Home Insurance:

Home ownership is a rewarding investment and purchasing the right homeowners policy is just as important as finding the right home for you.  Insuring your home can help protect your family against financial disaster if you were to suffer a loss due to fire, theft, wind, vandalism, or any other covered loss. Whether you live in a house, apartment, or condominium purchasing the right insurance policy can provide you peace of mind and avoid financial devastation to replace your home and belongings.  Home insurance also protects you in the event a legal judgment is awarded against you if someone is injured by your negligence.

Homeowners Policy

Homeowner’s policies cover many different losses (perils), depending on what policy and coverages you choose for your home.  Many polices protect against all losses unless specified what losses are not covered, while other polices only coverspecified losses.  With the help of your Insurance Agent, you may choose a variety of coverage’s that are right for your situation.

Basic Coverage’s of a homeowners Insurance Policy

Coverage A-Dwelling — Covers damage to your home
Coverage B-Other StructuresCovers damage to other structures or buildings, such as a detached garage, shed, or fencing.
Coverage C-Personal Property—Covers damage to, or loss of personal property. Personal property includes household contents and other personal belongings used, owned or worn by you and your family.
Coverage D- Additional Living ExpenseCovers additional living expenses when incurred. This means that the policy covers the necessary living expenses up to the stated limit, incurred to continue, as nearly as possible, the normal standard of living when your home cannot be occupied due to a covered loss.
Coverage E-Personal Liability—Covers personal liability. This coverage protects you against claims arising from accidents to others on property that you own or rent. With a few exceptions, such as auto or boating accidents, it is an all-purpose liability policy that follows you wherever you go.
Coverage F-Medical Expense —Covers medical expenses. Coverage is limited to an amount per person and per accident for injuries occurring on your premises to persons other than an insured, or elsewhere, if caused by you, a member of your family, or your pets. An important feature of this coverage is that payment is made regardless of legal liability.

Actual Cash Value vs. Replacement Cost

Homes and Personal Property are replaced on an actual cash value (ACV) basis or full replacement cost (RC). ACV coverage takes into consideration of the current market value of an item based on its age and condition. For example if you purchased a leather couch for $1,000 five years ago, the value today would be significantly less than when you originally purchased it. ACV coverage would depreciate the item's value to determine the current value. Full replacement cost considers the current cost to replace an item.

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