Homeowners insurance

There are two main reasons to purchase Homeowners Insurance:

  1. To protect your property and assets. The general purpose of home insurance is to provide coverage for the structure of your home, the personal assets, as well as protect you against liability claims.
  2. To meet your mortgage lender’s requirements. If you have a mortgage, your mortgage lender typically requires you to hold a home insurance policy.

What Is Homeowners Insurance?

Financial protection for your home if you suffer a loss due to fire, theft, vandalism, wind, hail or other covered events. Homeowners policies differ by which losses are covered, the coverages you choose, and what type of residence you own.

Common coverage options:

Dwelling Coverage typically pays to repair or rebuild your home if it is damaged or destroyed by an insured event. It is very important to insure the house for Replacement Cost Value (RCV). It is not the same as a market value – what you pay for the house. You can choose to insure your house for Actual Cash Value (ACV).  The ACV is the RCV at the time of loss minus physical depreciation. Contact our agency to find what coverage is really right for you.

Personal Property Coverage. Your home is filled with furniture, clothes, electronics and other items that mean a lot to you. This coverage pays to replace these items if they are lost, stolen or destroyed as a result of a covered loss anywhere in the world, not just on your premises. The same as building, personal property can be insured for RCV or ACV.   

Scheduled Personal Property Coverage. If you have special possessions such as jewelry, art, antiques or collectibles you may want to talk to your agent about this additional coverage. It provides broader coverage for specific items.

Personal Liability Coverage applies if someone is injured or their property is damaged and you or your immediate family members, residing together, are to blame. The coverage generally applies anywhere in the world.

When choosing your liability coverage limits, consider how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued.

Medical Payments Coverage pays medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.

Additional Living Expenses. If you cannot live in your home because of a covered loss, your home insurance policy will pay additional living expenses – commonly for up to 24 months-while damage is assessed and your home is repaired or rebuilt.

Optional Coverages and Endorsements

There is many of them and they can be added based on your needs – talk to your agent!

Be prepared for the loss

Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video — using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your policy does not cover damages caused by poor or deferred maintenance on your part.

How much does home insurance cost?

Your home insurance policy is specifically designed for your house. So how much you will pay for it depends on the coverage you choose, what type of house you own, where it is located, prior claims history and other factors. Contact your agent for the quote.

Every home is unique – talk to us today to find out how to get the best price and value on homeowners insurance for you! Call our office at 708-433-7777!