The following are the primary coverages provided in the homeowners policy:
- Building coverage for your home, garage, and other structures.
- Coverage for your household contents and personal belongings.
- Reimbursement for costs to temporarily live at another place while your home, damaged for a covered loss, is being repaired.
- Personal liability insurance to protect you against a claim or lawsuit that results from allegations that you may have caused bodily injury or property damage to another person.
- Medical payments to others.
It is important to understand what is covered in your policy. These are a few of the questions to consider when determining your coverage needs:
- Do you have adequate limits of coverage?
- Are you insured for replacement cost on your home?
- Do you have actual cash value or replacement cost coverage for your contents?
- Are you covered for specific perils, or for all perils except those that are excluded for both your home and contents?
- Do you have the necessary endorsements to provide you the level of coverage that you feel is adequate for your needs?
As in all insurance policies, it is important to understand the coverage, conditions, exclusions, exceptions, and available endorsements. There are many homeowner insurance policies available depending on what the company has to offer. Discuss the different policy and coverage options with your agent.
It is always advisable to request a copy of the completed, signed application. Representations made in the application may impact your coverage.
If you are a member of an association or a homeowner association as defined in Title 57, Chapter 8a of the Real Estate Code, you may want to review Sections 401, 402, 403, 404, 405, 406, & 407 of the? Real Estate Code to determine what impact these statutes will have on you.
Flood, earthquake, earth movement, and mudslide are examples of perils typical not covered on a homeowners policy. Coverage for these perils can be obtained by endorsement, or by individual policies. Check with your agent to learn more about what is available.
We suggest you review your coverage annually with your insurance agent. Changes in circumstances, property values, remodel and additions to the property, or other pertinent factors, may require adjustments to your policy.
The following links will take you to additional information regarding homeowners insurance:
Homeowner's Insurance Guide, from National Association of Insurance Commissioners (NAIC)
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