What is Homeowners Insurance?
Homeowners insurance will not only compensate you for losses to your home and the contents inside it but will also give you peace of mind knowing that you have protection on your investment. The policy will also cover you in the event you are legally liable for someone who is injured on your property, as well as fiscal losses that are caused by storms, fire, theft, and other covered losses.
What Does the Homeowners Policy Cover?
A standard Homeowners policy protects the following:
Dwelling Coverage helps protect the physical structure of the home.
Other Structures covers property not attached to your home (Examples: Tool Shed or detached garage)
Personal Contents Coverage helps covers your personal articles in your home from a covered loss defined in your policy.
Loss of Use pays out in the event that you are unable to live in your primary home
Medical Payments to Others help pay for medical expenses of someone who is injured on your property
Personal Liability consists of bodily injury and property damage. In the event an accident occurs in your home, personal liability will help pay for covered damages.
Other popular coverage that can be purchased for an additional fee:
Replacement Cost may help replace or repair personal property with like kind and quality without depreciating.
Water Backup of Sewers and Drains cover direct physical loss to your personal property caused by water backs up through sewer or drains.
Scheduled Personal Property provides additional coverage for specific items of property, such as Jewelry, furs, arts, or guns.
Identity Theft Coverage will guide you through the process of reclaiming your identity and will reimburse you for expenses (limits vary) incurred as the result of an identity theft.
How Much Should You Insure Your Home For?
Most people believe their homes should be insured for the amount they paid for the home. This is not the case. Wagner Agency, Inc uses a Replacement Cost Estimator which realistically estimates the cost to rebuild your home in the event of a total loss. This figure may be higher or lower than the actual cost of the home. Click on the following (link to RCE) to see a sample of the estimator.
Do You Need to Keep an Inventory of Your Personal Property?
Keeping a record of all your personal property inside your home is not mandatory but is highly recommended. We realize that it could take you some time but in the event of a total loss, it would be a major benefit for you if you were organized. We obviously hope that you never have a need for this list but we urge you to take inventory as soon as possible. Click on the following HOME INVENTORY GUIDE and start to organize your home inventory today.
Have you Reviewed your Home Coverage lately?
- Have you made any additions or alterations to your residence that you have not reported to your agent?
- Do you conduct an in-home business at your residence?
- Do you provide any home day care of any type?
- Do you have any auxiliary heating devices such as a wood or coal burning stove?
- Do you own any other real estate other than your primary residence?
- What is the estimated value of your jewelry, antiques, fine arts, furs or other precious items or collectibles?
- Do you have a dog or dogs? If so, what breed(s)?
- Do you have a swimming pool or trampoline?