Home Insurance. Home Sweet Home.
Your home is one of the most important investments you will ever make. Homeowners insurance provides you with financial protection in the event of a disaster or accident involving your home. Let's look at some of the coverages that make up a home policy.
Dwelling coverage pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed on your policy. This includes built-in appliances and wall-to-wall carpeting.
This provides coverage to other structures that are detached from your house, such as a garage, tool shed or gazebo.
Personal contents includes coverage for furniture, clothes, appliances, and other personal belongings that are damaged due to a covered loss, such as a fire, theft, hurricane, or water damage (not flood). Expensive items like jewelry, furs, art, collectibles and silverware may also be covered, but only up to a certain dollar limit. To ensure these items are covered to their full value, call and speak to one of our agents to determine the best option for you.
Additional Living Expenses (ALE)
ALE will cover additional living expenses if, due to a covered loss, you need to live elsewhere while your home is being rebuilt or repaired. This includes reasonable expenses above your usual living expenses. ALE coverage does have limits, including a time limitation, however, these limits are separate from the amount available to rebuild or repair your home.
Medical Payments to Others
Medical Payments to others provides no-fault medical coverage for minor injuries on your property. This coverage, however, does not provide medical payments coverage for you or anyone else residing in the household.
Personal liability insurance covers the costs of a lawsuit if you're sued for injuring someone or destroying someone's property unintentionally. It covers you, or any member of the household, and applies when an incident occurs on or even away from your property. If you are found to be legally liable, this coverage can assist in paying for the other persons medical bills, pain and suffering, loss wages, and can even pay out as a death benefit. Increasing your personal liability coverage limits minimally increases your annual premium so be sure to have enough coverage to protect your assets. Otherwise, you could be exposed to financial losses.
For added protection, you may want to consider a personal umbrella insurance policy, which provides an extra layer of personal liability protection, that comes into play after the liability limits on your home (or auto) policy have been exhausted. Typically, a personal umbrella can range from $150-$300.
If water backs up from a sewer or drain within your home, or if water discharges or overflows from your sump pump, this coverage can help up to a specific dollar amount. This does not include coverage for flood, this is a policy separate from your home policy.
A very important component of a home insurance policy, replacement cost coverage ensures your home is rebuilt or repaired without depreciating the value due to the age and other factors of your home, such as wear and tear. Replacement cost is also available for your personal contents and is recommended.