Homeowners Insurance

Three Basic Levels of Coverage

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Actual Cash Value

Covers the cost of the house plus the value of your belongings after deducting depreciation.

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Replacement Cost

Covers the actual cash value of your home and possessions without the deduction for depreciation, so you would be able to repair or rebuild your home up to the original value.

Guaranteed Replacement Value

The most comprehensive, this inflation-buffer policy pays for whatever it costs to repair or rebuild your home—even if it's more than your policy limit.

What Is Covered and What Isn't?

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Every homeowners policy varies, but there are certain staples to every home insurance policy. Your physical residence should be covered, as well as any other structures on your property such as sheds, fences, or detached garages. However, if you run a business somewhere within your property, that is not covered and you should speak to an agent about commercial insurance.

Personal Property should be covered under your homeowners policy as well, up to a limit. The protection for specific items like your favorite fine art or hand made pottery is sometimes referred to as contents insurance. Many of your valuable possessions may exceed the coverage limit, needing to be added as a rider, or could potentially need it's own specific policy altogether. Be sure to talk with an agent about if you need an individual floater or blanket coverage.

Hotel/House Rental While Your Home is Being Rebuilt or Repaired

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It is an unfortunate situation to be in but you will thank yourself again and again if you ever have to utilize this coverage. This section of home insurance called additional living expenses could cover your wallet in a situation where you were forced to live in a hotel or rent an apartment for an extended period of time. The cost of your laundry, meals, storage, pet housing and more could be taken care of by the insurer in this situation.

Damage to The Exterior/Interior of Your Home

Homeowners insurance will cover you for damages to the interior and exterior of your home.

Some threats to your home no matter where you reside include fires, lightning, hurricanes, and vandalism. Of course, there are other natural disaster threats as well, but you will need separate lines of coverage for those specific risks. Unattached buildings that are still under the same ownership may need their own set of policies depending on the land and policy limits.

This policy will also cover items inside or outside of your home such as appliances, furniture, clothes, or even jewelry depending on the price. For more valuable possessions such as antiques or fine jewelry, you will want to protect these items under a separate and specific policy.

Personal Liability for Damage or Injuries

Your homeowners policy could even potentially cover your pets if they cause damage or injure somebody.

This class of coverage will protect you and your family against lawsuits that may be filed from neighboring people. Let's face it, nobody likes to be sued, so protecting yourself from such outcomes is extremely important.

Let's say little Johnny is playing at the neighbors house but accidentally knocks over the antique vase that's been in the family for generations. This nightmare scenario can be solved by filing a claim to reimburse her losses.

Your pets will even be covered under this line of coverage. So let's imagine another nightmare scenario where your dog bites the next-door neighbor. Under this clause, your insurer could cover your neighbors medical expenses.