One of your biggest investments you’ll make in your life will be your home. Protecting that investment will require the proper Home Owners Insurance. A home owner’s policy is purchased to protect that investment against certain perils.
Section I Property Coverage
Under this section your policy is broken down to 4 more sections as follows:
- Dwelling – Coverage of your home.
- Private Structures – Garage (used for personal use only) Garden Shed.
- Personal Property – Personal items in your home you own, wear or use, such as your clothes, dishes, television sets, and appliances.
- Additional Living Expense – This area covers expenses over and above your normal living if you are not able to live in your home due to a loss or you are denied access by government order.
Other various endorsements may be added to your policy to cover gaps in coverage where normal wordings exclude coverage. This will vary depending on each individual needs and should be discussed with one of our brokers to ensure you have adequate coverage.
Common endorsements found on most home policies are:
Guaranteed Replacement Cost: This endorsement will pay the cost to rebuild your home should the cost be over and above the amount of coverage on your policy.
Inflation Protection: Increases your protection coverage to keep up with inflation so adequate coverage can be maintained.
Sewer Back Up: Allows your policy to pay for loss due to backing up or escape of water from sewer, sump or septic tank. As well allows for coverage due to accumulation of ice or snow on the exterior of the roof or eaves troughs.
Section II Liability Coverage
- Legal Liability – Your insurance company will pay the amounts that you become legally responsible to pay as damages due to bodily injury or property damages to where the insurance applies and to the limits on your policy.
- Voluntary Medical Payments – Reasonable medical expenses from your unintentional injury to others on your property will be paid up to the limit on your policy. You as the insured do not need to be found at fault to have this coverage.