What does a Homeowners policy protect?
A Homeowners policy offers a wide range of property and liability protections. Items typically covered include, but aren’t limited to:
What types of Coverage do I have?
Various types of coverage and loss are defined in your policy. Some of the most commonly covered losses include
There are many other property coverages included or available.
Homeowners insurance includes Liability and Medical Payments coverage to protect you if you’re found responsible for injury or loss to another person. An example of an event where Liability coverage might apply: When a loose handrail in your house causes someone to fall, you may be found negligent for not repairing the handrail. You may be legally responsible to pay for the injured person’s medical bills and lost wages. Your Liability and Medical payments coverage is designed to protect you under these and similar circumstances.
As always, a licensed insurance agent can help you select the coverage you need.
When you purchase Homeowners insurance, it’s important that you purchase an amount of coverage that suits your particular needs. For example, make sure that the amount of insurance (Limit) for your Dwelling is adequate to replace your home if it is destroyed. Make sure that your Personal Property limit is enough to replace possessions which may be destroyed. If you have any particularly valuable possessions, you should consider buying specific coverage for those items. There are limits to all coverage so it is important that you purchase an adequate amount. Always speak with a licensed agent if you have any questions about your coverage.
Most insurance coverage includes a deductible. A deductible is the amount of a loss that you are responsible for. Typically, a deductible is presented as a flat dollar amount (for example: $1000), or as a percentage of a coverage limit (for example: 2% of the Dwelling Limit). You may have different deductibles for different types of coverage. Sometimes, a higher deductible will result in a lower premium cost for you. It is important that you understand when and how your deductibles apply. As always, discuss any questions you have with a licensed agent.
Once you purchase a policy, you’ll receive what is called a Declarations Page. The “Dec Page” is a summary of the coverage you purchased and includes details including the Coverage Limits, Deductibles, policy term (duration), your premium, and other specifics regarding your coverage. The Dec page also includes many of the home characteristics and assumptions that were used to derive your premium. It is very important that you review the Declarations Page for accuracy and make sure you purchased the coverage you need. Again, discuss any questions or concerns with a licensed agent.