Types of Home Insurance
If you own a home, you
need homeowner’s insurance to protect one of your
largest financial investments. Homeowner’s policies are
designed to provide financial protection in the event of
damage to your home, such as fire or water damage. Your
policy will also protect your personal property, such as
furniture that is damaged as a result of a fire, or the
theft of electronic equipment. In addition you will be
protected from liability as a result of homeownership,
such as a visitor who slips on your icy steps and breaks
an arm.
The standard homeowner’s policy covers the following:
- The
physical structure of your home,
permanent structures on your property, and your
personal property;
-
Personal liability
exposures that arise from being a homeowner;
-
Additional costs that
you may incur as a result of a covered loss, such as
fire to your home that makes your home
uninhabitable.
The homeowner’s policy
that you purchase determines which perils you are
insured against. Most homeowner’s policies are written
under the HO-3 contract form. Form numbers are
standardized in the insurance industry. So if you
purchase HO-3 insurance, you'll get the same coverage
regardless of your insurance provider. The HO-3 contract
form provides coverage for the following:
- Broad
coverage for your dwelling.
Damage to your dwelling from most causes is covered
unless it is specifically excluded.
- Damage
to your personal property for "named perils" only.
Your personal property is covered only against the
perils specified in the contract.
-
Limited coverage for jewelry that is stolen.
Coverage is usually $500 to $2,000, depending on
your state of residence. Most policies don't cover
jewelry that is lost.
Endorsements Provide
Additional Coverage
You can purchase
additional coverages through endorsements to your
policy. These coverages may be for items such as
jewelry, furs, firearms, gold or silverware. For
example, if you were seeking additional protection for
your jewelry, you may purchase endorsements that
provide:
- Additional coverage
for you jewelry beyond the amount covered in a
standard policy.
- An increase in the
perils insured against, for example, a misplaced
piece of jewelry, or a stone that falls out of a
setting.
- No deductible before
losses for jewelry are covered.
You may add other coverages
to your homeowner’s policy to reflect your specific
needs. Please contact us
to discuss these coverages. We encourage you to review
your policy and call your insurer if you have questions
about your coverage.
It's where you
live and where your possessions are. Chances are, it's your greatest
asset. But more than possessions and assets, it's your home…and you
need to protect it.
Home
Insurance helps provide peace of mind when:
Bad things happen.
Simply put, home insurance provides a safety net for
you and your family when certain unfortunate events happen like
theft, fire, burglary and vandalism…You need liability and guest
medical protection too. For example, if your neighbor slips and
falls in your kitchen, you might need these coverage to help pay for
medical expenses.
You need to replace, repair
or rebuild. If your home were destroyed by
fire today, you'd need the financial resources to replace or repair
it.
Your lender requires it.
When you buy your house, you'll probably need to provide your policy
"in hand" at your closing. If you're building a new home, you may
need to have special coverage while your new home is being built.
You have special items.
Protect more than your home; protect special items such as jewelry,
silverware, business property, cameras, cellular phones and more
with extended coverage options.
