The
biggest investment most people make in their lifetime is the purchase of
a home. Homes come in all shapes and sizes: condominiums, co-ops, century
old landmarks and newly built structures. Whether you own or rent, a home
is a major investment, both financially and emotionally. If something disastrous
should happen, you'd want insurance protection that is broad enough to help
you repair or rebuild your home and replace its belongings. That is why
it is important to make sure that you are properly insured to protect that
sizeable asset.
Homeowner's insurance provides protection for an owner-occupied property and
includes coverage for the dwelling, other structures, personal property (i.e.
furniture, clothing, appliances, etc), and loss of use if a covered loss occurs
and you need to find temporary housing while repairs are being made to your
home. This coverage can be written to include guaranteed replacement cost on
both the building and contents. The property portion of this policy is subject
to a deductible per loss.
A homeowners policy also provides personal liability coverage if you are sued
for a negligent act, or if someone hurts themselves on your property. The liability
component also extends well beyond the boundaries of your home. Should you be
found legally at fault for injury or loss to another individual, whether you
unfortunately caused a tumble down a flight of stairs or a fall in the garage,
that is the personal liability portion of your policy that will respond.
The Homeowners Policy Protects:
Your Home, the physical structure of your home.
Detached Structures, such as a garage or shed.
Personal Belongings, including furniture, clothing, appliances and much
more.
Loss of Use, for living expenses, when the home is damaged and uninhabitable.
Personal Liability, that protects you and your family against a claim
or lawsuit if someone is injured or their property is damaged while at your
home.
You May Also Select Additional Coverage Options:
Contents Replacement. Provides full replacement cost for personal
belongings.
Additional Replacement Cost Protection. Provides the extra insurance
you need to rebuild your house if your coverage amount is inadequate.
Personal Injury. Protects you against libel and slander.
Identity Theft Protection. Provides assistance from a consumer
fraud specialist and covers expenses related to restoring your good name and
financial reputation.
Valuable Items Plus Endorsement. Provides a blanket of coverage
that is broader than what a basic Homeowners policy provides. It is the right
coverage for people who own valuable possessions such as jewelry, artwork cameras
and computers.
Personal Articles Floater. Provides even more comprehensive coverage
that the Valuables Items Plus endorsement. It is the right coverage for people
who wish to schedule items that have been carefully selected and whose values
exceed the limits of either Homeowners policy or Valuable Items Plus endorsement.
Umbrella Policy. Offers an additional $1 million to $5 million
of liability protection.
Flood Coverage. Flood damage is typically not covered under a
homeowners policy. This affordable coverage covers damage to your property and
provides cleanup reimbursement.
Pleasure Boat Insurance for small boats/watercrafts.
Saving Money on Your Homeowners Policy:
The following list shows a few of the discounts you may qualify for to lower
the cost of homeowners insurance:
New or renovated home discount
Multi-policy discount when you insure both your auto and home.
Claim free discount.
Security discounts for homes equipped with: Smoke detectors, Dead bolts,
Fire extinguishers or alarm systems.
How Much Insurance Do You Need:
You generally have three options to choose from when deciding how much home
insurance you need, and each of these options provides a different level of
coverage for your home:
Actual Cash Value:
Pays for the cost to replace damaged property while factoring in depreciation
amounts. For home insurance policies, Actual Cash Value applies unless a policy
states that Replacement Cost or Guaranteed Replacement Cost has been chosen.
Replacement Cost:
Pays for the cost to replace damaged property without factoring in deductions
for depreciation, but payment is limited to a maximum dollar amount.
Guaranteed Replacement Cost:
Pays the full cost of replacing damaged property, with no deduction for depreciation
and no dollar limit. Guaranteed Replacement Cost is not available in all states,
and most companies limit the coverage to 120 percent of the cost to rebuild
your home. Allowing for this amount protects you in cases of increased construction
costs or other building-related fees due to inflation.
Whether you’re a home owner, condo owner, a renter, or a landlord, Daly Insurance
offers insurance to fit your needs, and help in choosing the insurance coverage
that gives you the best value for the best price.
Give us a call today 912-352-1400, you’ll be happy you did. |