Homeowner Insurance
Homeowner Insurance
What Is Home Insurance?
- Fire/Lightning
- Windstorm/Hail
- Explosion
- Riot/Civil Commotion
- Aircraft
- Vehicles
- Smoke
- Vandalism
- Theft
- Accidental Discharge/Water Overflow
- Freezing
Why Do I Need Home Insurance?
Homeowners’ insurance policies vary based on the types of losses, the specific coverages chosen, and the type of residence being insured. You can select the policy that best suits your needs, whether it’s a comprehensive policy covering losses like fire, hail, smoke, falling objects, vandalism, and theft of personal property or a policy that only covers specified losses.
Common Homeowners Insurance Coverage
These are some common coverages you typically see on a policy:
Dwelling: This section covers the cost of replacing your home, which can vary based on materials, labor, and market factors. If necessary, we’ll analyze these to estimate the actual rebuilding cost.
Other Structures: This coverage includes any structure on your property that is not permanently attached to your house, such as fencing, driveways, sidewalks, and detached buildings like sheds and garages. For example, if a storm damages your fence or a fire destroys your garage, this coverage would help with the repair or replacement costs. Typically, this coverage is 10% of your dwelling limit, but it can be increased if you need more coverage.
Personal Property: This includes all your items, such as clothes, furniture, electronics, and appliances—essentially anything that would spill out of your house if you flipped it upside down.
Loss of Use: This covers your living expenses if you need to live elsewhere temporarily because your primary home is uninhabitable due to a loss.
Medical Expense: This policy covers medical expenses for guests injured on your property and, in some instances, those injured off your property. It does not cover healthcare costs for you or other members of your household.
Family/Personal Liability: Personal Liability Coverage applies if someone is injured or their property is damaged and you are at fault. The coverage generally applies anywhere in the world. When choosing your liability coverage limits, consider your income and assets. If you are sued, your coverage should be high enough to protect your assets. In some cases, an Umbrella policy may be necessary for extra coverage.
Scheduled Personal Property: You may require special coverage for valuable items or collectibles, such as jewelry, firearms, collectibles, and rugs.
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