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Homeowners insurance is one of the most valuable risk management
tools you can purchase. Your policy not only protects you
largest asset but also provides coverage in case of legal action
against you.
Basics
Homeowners Insurance is a very comprehensive product and can
have many features and riders. Below is an explanation of the
basic coverages in plain English. Remember, this is just a
general description and not policy language.
Homeowners Insurance is broken down into the following Coverage
sections:
Coverage A
Building: This coverage is used to protect the physical
structure. Your home should ideally be insured to 100% of it’s
Replacement Cost.
Coverage B
Other Structures: Used to protect unattached structures
such as a shed, detached garage or an inground swimming pool
Coverage C
Contents: This coverage is for your household belongings
Coverage D
Loss of Use: This pays for you and your family to stay in a
hotel if your
home becomes uninhabitable due to a covered loss.
Coverage E
Personal Liability: Coverage for Bodily Injury or Property
Damage that an insured is found to be liable.
Coverage F
Medical Payments: Coverage for medical payments to another
person regardless of the negligence of an insured person.
Replacement Cost
Replacement Cost value is often confused with the Market or
Appraised value of your home. Homeowners Insurance typically
insures your home not your land. Replacement cost coverage
contemplates the cost to replace your home with like kind and
quality materials. Market and Appraised values are used for
different reasons but are often incorrectly used to determine
insurance policy limits.
Tips on Purchasing a Policy
Always be sure you have an agent or company calculate the
Replacement Cost value of your home. This should be done
using actual characteristics of your home. We try and visit each
and every home we insure to maximize accuracy of insurance
values
Inquire about discounts They can range from 2% to 15%
depending on the presence of smoke detectors, fire and burglar
alarms. Monitored alarm systems go a long way in helping to
prevent or detect a potential loss.
Purchase Replacement Cost Coverage On your belongings and
your home. This will allow for a new for old replacement of
covered items
Buy Personal Liability Limits that are in line with your
Personal Assets So often customers choose liability limits
based on what sounds good or is cheaper. This is the most
inexpensive portion of the policy so buy what you need. Consider
a Personal Umbrella policy to extend your coverage to 1 million
or more.
Consider scheduling your valuable items on a rider and not in
your Contents limit You may get broader coverage with no
deductible and not dilute your Coverage C (link back to
Coverage C description above) limit.
Use larger deductibles to pay for better coverage.
A deductible is a predictable amount you must pay but going
without coverage or underinsuring to save money can be very
unpredictable. Buy insurance to transfer risk not add to it. If
you purchase insurance for catastrophe purposes consider $1000
or more for a deductible.
Manage
Your Policy
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following companies
offer 24/7 services
online:
