What types of risks will my policy cover? There are several policy forms available for homeowners and investment property owners. The coverage can vary from basic (fire) damage to very broad, comprehensive coverage. The scope of coverage is a primary factor in the premium you will pay.
What is the most I want to be out of pocket in the event I suffer a loss? Your deductible is an integral part of the policy and establishes, as a minimum, your expense for losses on the policy. A high deductible will reduce your annual premium, in return you absorb a larger part of the loss. We do not recommend larger than a 1% deductible on dwelling coverages.
How is the personal property inside my home covered and for what value? Replacement Value Coverage is recommended whenever available. Most clients want to be able to replace their lost things with like items available at today's prices.
In a loss, would I want to be able to replace my property without consideration of their age or wear? Without replacement value coverage, your claim settlement will be subject to depreciation for the age and wear on the things you lost. This, coupled with your deductible, can leave you without enough money to actually replace your lost items with new, like items.
Where would I live and how would I endure the expenses if I were displaced from my home because of a loss? Loss of Use coverage provides funds to assist you with the additional living expenses associated with losing the use of your home. These expenses may include rent, storage, utilities and other expenses while you are diplaced from your home.
Am I receiving the best value in coverage for my insurance expense dollars? The insurance industry is very much like the rest of our economy. Many insurance carriers develop and revise their market strategies and these changes are usually reflected in changes to your premium and coverage. If you have not reviewed your coverage, company or options available to you, now is an excellent time to make sure you have the best options available!
Our home is usually the biggest investment that most of us have; having insurance is essential to the financial well-being of every homeowner. There are several types of policies available, and it is critical to have the right one for you and your family. You can buy a dwelling policy that covers only the structure of your house, but most homeowners buy a policy that combines five different coverages in a single policy:
Dwelling: pays for damage or destruction to your house and any unattached structures and buildings, such as fences, detached garages, and storage sheds.
Personal property: pays for theft, damage, or destruction of the contents of your house, including furniture, clothing, and appliances.
Liability: protects you against financial loss if you are sued and found legally responsible for someone else’s injury or property damage. A homeowners policy automatically provides $25,000 in coverage. You can buy up to $1 million in coverage for an extra premium.
Medical payments: pays medical bills for people hurt on your property. It also pays for some injuries that happen away from your home, such as your dog biting someone. A basic homeowners policy pays $500 in medical bills. You can pay extra and get up to $5,000 in medical payments coverage.
Loss of use: pays your additional living expenses (temporarty housing, food, and other essential expenses) if you must temporarily move while repairs are made. Most policies pay 10 to 20 percent of the amount of your dwelling coverage.