It’s important to get enough insurance to:
Be able to completely rebuild your house in the event it is destroyed by fire or other natural disaster
Replace everything inside of the house (furnishings, possessions, etc)
Protect your liability in case someone becomes injured on your property and sues you
Factor in additional coverages based on your unique risks such as:
Special floaters for jewelry, collectibles and expensive items
Guaranteed or extended replacement cost for the structure
Drain and sewer back-ups
An inflation-guard clause, which automatically adjusts annually to the construction costs in your area
Umbrella liability coverage other high-risk items (such as a pool)
A standard homeowner’s insurance policy insures your home and everything in it. This is normally a package policy, meaning that it covers both damage to your property and your liability, or legal responsibility for any injuries and property damage you or members of your family cause to other people. Let’s look at each coverage in more detail:
Part l: Property Protection
Dwelling: This offers protection as caused by damage to the structure of your home. It includes fixtures and plumbing and heating due to a covered loss, such as fire or hail storm damage. However, it does not cover the normal wear and tear of your home resulting from maintenance-related problems. You need enough coverage for the cost of rebuilding or repairing your home, less the cost of the land. Determining this new replacement can be somewhat complicated, but we can assist you with this process.
Other Structures: This includes coverage for detached structures such as a garage, garden shed, and fixtures attached to land such as a driveway, sidewalks, patio, fence, swimming pool, etc.
Personal Property: This covers the contents and personal items found in your home including furniture, clothing, sporting goods, etc. This also extends to your personal belongings anywhere in the world, up to a maximum value per item. To determine your property’s value, we’ll provide you with a home inventory checklist to help you quickly and easily itemize and put a value to your belongings.
We recommend insuring your personal property for its replacement cost value. The longer you own your belongings, the less value they hold. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices.
Loss of Use: In the event that a covered loss such as fire forces you from your home, Loss of Use provides a safety net for extra expenses over and above your normal living expenses for the duration of time you are unable to live in your home, up to the policy limit.
Part ll: Liability to Others
The Liability to Others portion of your policy provides coverage against lawsuits for bodily injury or property damage that you or family members may cause to other people. It pays for both the cost of litigation and court awards, up to the limit of your policy. It also covers you at home or away.
If a visitor is injured in your home, medical payments coverage allows the person to submit medical bills directly to your insurance company. The benefit is that the expenses are paid to the injured person up to the policy limit without a liability claim being filed against you.
What about Disasters?
Damage caused by most disasters is covered in a standard homeowner’s policy. This excludes floods and earthquakes. Upon request, we can provide coverage information about each of those items.
If your home is left vacant due to a move or new construction, you become vulnerable to claims for loss from vandalism and other mishaps. Please check with our agency to learn more about the coverage options available to you.
We specialize in providing homeowners insurance solutions so that you can get back to the business of living. We want you to feel secure with the knowledge that one of your largest assets is being protected. Contact us at (262) 646-5777 to learn more about all of our personal risk management solutions for your home, auto and life.
Top Ways to Save on Your Premium
Invest in a home security system
Update exterior locks and dead bolts
Consider selecting an automatic payment method
Monitor your credit rating regularly
Inquire about our multi-policy discounts
Think about raising your deductible
Install smoke alarms