If you are a new home owner or have lived in your house for years, we know your home is very important to you. Insurance for your home is designed to protect your home, its contents, loss of its use (additional living expenses), as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner.
Homeowners Insurance does not come in a “one size fits all” solution. With so many carriers offering Home Insurance with a variety of options, our professionals can help you design a policy that meets your specific needs. Our professionals can also help you find out what is not covered like damage caused by flood, termites, continuous water leaks, etc.
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Here’s a list of the main coverages you’ll find on most Homeowner insurance policies:
Coverage A – Dwelling
Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states that as long as the dwelling is insured to 80% of actual value, losses will be adjusted at a replacement cost, up to the policy limits. This is meant to give a buffer against inflation.
- Coverage B – Other Structures
- Covers other structures around the property that are not used for business. Typically limited at 10% to 20% of Coverage A, with additional amounts available by endorsement.
- Coverage C – Personal Property
- Covers personal property, with limited coverage for the theft and loss of particular classes of items (i.e. jewelry, money, silverware, etc.). Typically 50 to 70% of coverage A is included for contents.
- Coverage D – Loss of Use/Additional Living Expenses
- Covers expenses associated with additional living expenses if the residence is uninhabitable after a covered loss.
- Additional Coverages
- Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding wind and ice), fire department changes, removal of property, identity theft charges, loss assessment, collapse, landlord’s furnishing, and some building additions. These vary depending upon the form.
- In most Homeowners policies, specific exclusions will be stated in this section. This is a very important section of the policy as it will outline types of losses that are not covered.
You have put a lot of hard work into providing a home for yourself and your family. Talk to one of our professionals today for personal advice on the best combination of home insurance coverage and price to protect your hard earned investment.