Homeowners insurance provides financial protection in the event that your home or its contents are damaged. It also provides protection if you or a family member are held legally responsible (liable) for the injuries to others or damage to their property. It’s also required by most mortgage lenders.
There are different types of insurance policies that cover your home. They range from a basic policy, to those that will provide a much broader ranger of protection. Not all policies and coverages are available in all states.
What’s covered; what’s not
Most homeowners insurance policies will cover damage caused by such perils as fire, windstorms, hail, lightning, theft or vandalism. There are other homeowners policies that cover additional perils as well. Typically, floods and earthquakes are excluded. It’s important to talk to your agent or our representative to learn what your policy may and may not cover. For those perils that are not covered, there may be supplemental insurance you can purchase.
What most standard homeowners policies provide
Key factors that impact the cost to rebuild your home include:
Why rebuild costs can differ
Costs to rebuild your home often differ from home market values, mortgage requirements, tax assessments and real estate appraisals. This is due to a number of factors:
Make sure you have the right coverage
Updates, additions and improvements to your home may increase the amount of coverage you need. The most common changes that could increase the amount of coverage you need include: Installing hardwood floors, updating a kitchen or bath or adding a deck.
Here are some easy ways to keep your coverage current:
Be confident in your insurance choices. Contact your agent or our representative today. We’ll work with you to develop a homeowners insurance policy that fits your needs and your budget.
These types of property can be insured for their full value with our using specialized endorsements or separate policies. For example, you can expand coverage for business property using the our’ home business coverage endorsement (in some states). You can insure jewelry, furs, silverware and other treasured possessions on a valuable items endorsement or on a personal articles floater policy.
If your property is damaged in a flood or earthquake, however, it’s typically not covered. Certain other types of possessions have limited coverage and some are specifically excluded from property coverage because of their nature or because they are generally covered by other types of policies.
Know what your possessions are worth with a home property inventory
It’s important to keep an up-to-date inventory of your personal possessions. Your inventory should include a brief description of the serial and model number, and the cost. It can also include photographs or videotapes of the items. Be sure to attach any receipts that you have for the items to your inventory and to keep your inventory in a safe place such as a fireproof security box or safe, blank safety deposit box, or with a trusted member or friend.
Be confident in your insurance choices. We’ll work with you to develop a homeowners insurance policy that fits your needs and your budget.
We understand that one size does not fit all when it comes to insurance. That’s why we offer optional coverages (endorsements) that you can add on to your basic homeowners policy. Some of the more common add-on coverages include:
Keep in mind that damage caused by floods is not covered by homeowner insurance.
Let us give you guidance on what optional coverages might best meet your needs and your budget.
Money saving discounts offer many ways to save on home insurance: