Homeowners Insurance

Your home is your castle and you need to protect it as such.  That’s where we step in.  Every home that we insure, we do a Reconstruction Cost Guide on it to make sure we are providing enough coverage on the dwelling to rebuild it in the event of a total loss.  The last thing you want is for you to get 90% of the way through the rebuild and find out your home was underinsured.  After we complete the Reconstruction Cost Guide, we review all available coverage options with you to make sure that you have your castle insured exactly the way you want it with none of the stuff you don’t want.

Also, with the ability to write Homeowners insurance through multiple carriers such as Nationwide Insurance, Travelers Insurance, Grange Insurance and more, we are able to make sure that we are getting you the least expensive option without sacrificing coverage.

Homeowners insurance and all of the available coverages can be overwhelming to review.  When we offer coverages to you, we don’t provide you with a textbook definition of the coverage that requires a law degree to interpret.  Instead, we provide examples of how each coverage would apply in a claims scenario, thereby allowing you to make informed choices based on your needs and not based on what we think you need.

If you would like to see a comprehensive explanation of all of the available coverages we offer on Homeowners, click the button below.

However, if instead you just want a brief explanation of the coverages without the examples please see below.

Dwelling - this is the main structure on the premises and the limit you choose is the most the insurance carrier will pay to rebuild it assuming you haven’t added anything like Dwelling Replacement Cost 200%.  So if you insured your home for $300,000, that is the most the insurance carrier will pay to rebuild your home in the event of a total loss.

Personal Property - these are items such as furniture, clothes, electronics etc. and Personal Property has its own separate limit which is typically 70% or 75% of the Dwelling limit. 

Other Structures - garages, docks, swimming pools, fences etc. are insured under a limit separate from your Dwelling and generally the insurance carrier provides 10% of the Dwelling limit for Other Structures but this can be increased if needed.

Liability - pays for damages because of bodily injury or property damage caused by you or that you are legally liable for such as your deck collapsing while visitors are on it.  This is extremely cheap and no one should have a limit less than $300,000.

Medical Payments - pays for the medical bills and funeral expenses of anyone that is injured on the premises, except for the insured and residents of the household, regardless of fault.  Typical limits are $1,000 or $5,000.

Perils Insured For - there are three Cause of Loss forms; Basic, Broad and Special.  Most Homeowners insurance policies insure the Dwelling and Other Structures for Special perils and the Personal Property for Broad Perils.  Basic and Broad perils only provide coverage if damage is as a result of the specific perils listed where Special provides coverage for anything that happens except for what is specifically excluded by the policy.  Special is the most comprehensive and preferred method of insuring property.

Special Personal Property - most Homeowners insurance policies cover your personal property for Broad perils only.  However, you can insure your personal property for Special perils by way of this endorsement.  I strongly encourage everyone to add this endorsement.

Replacement Cost Valuation - this is a valuation method that in the event of a loss the insurance company will pay what it costs to repair or rebuild the building with like kind and quality materials, or if it is your personal property that is damaged will repair or replace it for a new identical article to that of the one that was damaged, destroyed or stolen. Without Replacement Cost, the insurance company would instead pay the depreciated value of the damaged property.  This coverage is a must on all Homeowners policies.

Dwelling Replacement Cost 200% - this doubles the limit you have on your Dwelling to make available in the event of damage to your home.  For instance, if you had your home insured for $300,000, the insurance company would pay up to $600,000 to rebuild or repair your home if that is what it took. This is sort of a safety feature to make sure you don’t get partially done rebuilding your home and realize you didn’t have enough insurance on it to complete the rebuild. This does not increase your “Other Structures” nor “Personal Property” limit.

Ordinance or Law - there are ordinances and laws regulating the construction of homes in every locality and they change throughout time.  Your home met code when it was built but may not now due to changes in code.  This coverage pays for upgrades or changes to your home, such as upgrading the electrical, plumbing, or HVAC system or making changes to the foundation, that are required to meet code during the rebuild or repair of your home.

Earthquake - provides coverage for damage as a result of Earthquake.  Does not include Earthquake damage to Masonry Veneer.

Earthquake Masonry Veneer - provides coverage for damage to the Masonry Veneer of your home as a result of Earthquake.

Equipment Breakdown - provides coverage for perils such as mechanical breakdown, electrical or electronic breakdown, rupture, bursting, bulging, implosion, steam explosion and sudden and accidental damage from artificially generated electrical current.  It does not pay for normal wear and tear.

Water Backup - pays for damage to the building or your personal property caused by or resulting from water which: 1. backs up through sewers or drains from outside the dwelling's plumbing system; or 2. overflows or is discharged from: a sump, sump pump, sump pump well, or related equipment; or other system designed to remove subsurface water from the foundation area. 

Personal Injury - provides liability for coverage for injuries arising out of false arrest, detention or imprisonment, malicious prosecution, wrongful eviction, wrongful entry, invasion of privacy, libel or slander.

Identity Theft - pays for the expenses incurred by you as a result of identity theft or identity fraud.

Loss of Use - pays for additional living expenses such as hotels and increased cost to eat after a covered claim to your Dwelling if the Dwelling is not fit to live in.

Trees, Shrubs and Plants - pays for damage to your Trees, Shrubs and Plants up to the limits on the policy.

Refrigerated Property - pays for loss of refrigerated property such as food spoiling as a result of losing power.

Flood - provides coverage to your Dwelling and Personal Property as a result of Flood damage.

Jewelry, Watches and Furs - provides theft coverage for your Jewelry, Watches and Furs.  There is typically a small limit included such as $1,500 or $2,500 which can be increased.

Guns and related equipment - provides theft coverage for your Guns and related equipment.  There is typically a small limit included such as $1,000 or $2,500 which can be increased.

Agreed Value - pays the full amount shown for items such as jewelry, watches, furs, guns etc that you have listed in the schedule instead of determining the value of the item after the loss.  The insurance company is agreeing upfront that the insured value is the actual value of the item.

Valuables and Collectibles - you can insure many items, not just jewelry, watches, furs and guns for broader coverage and Agreed Values. Some items that you can insure are, but not limited to: cameras, musical instruments, postage stamps, sports equipment, coins and computer equipment.

Better Roof Replacement - pays the additional cost to replace your roof to a higher weather resistant standard when your roof must be completely replaced as a result of a covered loss.

Service Line Coverage - replaces or repairs the portion of service lines that you own such as exterior underground sewer and water piping, data lines and electrical service lines that are accidentally broken or fail.

Loss Assessment -  pays up to the limit chosen for your share of a loss assessment that your Corporation or Association that oversees your neighborhood charges as a result of direct loss to property owned by all members, as long as the cause of loss to the property would have been covered by the same perils insured for on this policy.

If you are ready to start saving money on your Home Insurance with our agency, either fill out the form below for one of our producers to contact you or call us today at 434-239-2886.

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