Learn more about homeowners and condo insurance….. Common Coverages:
Policy Options:
Learn more about renters insurance……
Common Coverages:
Policy Options:
We strongly encourage our clients to do an inventory of their personal property in case of severe or total loss. This list should provide detailed information including model, place and date of purchase, and amount of the item. The more information you can provide to the adjustor at the time of the loss the easier and faster your claim will be settled. To help you with this process, please down the following:
Property Inventory Sheet
Also, please feel free to download this free inventory software program provided through the Insurance Information Institution:
www.knowyourstuff.org
Homeowners Insurance
What is homeowners insurance?
A standard homeowners policy includes essential types of coverage, which are:
1.Coverage for the structure of your home (Coverage A- Dwelling)
2.Coverage for other detached structures (Coverage B- Other Structures)
3.Coverage your personal belongings (Coverage C- Personal Property)
4.Additional Living Expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster. (Coverage D- Loss of Use)
5.Personal Liability Protection (Coverage E- Personal Liability)
6.Medical Payments to Others (Coverage F- Medical Payments)
What is condo insurance?
If you own a condominium, your homeowners insurance does not cover you for the entire dwelling space because you do not individually own the structure. The condo association policy will provide some, if not all, coverage on the structure itself. As a unitowner, you may be responsible to insure only the improvements and betterments that you make to the structure. The condo policy will also provide coverage for:
- Coverage of the structure of condo (Coverage A- Dwelling)
- Coverage for other detached structures, if applicable (Coverage B-Other Structures)
- Coverage for personal belongings (Coverage C - Personal Property)
- Additional Living Expenses (Coverage D- Loss of Use)
- Personal Liability Protection (Coverage E- Personal Liability)
- Medical Payments to Others (Coverage F- Medical Payments)
What is renters insurance?
If you rent an apartment, house, or other structure, the landlord is not responsible for your personal belongings or liability. As a tenant, you should carry a renters policy to protect your furniture, clothing, sports equipment, and other personal items in case they are stolen or destroyed by fire, hurricane, or other insurance disaster. The renters policy provides coverage for:
- Coverage of personal belongings (Coverage C- Personal Property)
- Additional Living Expenses (Coverage D- Loss of Use)
- Personal Liability Protection (Coverage E- Personal Liability)
- Medical Payments to Others (Coverage F- Medical Payments)
Common Coverages:
Coverage A- Dwelling:
Typically covers your house, attached structures, fixtures in the house such as built-in appliances, plumbing, heating, permanently installed air conditioning systems, and electrical wiring. This part of the policy pays to repair or replace your home if damaged or destroyed by fire, hurricane, hail, lightning, or other disaster. It does not cover by flood, earthquake, or routine wear and tear. When purchasing coverage for your home, it is important that the dwelling limit will be enough to rebuild your home.
Coverage B- Other Structures:
This covers detaches structures such as garages, storage sheds, and fixtures attached to the land including fences, driveways, sidewalks, patios, and retaining walls.
Coverage C- Personal Property:
This covers contents of your home and other personal items owned by you or family members who reside with you. The items can be protected on an Actual Cash Value Basis or Replacement Cost Basis. Some home policies may also provide limited coverage for small boats, but in general it does not provide coverage for motorized vehicles, unless they are unlicensed and used only at your home. Some items, such as firearms, artwork, business property, electronic data, jewelry, and money, have coverage limits. Extra coverage is available by scheduling these items for specified dollar amount onto your policy.
Coverage D- Loss of Use:
This pays for additional costs you may incur if you cannot live in your home while repairs are being made. It covers items such as hotel bills, restaurant meals and other miscellaneous living expenses.
Coverage E- Personal Liability:
Liability covers you against lawsuits for bodily injury or property damage that you or family members that reside with you cause to other people. It also pays for damage caused by your pets (example: dog bites.) The liability portion of the policy pays for both the cost of defending you in court and court awards, up to the limit on your policy. Personal Liability not only covers you just in your home, but anywhere in the world.
Coverage F- Medical Payments:
The policy provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, they can submit medical bills to your insurance company for reimbursement. This can avoid liability claims being filed against you. It does not provide medical coverage for you, your family, or your pets.
Disclaimer: Our site contains general descriptions of the policies and coverages we provide. While you may use our site to help you understand the different types of coverages available, it does not describe all of the terms, conditions, limitations, or exclusion in your policy, nor does it modify or change any definitions expressly states in any contracts of insurance. Please read your policy contract fully to understand your coverage.
Policy Options:
Guaranteed Replacement Cost Coverage - will pay the cost to rebuild your home as long as you have met the requirements of your home insurance policy. There is not a capped limit (i.e. most companies put at 125% capped limit, which means they will only pay an additional 25% more over the dwelling limit at the time of the loss.)
Replacement Cost Coverage on Personal Property - pays the cost to replace your personal belongings vs. settling on an actual cash value basis.
