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Personal Insurance Products

Homeowners Insurance

If you’re like most people, your home is your most valuable asset and biggest investment. Homeowners insurance protects that investment, along with yourself, the members of your family, and your household possessions.

If you were to suddenly lose your home due to fire or a tornado, or if the contents of your home were damaged or stolen, you probably could not afford to replace everything at once. Or, if someone sued you for an injury or damage caused by you, the cost of defending that suit could run into thousands of dollars in legal fees – regardless of the outcome.

Additionally, mortgage lenders will not lend the large amounts of money needed to finance a home without requiring an insurance policy to protect that investment.

Homeowners insurance is available in various packages to suit your needs and budget: You can get buildings and contents insurance, which covers damage to the actual building as well as the loss, theft, or damage of your belongings inside the property.  Or, you may only need contents coverage if your building is already insured (for example, if you live in an apartment or renters insurance) in which case you will pay less for your coverage.

It is important to read through a homeowner insurance policy before making a commitment, as there can be various restrictions as well as benefits. Some of the events and situations you may be covered for include:

  • storm damage
           
  • fire
           
  • theft
           
  • malicious damage
           
  • accidental damage
           
  • and loss.


Both your house and outbuildings are usually covered by homeowner's insurance, but again this is something that you should check when taking out a homeowners insurance policy. You can also get various add-ons with home owners insurance, such as medical and legal insurance coverage in the event that someone gets hurt while on your property or if you are responsible for damage to someone else’s property.

The more comprehensive your home owners insurance coverage is, the higher the premiums will be; but at the same time you can also enjoy real peace of mind with a comprehensive homeowners insurance policy.

Below are some of the basic homeowners policy features:

  • Dwelling Coverage. The dollar amount carried to cover your home and any structures attached directly to it. Ideally, the amount of coverage you carry should equal the cost of rebuilding your home after a total loss.
  • Personal Property Coverage. Worldwide coverage for personal property owned or used by the insured.
  • Loss of Use. This coverage is available when you cannot live in your home due to a covered loss. It pays living expenses over and above your normal living expenses, up to the limit provided in your policy.
  • Liability/Coverage. If someone is accidentally injured or dies on or off your property, and the incident was caused by you, a family member, or a pet, this coverage pays claims against you for legal responsibility. (Coverage does not include automobile or business liability.)
  • Medical Payments. Your policy will cover actual medical expenses for accidental injury to others (except your household residents) caused by you, family members or your pets -- on your premises or elsewhere -- regardless of legal liability

Dwelling Fire Insurance

Another type of homeowners insurance is Dwelling /Fire Insurance.

Dwelling Fire insurance is offered to protect all listed dwellings on your property such as your house, garage, sheds or other structures, from certain types of damage. Losses covered by fire dwelling insurance typically include fire, collapse, explosion, hail, lightning strike, smoke, vandalism, and wind damage. Perhaps the biggest selling point of fire dwelling insurance is that it fully covers properties that are rented to others. If you own a home and rent it out, you may find that many homeowners’ insurance policies will not cover damage to a home that the insurance policy holder is not living in.

Dwelling Fire insurance also comes in handy for those who rent their home to others.  If damage were to occur to your home due to one of the previously listed causes and you were left unable to rent it, the insurance company issuing your fire dwelling insurance would provide you up to a year’s worth of rental value. This would prevent you from losing vital income that may be a major part of your financial well-being.  Since the insurance company offers you up to twelve months worth of rental income, you are left with plenty of time to rebuild or mend your home from the damage and get it back up to par and ready to be rented again. If dwelling fire insurance sounds like the best choice for you, keep in mind that there are certain states in the United States that do not make dwelling fire insurance available to its citizens. Look into the options in your state before making a final decision.


For more information please call us at (415) 876-5440.  You can request a free quote here.

 

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