Insurance
Homeowners Insurance
For most people, the home represents the most significant financial and emotional investment. Protecting that investment is very important!
However, not all homeowners insurance policies are created equal. Before you buy and periodically after you have purchased, it is important to review the protection afforded under your homeowner’s policy carefully.
Here are a few key coverage items that we believe should be included in almost every policy:
Replacement Costs for Home and Personal Property
This coverage gives you enough money to actually replace your house at current construction prices and your personal property without deduction for depreciation.
Additional Living Expenses
Property insurance responds to loss caused by perils insured under the policy. The insured perils are either named in the policy or covered on a so-called “all risk” basis. The so-called “all risk” policy covers every peril except those specifically excluded in the policy, such as flood, earthquake wear, tear and inherent vice.
Personal Liability Insurance
This coverage applies to the legal responsibility you or your household family members face if someone is injured or killed on your premises or elsewhere arising out of an alleged negligent act.
Medical Payments
This coverage pays medical bills for someone other than a household resident who is injured on your premises. It covers these expenses up to the limit listed in the policy.
Refrigerated Products
A small limit is usually available for repurchase of refrigerated products spoiled due to the power outages.
Water Backup and Sump Pump Overflow
This coverage applies to the legal responsibility you or your household family members face if someone is injured or killed on your premises or elsewhere arising out of an alleged negligent act.
Jewelry Watches Furs Precious and Semiprecious Stones
Your policy should have a blanket limit that applies to valuable items in your home. If you have a large collection of these items, we strongly recommend a separate policy that provides coverage on an itemized basis.