Reliable Homeowners Insurance
A broad package of coverages designed for people who both own and occupy a home. Protection is provided for the home, related outbuildings, personal property, and loss of use. Protection is also provided for personal liability claims. Generally, a deductible applies to the property coverage but not to the liability coverage. What property is covered and what types of liabilities are covered are listed down below:
Property Coverage
Home and Other Structures
Most policies are written under the HO-3 format, which provides what is referred to as all-risk coverage, subject to exclusions. Some major exclusions include damage caused by flood, earth movement, water leaking into basements, settling and cracking of foundations and walls, war, and nuclear reaction. Another exclusion is for the backup of sewers and drains, and the overflow of sumps. Special coverage can be added to provide this protection.
Personal Property
The starting point for this coverage is what is referred to as named-peril coverage. Major named perils include fire, lightning, wind, smoke, vandalism, and theft. Many other minor coverages are included. This coverage can be expanded to all risks, subject to exclusions, for an additional premium. There are significant limitations on money, jewelry, guns, and business equipment. No coverage is provided for autos, motorcycles, or motorized recreational vehicles under a homeowners policy.
Loss of Use
Provides coverage for additional living expenses incurred when your home is not inhabitable as a result of a covered loss.
Liability Coverage
Personal Liability
Provides protection should a nonresident be injured on your property as a result of your negligence. Also provides liability protection for accidental injuries that family members may cause off-premises. Dog bites constitute approximately one-third of these claims. Defense cost coverage is included but would cease if the policy limits are paid.
Medical Payments
Generally, medical bills of others are covered for on-premises injuries even if you are not considered liable.
There are many issues that need to be considered when properly tailoring a homeowner's policy to fit your specific needs. We are here to help you.
*The above descriptions are generalizations and should not be relied upon when determining coverage. You must refer to the actual policy wording when determining whether or what type of coverage applies.
DISCLAIMER: If you need a policy updated or changed, please contact your respective agent.