Your home is probably your family’s most important investment. That means it’s critical to have the right insurance coverage to protect your home and keep you from having to start all over again. Not all home insurance policies are the same. Jeremy White Insurance helps you choose the right insurance company and options to meet your needs.
Why Quality Coverage Matters
If your home burns down and you need your insurance company to cover a hotel stay while you find a new place to live and replace all of your possessions, you want the claims process to go as quickly as possible. Even though all home insurance companies have to pay out claims according to your legal contract, an insurance company with good customer service can make your life much easier at what may be one of your worst moments.
Since one doesn’t have home insurance claims that often, it can be hard for you to know how different insurance companies might handle your claim. An independent insurance agent can help you compare companies and find the coverage that’s right for you at a competitive price.
Home Insurance Coverages
When you buy home insurance, you choose from a pretty standard menu of options. However, it’s important to understand how each coverage works and how to look for possible variations between insurance providers. You also need to know how to choose the right limits. Finally, keep in mind that not all insurance companies will offer the same options or work with the same type of homes, so what one insurance company advertises as their most popular or standard option may not be right for your home.
Property Damage Coverage
Property damage coverage is the most important home insurance coverage because it insures the structure of your home. It may also cover other permanent structures such as a shed or detached garage. See each policy for details.
Property damage coverage protects against disasters like fires, windstorms, and hail. There are frequent exclusions for specific types of disasters like earthquakes or floods.
You should carefully review how your property damage limit is calculated. If it doesn’t increase as construction costs rise, you could find yourself underinsured if you need to rebuild your home in the future. You may want to consider reviewing all of your insurance needs with your insurance agent annually to make sure you have adequate coverage on all of your policies.
Personal Property Coverage
Personal property means all of your personal belongings other than your home’s structure and permanent fixtures. It can include things like your appliances, furniture, clothes, electronics, and dishes.
You usually choose a fixed-dollar limit of personal property coverage. If you have a claim, you will need to provide an inventory of all of your belongings to support the amount of your claim. You receive the lesser amount between the value of belongings you lost or your policy limit. Review your personal property coverage limit if you make major purchases or just accumulate more things over time.
There are two main types of personal property coverage. One provides coverage for the current value or actual cash value (ACV,) of the item you lost. This coverage is not that common. The other is replacement value, which is what we strongly recommend as it gives you the cost of replacing each item you lost with a new one.
Jewelry, Electronics, and Other Expensive Items
Your home insurance policy may set a dollar limit on high-value items as well. Even if you have enough personal property coverage, there may be a lower dollar amount for certain individual items such as jewelry, coins, and cash.
If you need additional coverage to fully insure your valuables, you may be able to purchase it as an add-on to your home insurance policy or as a separate insurance policy.
Personal liability coverage protects you from lawsuits that could put you at risk of losing your home. A common example of where this coverage can help is if a guest gets injured at your home. It can also cover certain types of claims that happen away from your home, such as your dog biting someone while you’re out on a walk.
Personal liability coverage also helps with your legal defense. After a covered incident, you can have the injured person contact your home insurance company. Your insurance company will then decide whether to settle or defend the case in court.
Additional Living Expenses
After a major disaster, you may not be able to live in your home while it’s repaired or rebuilt. You may even have to move somewhere else. Additional living expenses coverage can cover things like a temporary hotel stay, the extra cost of food if you can’t cook at home, storage expenses, and moving expenses. The exact coverages and limits can vary by policy.
Home Insurance Discounts
While protecting your home is important, you also don’t want to pay too much for home insurance. This includes making sure that you only buy the coverage that you need and that you find a quality insurance company that offers a great rate. Jeremy White Insurance helps you compare options so that you can find the coverage that’s right for you.
You may be eligible for the following discounts:
- Bundling with your auto insurance or other insurance products
- Making safety upgrades to your home
- Having a new roof or otherwise keeping your home in good repair
- Preferred employer or other group discounts
To learn more about choosing the right insurance and finding the best rate, contact Jeremy White Insurance in Cuba City, WI, today.