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Homeowners Insurance
A Homeowners Insurance Policy For Peace of Mind
A homeowners insurance policy facilitates financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
A homeowners insurance policy is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is a covered loss, but there are exceptions. The most significant are damage caused by floods, earthquakes, and poor maintenance. You must buy two separate policies for flood and earthquake coverage, while maintenance-related problems are the homeowners’ responsibility.
Water seepage and leakage is another type of damage not covered by a standard homeowners insurance policy. Water Seepage or Leakage Coverage focuses specifically on the detrimental water damage occurring behind and beyond the walls of your home. These are those leaks that can be small, but tend to go unnoticed, sitting just out of sight, and are only discovered once the damage has become so severe it makes itself known.
Sometimes, a basic homeowners insurance policy just isn’t enough. So as your career advances and your income increases, it’s important to keep your homeowners coverages up to date. This helps you avoid expensive gaps in coverage and prevents you from paying too much out of pocket in case of a claim.
Most standard homeowners insurance policies include four essential types of coverage:
It will not pay for damage caused by a flood, earthquake, or routine wear and tear.
When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.
Most policies also include detached structures coverage such as a garage, tool shed, or gazebo—generally for about 10 percent of the amount of insurance you have on the structure of your home.
Browse our coverage of insurance services such as:
Personal property coverage includes items stored off-premises— this means you are covered anywhere in the world. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. You also have up to $500 of coverage for unauthorized use of your credit cards.
Expensive items like jewelry, furs, art, collectibles, and silverware are covered, but there are usually dollar limits if they are stolen. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for its officially appraised value.
Trees, plants, and shrubs are also covered under standard homeowners insurance—generally for about $500 per item. Trees and plants are not covered for damage by wind or disease.
We have various coverages for your possessions such as:
It also pays for damage caused by your pets. So, if your dog accidentally ruins a neighbor’s expensive rug, you are covered. (However, if they destroy your rug, you’re out of luck.)
The liability portion of your homeowners insurance policy pays for both the cost of defending you in court and any court awards—up to the limit stated in your policy documents.
Liability limits generally start at about $100,000, however, it’s a good idea to discuss whether you should purchase a higher level of protection with your insurance agent.
Persons that are employed in politics, have a history of being sued, have substantial net worth, are easily recognizable, whose names are known, whether their faces are identifiable or not, can be targets of a high volume of lawsuits, so protection can be challenging to obtain.
If you have significant assets and want more coverage than is available under your homeowners’ policy, consider purchasing an umbrella or excess liability policy. Umbrella policies provide broader coverage, including claims against you for libel and slander, as well as higher liability limits up to $5,000,000.
Your homeowners insurance policy also provides no-fault medical coverage, so if a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. It does not, however, pay the medical bills for your own family or your pet.
Keep in mind that the ALE coverage in your homeowners insurance policy has limits—and some policies include a time limitation. However, you can generally increase the amount of ALE coverage for an additional premium.
Your ALE coverage limit is separate from the amount available to rebuild or repair your home. Even if you use up your ALE your insurance company will still pay the full cost of rebuilding your home up to the policy limit.
If you rent out part of your house, ALE counts the rent that you would have collected from your tenant if your home had not been destroyed as a covered loss.