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Homeowners 101

Homeowners insurance is basically designed to bring your home and possessions back to the same condition they were in before a loss occurred. Homeowners, Renters, Condo, Secondary Homes and Dwelling Fire are several different types of homeowners policies offered. While reading through the information below, you should keep in mind a couple definitions: (a) Exclusions are situations where your policy does not provide coverage; and (b) Liability is something for which you are legally responsible.


Imagine your house on moving day...empty, waiting to be filled. This is the part referred to as Coverage A: your physical home (rooms, fireplaces, tile floors, carpeting, etc.) and the structures attached to it, such as an attached garage.  The amount of coverage assigned to your dwelling should reflect the amount it would cost to completely repair or rebuild your home should it suffer a covered loss.


Not all structures that exist on your property are actually attached to your house. Therefore, Coverage B offers insurance protection for other structures such as a detached garage, gazebo, or storage shed.


Your personal possessions such as furniture, clothing and appliances are covered. Certain types of possessions are excluded or have limited coverage.


The coverage is also called Additional Living Expense. Essentially, this pays for your housing and other living expenses (like meals and laundry) if a major loss makes your house uninhabitable and you have to move out 


A homeowners policy does not provide coverage for the following perils: 

  • loss due to flood, or water that backs up through sewers 
  • loss to building by earthquake, aftershocks and mud slides  
  • loss by enforcement law or ordinance regulating construction, repair or demolition, or zoning 
  • loss due to power interruption when the interruption takes place off the residence property 
  • loss due to neglect of the insured to save and preserve property following a loss 
  • war and nuclear perils 
  • Intentional loss.  while it's being repaired.   


With a homeowners policy, a deductible applies to the property portion of the policy. A deductible is the amount you would have to pay out of your own pocket before the insurance coverage kicks in. Typical deductibles are $500, $1000, $2500 or higher.  The higher the deductible you select, the lower your premium payment will be.  


Provides coverage for bodily injury or property damage for which you are legally responsible. For example, let's say your dog bites someone, a guest falls down your front stairs, or your son throws a ball through your neighbor's window. You are legally responsible for these actions. Personal Liability helps to cover the associated costs of these related damages.


Pays all reasonable and necessary medical expenses for a period of three years from the date of an accident to a person or persons injured while on your property. This coverage does not apply to the insured or regular residents of the insured's household. 



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