Homeowners Insurance

Homeowners insurance provides financial protection against disasters.  A homeowners policy can be purchased for a dwelling, condominium unit or coop unit that you own, provided you live there.  You can also purchase a homeowners policy to cover your personal property if you are a tenant.  A homeowners policy provides several different types of coverage.

Property Coverage - Depending on which type of homeowners policy you have, the policy pays for damages to the structure of your home and/or the property in your home.  While a homeowners policy covers many types of disasters, policy exclusions do apply so this coverage should be reviewed carefully with your insurance agent. This coverage is subject to a deductible.  A higher deductible means a lower premium.

Liability Coverage - Provides coverage for you and your family members to protect you against lawsuits that may occur as a result of bodily injury or property damage that you cause to other people or that occurs on your property.  It pays for damages up to your policy limit for which you are legally responsible along with the costs associated with defending you in the lawsuit.

Loss of Use Coverage - Provides coverage for additional expenses associated with living elsewhere when your home is uninhabitable due to damage from an insured loss.

Medical Payments Coverage – Provides no-fault medical coverage if someone other than you or your family members is accidentally injured on your property.  The limit is much lower that the liability limit on the policy, typically about $5,000.  By providing this coverage medical expenses can be paid without a liability claim being filed.

Replacement Cost on Contents – This optional coverage eliminates the depreciation factor normally involved in settling a loss.  This means that if your personal property is damaged or destroyed, the insurance company will pay the full cost of repairing or replacing the item up to your coverage limit even if the present cost is more that you originally paid for it.

Dwelling Replacement Cost Coverage – This optional coverage provides coverage above the limit specified on your policy for your dwelling to rebuild your home, provided that your home is insured for 100% of it’s replacement value. 

Other Optional Coverages that may be available to you:

• Special Personal Property Coverage
• Scheduled Valuable Items
• Personal Injury Coverage
• Identity Theft Protection
• Water Backup Protection
• Earthquake Coverage
• Business Personal Property
• Additional Residence Liability
• Watercraft Liability

Potential Discounts that may be available to you:

• Account Credit
• New Home Discount
• Protective Device Credit
• Mature Homeowner Credit