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Insurance is your protection against the uncertainties of day-to-day living.
For most people, their home is their single most valuable possession - and
their biggest investment. Homeowners insurance protects your investment
as well as you, the members of your family and your household possessions.
If you were to suddenly lose your home due to fire or a tornado or have
the contents damaged or stolen, like most of us, you probably could not
afford to replace everything all at once. And if somebody sued you for
an injury or damage caused by you or your property, the cost of defending
that suit could run into thousands of dollars in legal fees - and are
regardless of the outcome of the suit. While it may be unpleasant to think
about fire, theft, and other "uncertainties of life," let's face it, they
are there and things happen.
Basic Homeowners Insurance Coverages
Dwelling (Coverage A):
The dollar amount carried to cover your home and any structures
attached directly to it. Ideally, the amount of coverage you carry should
equal the cost of rebuilding your home after a total loss.
Other Structures (Coverage B):
Covers other structures set apart from the dwelling on the residence
premises, such as a detached garage, shed, swimming pool, and fences. This
coverage applies up to the limits provided in your policy and can be increased
if necessary.
Personal Property (Coverage C):
This coverage provides worldwide coverage for personal property
owned or used by the insured, including furniture, electronics, jewelry,
clothing or sports equipment.
Loss of Use (Coverage D):
This coverage is available when you cannot live in your home due
to a covered loss. It pays living expenses which go over and above your
normal living expenses up to the limit provided in your policy.
Personal Liability (Coverage E):
Liability coverage protects you or a household member in two ways.
First, it provides for your legal defense against a liability claim--whether
the claim is legitimate or not. Second, it will pay any court judgments
against you up to the policy limit.
Medical Payments (Coverage F):
This pays emergency medical bills to non-household members injured
injured on your property or any injury caused by a member of your family
or a pet, regardless of where it happens. All bills are paid, up to your
policy limit, whether or not you're legally responsible.
Causes:
Homeowner policies typically cover damage to your home as well your
personal belongings resulting from a number of causes:
- Theft
- Fire
- Lightning
- Wind/Hail
- Vandalism
- Falling objects
- Vehicle Damage
In fact, your policy covers your house (not your personal belongings) on
an "all-risk" basis - only causes of loss specifically listed in the policy
are excluded.
Exclusions:
There are certain exclusions in a homeowners policy that you should
also know about. Besides floods and earthquakes, both of which can be covered
under a separate policy, there are some things that regular homeowner policies
won't cover, including (but not limited to):
- A power failure that originates off your property
- Your failure to protect already damaged property from further damage
after a loss.
- Long term water leakage or seepage
- Enforcement of local ordinances, such as one that forces you to tear
down an addition or to repair the decay of a porch.
- Water damage from a sewage overflow. (This is considered flood damage.)
- Intentional damage, or damage from lack of maintenance or ordinary
wear and tear.
While many home insurance policies start out with the same basic coverage,
it is important to tailor your insurance to your particular needs. We can
help you find the best policy and fill in the gaps to provide for your ultimate
peace of mind. Contact us today for more information.
The information contained on this site is general in nature and cannot cover
all circumstances or policies.
The program features or coverage descriptions above are general in nature
and for information purposes only. Actual claim coverage in the event
of a loss would be determined by your policy's terms and conditions. For
specific information, please refer to the actual policy or contact us
between 8am and 4:30 pm, Monday-Friday, at 1-800-447-4493 or via email
at mennonite@mennoniteinsurance.com .
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