Identity Theft - this provides coverage up to a specified dollar amount (typically $15,000) if someone were to steal your identity. While victims of identity are generally not held accountable for debts accumulated in their names, victims must repair the damage caused by the fraud, including cleaning up your credit report. This endorsement would provide coverage for attorney fees, lost wages for time spent dealing with fraud, long-distance phone bills, certified mail, and notary costs, and loan reapplication fees.
Water Backup of Sump Pumps or Sewers - this provides coverage for the major appliances (furnace, water heater, water softener, etc.) and items such as carpeting, furniture, TV, personal property, etc. that is damaged as a result of watering backing up through the sump pump or sewer. Coverage is available as low at $1,000 and can be increased up to $50,000.
Scheduled Personal Property - protects articles such as jewelry, furs, stamps, coins, guns, computers, antiques and other items. By scheduling the items, there is broader coverage and normally a deductible does not apply should there be a loss.
Home Computer Coverage - provides coverage against risks of direct physical loss, unless specifically excluded, for a home computer or lap top that is used for personal use or incidental business use. It covers the CPU, peripheral hardware and connecting cables
Flood Coverage - This is excluded on a homeowners policy. To protect yourself in case of a flood, you must purchase a Flood Policy.
In-Home Business - A homeowners policy does provide limited coverage for business personal property located on and off the premises. However, it does not include liability coverage. In-Home business such as child care, Avon/Mary Kay products, home interior products, needs a special endorsement added to the policy. In some cases, it can not be endorsed and you may need a separate Businessowners Policy.
Disclaimer: Our site contains general descriptions of the policies and coverages we provide. While you may use our site to help you understand the different types of coverages available, it does not describe all of the terms, conditions, limitations, or exclusion in your policy, nor does it modify or change any definitions expressly states in any contracts of insurance. Please read your policy contract fully to understand your coverage.
Common Coverages:
Coverage C - Personal Property:
This covers contents of your home and other personal items owned by you or family members who reside with you. The items can be protected on an Actual Cash Value Basis or Replacement Cost Basis. Some home policies may also provide limited coverage for small boats, but in general it does not provide coverage for motorized vehicles, unless they are unlicensed and used only at your home. Some items, such as firearms, artwork, business property, electronic data, jewelry, and money, have coverage limits. Extra coverage is available by scheduling these items for specified dollar amount onto your policy.
Coverage D - Loss of Use:
This pays for additional costs you may incur if you cannot live in your home while repairs are being made. It covers items such as hotel bills, restaurant meals and other miscellaneous living expenses.
Coverage E- Personal Liability:
Liability covers you against lawsuits for bodily injury or property damage that you or family members that reside with you cause to other people. It also pays for damage caused by your pets (example: dog bites.) The liability portion of the policy pays for both the cost of defending you in court and court awards, up to the limit on your policy. Personal Liability not only covers you just in your home, but anywhere in the world.
Coverage F- Medical Payments:
The policy provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, they can submit medical bills to your insurance company for reimbursement. This can avoid liability claims being filed against you. It does not provide medical coverage for you, your family, or your pets.
Disclaimer: Our site contains general descriptions of the policies and coverages we provide. While you may use our site to help you understand the different types of coverages available, it does not describe all of the terms, conditions, limitations, or exclusion in your policy, nor does it modify or change any definitions expressly states in any contracts of insurance. Please read your policy contract fully to understand your coverage.
Policy Options:
Replacement Cost Coverage on Personal Property - pays the cost to replace your personal belongings vs. settling on an actual cash value basis.
Identity Theft - this provides coverage up to a specified dollar amount (typically $15,000) if someone were to steal your identity. While victims of identity are generally not held accountable for debts accumulated in their names, victims must repair the damage caused by the fraud, including cleaning up your credit report. This endorsement would provide coverage for attorney fees, lost wages for time spent dealing with fraud, long-distance phone bills, certified mail, and notary costs, and loan reapplication fees.
Scheduled Personal Property - protects articles such as jewelry, furs, stamps, coins, guns, computers, antiques and other items. By scheduling the items, there is broader coverage and normally a deductible does not apply should there be a loss.
Home Computer Coverage - provides coverage against risks of direct physical loss, unless specifically excluded, for a home computer or lap top that is used for personal use or incidental business use. It covers the CPU, peripheral hardware and connecting cables
Flood Coverage - This is excluded on a homeowners policy. To protect yourself in case of a flood, you must purchase a Flood Policy.
In-Home Business - A homeowners policy does provide limited coverage for business personal property located on and off the premises. However, it does not include liability coverage. In-Home business such as child care, Avon/Mary Kay products, home interior products, needs a special endorsement added to the policy. In some cases, it can not be endorsed and you may need a separate Businessowners Policy.
Disclaimer: Our site contains general descriptions of the policies and coverages we provide. While you may use our site to help you understand the different types of coverages available, it does not describe all of the terms, conditions, limitations, or exclusion in your policy, nor does it modify or change any definitions expressly states in any contracts of insurance. Please read your policy contract fully to understand your coverage.
To request a quote for a home, condo, or renters policy, please call one of our Personal Lines Agent or complete the following form and fax to us at 608-831-4777 Homeowners Quotation
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