Homeowner / Rental Insurance Services

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Common Homeowners Insurance Terms

What is typically covered by a homeowners insurance policy?

Your homeowners insurance policy is designed to provide protection for your home and your personal belongings. A homeowners policy provides protection against most losses that may happen to your house and personal property. Typically losses resulting from fire, theft, vandalism, wind, hail and some types of water damage. Your personal property is covered in your home, as well as anywhere in the world. Your homeowners policy also provides personal liability protection in the event someone is hurt on your property, or if you cause an injury to someone away from your home.

The following is a summary of the different sections of a typical homeowners policy:

DWELLING:

The part of the policy pays for the repairs or rebuilding of your home up to your policy limits if damage is caused by an insured peril. The policy does not provide coverage for damage caused by flood, earthquake or normal wear and tear. When obtaining coverage on your home it is very important to purchase enough protection to rebuild your home.

OTHER STRUCTURES:

Protection is provides for damages to detached structures on your property. This includes a detached garage, fence, shed, swimming pool, and a satellite dish.

A typical homeowners insurance policy will automatically provide up to 10% of the dwelling limit for the other structures coverage.

PERSONAL PROPERTY:

This section of the policy provides coverage for your personal belongings, such as clothing, furniture, appliances, and electronic equipment. For certain property, however, there is a certain limit of protection such as $1,000 for theft of jewelry, watches and furs; $200 on money and securities; $2,500 for theft of gold, silver and pewter ware; and $2,000 for theft of firearms. Additional coverage maybe available by scheduling specific property on an insurance floater.

A typical homeowners policy proves up to 50% or 70% of the dwelling limit for this coverage. Additional coverage is available if needed.

LOSS OF USE/ADDITIONAL LIVING EXPENSE:

This pays for the additional cost of living away from your home if you are unable to live there due to damage caused by a covered loss. This would include such things as hotel bills, meals, and other living expenses while your home is being repaired.

Coverage of 20% of the dwelling limit is automatically provided, additional coverage is available.

PERSONAL LIABILITY:

This coverage protects you against lawsuits for injuries or property damage that you or a family member causes to other people. The liability coverage of your policy also provides of legal defense and judgments against you up to the policy limits.

Basic liability policy limits start at $100,000, but higher limits of $300,000, $500,000, and $1,000,000 are available. Additional liability protection can be obtained by purchasing an umbrella liability policy.

MEDICAL PAYMENTS:

If someone is unintentionally injured in your home this will pay for medical bills up to $1,000. Higher limits are also available for this coverage.

OPTIONAL COVERAGES:

• Guaranteed Home Replacement Coverage-Available on newer homes.
• Personal Property Replacement Coverage
• Increased Limits for Certain Property-Jewelry, Guns, Silverware, Furs
• Sump Pump Failure/Sewer Backup
• Personal Injury Liability
• Scheduled Personal Property

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Renters Insurance

Renters insurance protection is relatively inexpensive. The coverage is identical to the homeowners policy, with the exception that there is no dwelling or other structures covered. The policy provides coverage for your personal property, additional living expense, personal liability and medical payments coverage.

TIPS TO SAVE YOU MONEY

• Increase your deductibles
• Discounts may be available for carrying your car insurance with the same carrier as your homeowners/renters insurance.
• Group Discounts
• Safety Equipment: Smoke detectors, fire extinguishers, dead bolts, alarms

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This is an outline of coverage only. Actual and complete coverage, exclusions, and limitations are stated in the policy.