Personal Property Insurance – For Homeowners
Homeowners Package Policies
This is a package policy designed to meet all the usual insurance needs of the homeowner. Coverage is provided for your home, and any other residential buildings you have on your property such as garages, tool sheds and greenhouses. The contents of your home are also automatically insured. Package policies also provide Homeowners Liability coverage and additional living expense funds that are made necessary due to the damage or destruction to your home. The face page of your policy lists what limits the policy will pay for your home, other residence buildings, contents and living expenses after loss. It also lists your liability insurance limit, and voluntary payment amounts. Unless you have special property that requires separate insurance, the homeowners policy, as it is designed, is perfect for you.
Extent of Coverage
Homeowners policies are available in three different levels of coverage. The Standard Homeowners Policy provides you with coverage from a specified list of “perils.” It is the minimum type of coverage available. Most homeowners today, however, choose one of the broader types of policies known as the BROAD FORM HOMEOWNERS POLICY or the COMPREHENSIVE HOMEOWNERS POLICY. The Comprehensive Homeowners Policy usually increases your premium about 15%, but provides coverage against many types of losses that are not covered under the Standard or Broad Forms. If you would like more information about broader types of policies, just call the office in your area.
Replacement Cost Coverage
It is our goal to give you enough coverage to completely replace your home and everything in it without depreciation. It is important that you review your insurance limits frequently and tell us if you think the insurance is not adequate. The policy has provisions to replace your property without deduction for depreciation, but you are required to keep in force, as much insurance as can reasonably be expected to replace your property. it is up to you to make sure your coverage is sufficient enough to replace everything should a fire destroy your home.