Homeowners Insurance

Personal Insurance

Your home is one of the largest investments you'll ever make in your life.

When it comes to buying homeowners insurance it is important to look beyond the price tag. Often, you will find the less costly policies have many exclusions, low coverage limits and high deductibles. Every home comes with its own set of risks and exposures. It is imperative that you understand your own.

There are two main pieces of that make up a Homeowners insurance policy. The physical protection, which includes the house, garage, and your personal property (or stuff) inside. Then there is the liability portion. This is often overlooked, but most likely to protect you from a catastrophic financial setback.

A helpful insurance agent will guide you through the process of understanding your limits and finding coverages that best suit your needs. There is a process for calculating the replacement cost of a home. This will enable an insurance company to rebuild your home after a loss. These numbers will look different for each individual as they take into account the age of the house, location and cost of materials, customization, finished spaces, and more.

How much is homeowners insurance?

The cost of homeowners insurance can vary depending on several factors, such as the location, size, age, and value of your home, as well as the coverage limits and deductible you choose. It's advisable to obtain quotes from different insurance providers to find the most suitable and affordable policy for your needs.

What does homeowners insurance cover?

Homeowners insurance generally covers a range of risks and perils. It typically includes coverage for damage to your home's structure, such as from fire, windstorms, or vandalism. It also provides coverage for personal belongings, liability protection if someone gets injured on your property, and additional living expenses if you need to temporarily move out due to covered damages.

Does homeowners insurance cover water damage?

Homeowners insurance usually covers water damage, but the extent of coverage may vary. It generally covers sudden and accidental water damage, such as burst pipes or an overflowing washing machine. However, it may not cover water damage caused by flood events, which usually requires separate flood insurance.

Does homeowners insurance cover roof leaks?

Homeowners insurance typically covers roof leaks if they are the result of a covered peril, such as wind or hail damage. However, if the leak is due to wear and tear or lack of maintenance, it may not be covered. It's essential to review your policy or consult with your insurance provider to understand the specific terms and conditions related to roof leak coverage.

Is homeowners insurance required?

While homeowners insurance is not legally required by most states, it is often required by mortgage lenders as a condition to secure a home loan. Lenders want to ensure that their investment is protected in case of damages to the property.

What does homeowners insurance not cover?

There are certain events and situations that homeowners insurance typically does not cover. These may include damage from earthquakes, floods, landslides, or other extreme weather. It also typically excludes damage caused by pests, normal wear and tear, and intentional acts of the homeowner. Additionally, certain high-value items, such as expensive jewelry or artwork, may require additional coverage through a separate policy or endorsement.

Does homeowners insurance cover AC?

Homeowners insurance may cover the central air conditioning (AC) unit in your home if it is damaged by a covered peril, such as a fire or severe weather. However, coverage for routine wear and tear or mechanical breakdowns may not be included. It's important to review your policy or consult with your insurance provider to understand the specific coverage for your AC unit.

Personal Property Replacement Cost

  • Another very valuable protection is “Personal Property Replacement Cost”. This endorsement modifies your policy to change your personal property coverage from “Actual Cash Value” –what it is worth today including depreciation, to “Replacement Cost” – what it would cost if you purchased it new, today.
  • There are some personal property items that are not automatically included or have specified limitations within a home policy. The policy contract can be modified to accommodate these restrictions or expand protection as needed. The few items commonly found on this list are recreational vehicles, snowmobiles, jewelry, collectibles and boats. It is important to speak with your agent to determine what is included and what you may wish to add.

Personal Liability

  • The second coverage within your homeowner’s policy is Personal Liability. This coverage pays for a judgement against you if you are found legally liable for situations such as a dog bite, someone slipping on your sidewalk or inside your home, and also unintentional acts. This protection goes with you, wherever you might be. If you injure someone on a golf course or a softball field, your personal liability will be there to defend you.

*We recommend a regular review of your policy coverage.

Have a question about Homeowners Insurance? We know that "one size fits all" is not an insurance option.

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