Homeowners 
Insurance 

Protecting your biggest asset. 

What is homeowners insurance?  

Homeowners insurance provides coverage to repair or rebuild your home after events like fire, smoke, theft, vandalism, a falling tree, or damage caused by weather such as lightning, wind, or hail. Most standard homeowners insurance policies also cover furniture, clothing, and other possessions. In addition, they cover medical expenses and legal fees if people other than you, your family, or anyone else not living in your home is injured on your property.

What are the coverages?

There are essentially three levels of Coverage:

 

Actual Cash Value (ACV) Covers the cost of house + value of belongings AFTER depreciation. 

 

Replacement Cost - covers ACV without depreciation. 

 

Guaranteed (or extended) Replacement cost- The most comprehensive coverage pays for whatever it costs to repair or rebuild your home-even if its more than your policy limit. 

In a homeowners policy, coverage is normally broken down into five coverages. 

Coverage A (Dwelling Coverage)- Covers damages to the structure of your home from things like fire, wind, hail, lightning and theft. 

 

Coverage B (Other Structures)- Covers damage to other, detached buildings on your property such as garages, gazebos fences, and sheds.

 

Coverage C (Personal Property)- Covers belongings in home or tools in the shed if they're damaged by a covered event. 

 

Coverage D (Loss of Use)- If your home becomes uninhabitable as a result of a covered event this can help pay for hotels and food. 

 

Coverage E (Personal Liability)- Covers if someone is injured on your property

How are rates determined?

There are 10 factors that affect how much your homeowners insurance will cost.  They are:

  • Where you live

  • The price of your home and cost to rebuild

  • The amount of coverage

  • Your homes age and condition

  • Home security and safety features

  • Your credit history 

  • Additional Coverages

  • Your Deductible 

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