 | Jerviss-Fethke Insurance Agency | | "Because Things Happen" |
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Your home insurance provides many benefits. It is really quite a bargain for all of the protection it provides for you and your family. Here are a few the major benefits; recomendations and comments are noted.
- Property - This will repair or replace your home and any personal belongings that have been damaged by a covered cause of loss. ( Always Request replacement cost coverage to both the home and your personal belongings - restrictions may apply, such as to get replacement cost to the home you have to insure to the replacement cost estimator insurance companies use). Most companies use Marshall Swift and Boech, but some use their own estimators. This is confusing to some people because they often feel their home is not worth what the estimator value is. Keep in mind, the estimated replacement cost has nothing to do with the market value or appraised value. It indicates what it would cost to rebuild your home on the existing foundation, and includes debris removal which is in addition to the cost of building new, using a licensed contractor. Note: Your property deductible applies to every property claim, the higher the deductible, the more you save.
- Liabilty - This protects you from lawsuits resulting from injuries that non-resident household members accidentily sustain while on your propery. Usually, 100,000 comes with the policy as well as 1,000 of medical expenses. No deductible applies to these coverages. (You can normally increase these limits for an additional 15 to 25 dollars a year, ie: 300,000 or 500,000). Note: Dog bites are the number one cause of home insurance claims, if you have a certain breed of dog, ie: Pitbull, you can be surcharged, or may not be insurable by some companies.
- Loss of use - If your home is uninhabitable from a covered cause of loss, the insurance company will cover the cost of additional expenses you incur while your home is being repaired, including reasonable motel rooms, partial meals, additional mileage to work, etc. Generally this can be a reimbursement type of coverage. Note: Keep a complete record of your reciepts.
- Kids away at college? Normally 10% of your personal property limit will cover their belongings at their dorm room, as long as they are not gone for more than 30 days. If they are not on campus, take out a HO4 policy, (renters policy) to cover their personal belongings while at college. Note: your deductible applies.
- Most standard companies will give you a multi-policy discount if you have your auto insurance with them as well.
Home based businesses are a big concern. It is estimated that as much as 40% of all home owners operate some type of business out of their home. If people come to your home for business purposes and get hurt, (slip on steps, etc.), your liability and medical payments coverage on your home insurance policy may not respond. There are some small business operations, ie: contractors, lawn maintenance, snowplowing, small engine repair, etc., that have no coverage from their home insurance liability. If you operate an on line website business, you have no coverage if someone sues you because your data base was hacked and their information was stolen. Contact your insurance agent to discuss your home based business and how best to cover it. In some cases an inexpensive incidental business endorsement may cover it. Sometimes you need a commercial business policy. It is best to find out what is covered and what is not, before the claim arises.
Contact us for your home insurance needs..."Because Things Happen".
(Consult your policy for actual coverages and limits).
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