does my homeowner policy cover the possessions he took with him against damage or theft?
Yes. Personal property normally located at your residence but which is at another location is typically covered. Check with your agent for the specific amount of coverage: electronic equipment taken to college can quickly exceed the standard coverage you may have.
What's the difference between comprehensive and collision coverage?
Collision will cover accidental loss or damage to your vehicle because of a collision with another vehicle or an object. Comprehensive covers losses named in the policy that are not collision losses. Examples of this would be fire, theft, vandalism, or hitting an animal.
Who pays for the rental my family is in while our house is being repaired due to damage?
Typically if your policy includes a provision called "loss of use," your insurance will cover the cost of temporary housing up to the specified limits while the home repairs are being done.
Is replacement cost equal to the sale price of a home?
No. The sale price includes the value of the home plus the land the home is located on. The replacement cost is equal to the amount you would need to spend to replace the structure. Typically, homeowners don't need to insure the value of the land.
I rent a home/apartment. Will my landlord responsible for damage to my property due to a fire?
No. The landlord's policy would cover the building itself. You should consider a renters policy to insure your belongings.
Would I need to pay the policy premium in one lump sum?
Not unless the mortgage company is requiring you to pay one year up front. We are able to do set up a variety of payment options. You may always pay the policy in full or another option is a two-pay which you would pay half to start and the other half six months later. We even offer a monthly payment for your convenience.
I have heard it's good to have inflation guard on my policy. Why?
Inflation guard automatically adjusts the dwelling limit when you renew your policy to reflect current construction costs. And also because other portions of the policy are all a percentage of the dwelling coverage, they too are increased appropriately. This would be items such as your personal property.
I have a much older house. If after a covered loss we find that an undamaged portion of the dwelling is not up to code does my policy cover the construction needed to bring it up to code?
The difference in value of your home currently, and what it would cost to rebuild adhering to current standards, is not covered by your policy without the ordinance or law endorsement. This is a coverage you can discuss with your agent if you live in an older home.
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