Homeowner’s Insurance

A homeowner policy is a package of protection that provide coverage for your property, medical payments for others, & personal liability. This type pf policy is available for homes occupied by their owners as their primary residence. Other types of insurance include renters, condominium owner, mobile homeowner & farm or ranch. Optional coverages include earthquake, flood, sewer backup, umbrella (supplement all your other policies providing another layer of protection), watercraft, theft, credit card forgery, etc.

• Dwelling Coverage — Provides for the repair or replacement of your home & attached structures such as a garage or deck. Most policies provide for the replacement cost of your home when a specific amount of coverage is maintained. (A percentage of amount it would cost the insurance company to rebuild it) Some policies will offer guaranteed replacement cost, guarantee that the company will bear the full cost to replace your home, up to a specific amount.
• Other Structures — Repair or replacement of other permanent separate unattached structures on your premises. There are limitations to these policies so be sure you understand what qualifies.
• Personal Property — Repair or replacement of your furnishings and personal effects. Repair or replacement under this coverage usually is made on an actual cash value basis which is equal to the replacement cost, less depreciation. Coverage usually extends to your property worldwide with some limitations. This policy will specifically list the perils included. Commonly included are fire, lightning, windstorm, hail, explosion, riot, vehicles, smoke, theft and falling objects. There may be specific limits per peril & exclusions.
• Scheduled Personal Property Coverage — Covers property of unique or significant value & requires a separate floater or listing of the property.
• Loss of Use or Additional Living Expenses — covers increase in housing expenses when you are displaced due to covered loss.
• Medical Payments — Covers medical expenses of others when they are accidentally injured while on your property.
• Personal Liability — Covers expenses for bodily injury and property damage sustained by others when you are determined to be legally liable. This coverage extends beyond property limits i.e. damage your child does to another neighbor’s.