Do you understand your home insurance? Do you know what property is covered? We can help. Here’s a brief overview of the property portion of the policy. We’d love to go into more depth with you specific policy or quote!
There are 4 sections to the property portion of the homeowners insurance policy. We always suggest replacement cost and special cause of loss for all of these coverages. This is not automatically covered included on a homeowner policy, so make sure you ask.
Building/Dwelling – this is the coverage for the main house or dwelling.
Other structures – coverage for other structures that may be on the property that aren’t attached to the main building. Examples: shed, detached garage, fences, etc.
Personal property – this is coverage for the items inside your home. This coverage can also be called your contents. People often underestimate the contents they have in their home. Common contents are clothing, furniture, pots, pans, tvs, etc. When you think about these items, think about how much it would cost to go out and replace them. After a major loss, insurance companies require people to make a list of their contents. It is generally very hard for people to remember everything they had in their house. We suggest you make a video of your home and store it on the cloud or offsite. Remember to go in every closet and drawer.
Loss of Use – This pays for the extra costs you have after a loss. This could be coverage for a hotel or apartment while your home is being repaired or the extra cost to eat out because you can’t cook in your kitchen while it is being repaired.
Most companies require a replacement cost estimate to be done on your home. This sets the value for building. Make sure you agent provides you a copy for your review. Usually the next 3 coverages are automatically set as a % of the building value. You can increase them if they are not high enough. There are generally a lot of other coverages, sub limits(jewelry, silverware, guns, fine arts, etc.), and exclusion on your policy.
As always, this information is general, and every policy is different. If you would like us to explain these in more detail and find a company with the right coverage for you at the best price, give us a call at 412-444-4470 or visit our website. We’re always here to help.
We make insurance simple by doing the work to find the right coverage at the best price, saving you time, money and providing peace of mind.