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Homeowner’s insurance policies provide coverage for your home, its contents and other structures such as a garage or shed and personal liability.
Personal property is typically covered against fire, lightning, theft, windstorms and hail, smoke, damage by vehicle or aircraft, burst pipes, damage from falling objects and damage caused by weight of snow and ice.
Personal liability, medical expenses of others which result from injury on your premises, and damage to the property of others while on your premises. This coverage follows you where you go and is excluded in your automobile.
Renter’s coverage is also available. Coverage is provided for your contents as well as personal liability.
Are you looking to protect your place of residence, but unsure of what is included in your policy? As a handy reference tool, we have come up with this list of definitions based on frequently asked questions that can help you as you navigate the terms of your homeowners insurance, and more.
Dwelling – coverage for your home and any attached structures, such as an attached garage or deck.
(In order to help you determine how much coverage you need, your agent will help estimate your dwelling’s replacement cost.)
Other Structures – Covers structures on your property that are not attached to your home, such as a detached garage, shed or pole barn.
Personal Property – Covers your personal possessions inside or outside your home.
Personal Liability – Provides coverage for incidents occurring anywhere in the world and protects against lawsuits for which you may become liable.
Medical Payments to Others – Coverage for others who are injured at your residence.
Additional Living Expenses – Coverage of expenses if you are unable to stay in your home after a covered loss.
Replacement Cost – In the event of a total loss to your property, the insurance will pay the cost to replace your rental dwelling with the same type and quality of materials.
(In order to help you determine how much coverage you need, your agent will help estimate your dwelling’s replacement cost.)
Actual Cash Value – In the event of a total loss to your property, the insurance will pay the actual market value of your home.
Service Line – Includes coverage for underground service line damage caused by wear and tear, rust, or other perils.
Equipment Breakdown – Includes coverage for damage to home equipment caused by mechanical or electrical breakdown. One example of this would be air conditioning system compressor failure due to a short circuit.
Water Backup of Sewers or Drains – This coverage is available with a wide array of limits to suit your needs. One example of this would be sump-pump failure that causes basement flooding.
Identity Theft Expense Coverage – Provides up to $15,000 for expenses incurred when trying to restore your financial identity.
Scheduled Personal Property – Personal property named on the policy. This could be jewelry, furs, art, antiques, stamps, coin collections, or other select collectibles. This is not subject to deductibles and is set on an agreed-upon value. It also covers other types of losses, such as theft and lost or damaged property.
Do you have any questions? Let our team of knowledgeable agents assist you today! Give us a call at (815) 226-1444 or click the button below to receive a quote.
