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Your home is one of your most valuable assets, and ensuring it is protected is essential. Today, proof of homeowners insurance is usually a requirement by mortgage companies to receive a loan. Determining the right amount of coverage for something as important as your home can be challenging. Our team of licensed insurance agents is here to guide you through what is standard in a homeowners insurance plan, what isn’t covered, the levels of coverage and when it’s time to reevaluate your homeowners insurance policy.
While your homeowners insurance policy is unique to you, there are standard elements that most plans provide.
Exterior and interior damage: If your home were to incur damage from covered disasters you will be compensated so you can repair or rebuild your home. In addition, personal belongings like furniture and clothing will also fit under the coverage of homeowners insurance if they were destroyed in a covered disaster.
Liability coverage for injuries and damages: If an accident were to occur on your property or someone else’s, the liability portion of your homeowners insurance can provide coverage to cover the costs of damages or injuries. An example of this would be if your kid throws a baseball through your neighbor’s window. Your homeowners insurance would provide coverage to pay for the cost of the broken window, even though it’s their property and not yours.
Rental coverage while your home is being repaired: Let’s say your septic tank explodes and your house is rendered inhabitable for six weeks because of the toxic waste. Your homeowners insurance policy may cover a stay in a hotel or rental while it’s being repaired.
Interested in getting homeowners insurance? Get a quote today from our Midwest Heritage team of licensed insurance agents! Customers that switch to Midwest Heritage save an average of $491/year when bundling their home and auto insurance.
Homeowners insurance typically provides coverage for most incidents your home will incur, but there are a couple incidents that are excluded. These events include natural disasters that are often referred to as “acts of God” and acts of war.
If you live in an area where certain natural disasters, such as flooding, is common, you will need a specific flood policy to cover this disaster. If you are wondering whether you might need an extra homeowners insurance policy, like flood insurance, reach out to our team of experienced insurance agents. Our agents can take a look at your current policy and help you determine what other policies you will need.
There are various levels of coverage and settlement options available on a homeowners policy. Some of these coverage options are included in a standard homeowners policy, and other coverage options need to be “endorsed” or added onto the policy. The three standard levels of settlement options on a homeowners policy are actual cash value, replacement cost and guaranteed replacement value.
Actual cash value Actual cash value is going to provide you coverage for the cost of your house and the value of your personal belongings. When calculating the value of your belongings the insurance company takes into account depreciation. This means the value of your belongings will be determined based on what they are worth today, not necessarily how much you bought them for.
Replacement cost Replacement cost and actual cash value are very similar. The only difference is that replacement cost does not take into account depreciation for your personal belongings, meaning you can replace your home and items to their original value.
Guaranteed replacement value Guaranteed replacement provides the most encompassing coverage. Essentially this policy will cover all the costs to repair or rebuild your home, even if the cost is more than what your policy covers. Not all insurers have a guaranteed replacement value, some only offer an extended replacement value. The extended replacement policy will offer you more coverage than what you purchased, but there is a cap. Usually, these companies will insure your home from 25% to 50% more than your policy limit.
It is important to speak with your insurance agent when elements of your home or personal life change. Often these updates require a change to your insurance policy to ensure you are properly protected. Here are just a few of the most common changes that would necessitate a homeowners insurance policy be reviewed:
If you’re wondering whether or not you need to reevaluate your current homeowners insurance policy, our team of insurance agents can take a look at your current policy and talk through any changes you might have had!
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