Quality Homeowners Insurance
Homeowners Insurance
Homeowners insurance provides coverage to replace or rebuild your home when a loss occurs. Your home should be insured to full replacement cost using current prices for building material and labor cost, including bring the structure into compliance with current building codes. Market value, taxable value and land value may have little or no bearing on insurance value.
Coverage A- Dwelling
Dwelling pays for direct physical loss to your home.
Coverage B- Other Structures
Other structures pays for direct physical loss to other structures on the residence premises that are not attached to the dwelling.
Coverage C- Personal Property
Personal property pays for direct physical loss to personal property owned or used by an insured.
Example: TV, furniture, clothing, appliances
Items such as Jewelry, furs, antiques and firearms have limited coverage.
Coverage D- Loss of Use
Loss of use pays for additional living expenses incurred if the home is deemed unfit to live in.
Example: Extra cost of food, housing, relocation, storage
Regular bills are excluded i.e. mortgage, groceries, utilities
Coverage E- Personal Liability
Personal liability protects you against bodily injury and/or property damage for which an insured is deemed legally liable.
Example: Neighbor slips and falls on wet floor at your home and they are suing you.
Coverage F- Medical Payments
Medical payments covers 3rd party medical bills if injured on insured premises, regardless of negligence.
Example: Friend trips over own feet and breaks arm