Homeowners Insurance
What is homeowners insurance?
Homeowners insurance helps cover the costs to repair or replace your home and belongings in the event they are damaged by covered threats like fire, theft and severe weather. Homeowners insurance is an important way to help ensure that you will be able to rebuild your home and replace the items in it should misfortune strike.
Homeowners insurance can help protect you against the costs of property damage or destruction, and can also provide help to cover the costs of liability exposures if, for example, someone is injured on your property.
What does homeowners insurance cover?
A typical homeowners insurance policy (also known as an HO3 policy) may cover your home and your personal property from the costs of losses that result from covered incidents like:
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- Fire
- Windstorms
- Hail
- Lightning
- Vandalism
- Theft
- Weight of Ice, Snow, or Sleet
- Freezing of Plumbing, Heating, Air Conditioning, or other household systems
Typically, damage caused by floods and earthquakes is not covered by basic homeowner insurance policies. Optional homeowner insurance coverages and policies may be available to cover damage due to such additional threats. Call for a consultation with us to help determine what coverage may be best for your specific needs.
What are the different types of home insurance coverages?
A typical homeowners insurance policy includes several types of coverages, coverage limits and deductibles. Consider how the following coverages can help ensure that your home and assets are covered.
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- Dwelling Coverage may help you pay to repair or rebuild your home if it is damaged by a covered event. Typically, you will want to have enough dwelling coverage to cover the estimated cost to repair, rebuild and replace your property.
- Other Structures Coverage may help pay for covered damages to detached structures on your property like garages, sheds and fences.
- Personal Property Coverage may help you pay for the personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothing, sporting goods and electronics. Special limits of liability may apply to certain items.
- Loss of Use Coverage may help pay your additional living expenses if you must move out of your home temporarily while it’s being restored. This is typically subject to coverage terms and limits.
- Personal Liability Coverage may help protect you in the event of a claim. It also may help cover related costs if a legal suit if brought against you or a member of your household for bodily injury or property damage to others.
What are home insurance deductibles and limits?
Your home insurance deductible is the amount of a covered claim that is your responsibility to pay before your insurance starts to cover costs. When choosing your insurance deductible, consider how much you’re prepared to pay should you have a covered claim.
Your home insurance coverage limits (the dollar amount of homeowners insurance coverage you buy) starts with your dwelling coverage. The limits of coverage for the other standard coverages in your homeowners policy are typically calculated as percentages of the dollar amount of your dwelling coverage limit.
Are there additional homeowners insurance coverages?
Yes! The following coverages can typically be added to a primary homeowners policy and provide a great way for you to work alongside with us to customize your policy to your specific needs.
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- Special Personal Property Coverage is for personal property or contents. This can provide broader protection for your possessions in the event of a covered loss. It can cover your personal property in more situation than a homeowners policy.
- Contents Replace Cost helps to cover personal property losses based on their replacement cost at the time of loss, with no deduction for depreciation. This coverage is subject to applicable policy limits and deductibles and special limits apply to certain items such as jewelry and watches.
- Additional Replacement Cost Protection Coverage helps provide an additional amount of coverage to help repair or rebuild your home if the dwelling coverage on your home is not enough to cover the cost to repair or rebuild after a covered loss.
- Jewelry and Valuable Items Coverage can help provide higher limits and expanded protection for special classes of property such as jewelry and silverware.
- Personal Articles Floater is a separate valuable items policy that is available should you need coverage or higher amounts of coverage for specific valuable items.
- Water Backup and Sump Pump Discharge or Overflow coverage can help cover damages if water backs up from a sewer or drain within your home, or if water discharges or overflows from your sump pump. This coverage can help cover to a specified dollar amount. Note: this does not include coverage for flood or surface water backup.
- And more!
What does our agency have to offer?
John R Carpenter Insurance Agency has been supplying reliable insurance solutions since 1954. We have established contracts with multiple carriers. This gives us the opportunity to shop your policies to ensure you are being provided the best options available.
