Homeowner’s Insurance
Home sweet home. For many of us, our house is our greatest material asset. Most homeowners purchase insurance at the same time as they buy a home, and then life goes on. Homeowner’s insurance policies have some nuances, however, that merit periodic attention. As part of your comprehensive insurance needs, we recommend you verify how your homeowner’s insurance coverage is meeting your needs in five areas: coverage limits, personal property, personal liability, exclusions and limitations.
1. Coverage Limits - The limits on your home should recognize the cost to rebuild the structure, excluding land. Real estate assessments and purchase price have no bearing on construction costs or coverage needs.
2. Personal Property - If you have made major purchases since buying your home – jewelry, artwork, electronics – it may be necessary to protect them with a rider.
3. Personal Liability - Liability coverage is part of the homeowner's package policy and is very inexpensive. A limit of $500,000 costs approximately $10. This valuable coverage protects you from bodily injury and property damage claims anywhere.
4. Exclusions - Are you protected for what your insurance excludes, namely flood/water damage and earthquake? Most policies cover damage associated with these situations: Fire, lightning, wind, hail, theft, aircraft, vehicle, vandalism, smoke, explosion, volcanic eruption and riots. Most policies do not cover condemnation, earthquakes, floods/water damage, neglect, intentional loss, nuclear hazard, power failure or war. Special care should be taken when considering additional coverage for items such as floods and earthquakes.
5. Limitations - Homeowner's policies have limitations for items such as: jewelry, furs and guns. If you have items of this nature, or any other specialty items, please consult us for special coverage riders.
It will be our pleasure to work with you on this periodic check up, as well as to help you identify needs prior to home-buying.