Having insurance for yourself and your home is important. Insurance is something most people do not even want to think about until they need it the most. Understanding what is and is not covered in your homeowners insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy check ups to make sure they keep up with local building costs, home remodeling, and inventories of their personal belongings. Typically, homeowners insurance policy covers damage resulting from fire, windstorm, hail, water damage (excluding flooding), as well as other causes of loss, such as theft and the extra cost of living elsewhere which the structure is being repaired or rebuilt. The policy also covers your legal liability if you, members of your family, or even your pets hurt other people or their property. The liability coverage in your standard homeowners policy pays both for the cost of defending you and for any damages a court rules you must pay. Unlike the other types of coverage in your policy, liability insurance does not have a deductible that you must pay for out-of-pocket before your insurance company begins paying losses.
Most standard homeowners policies provide a basic limit of liability of $300,000 for property damages or injuries, but this amount can be increased for additional premium. There is also medical payments coverage under most policies, which would reimburse you for basic medical bills incurred under a liability claim. If you have any questions about what policy is best for you and your family, make sure to contact us and we can set up an appointment. This can help to ensure that you have the coverage you need for your home.
Umbrella policies are important because they can also help to protect you. This is coverage used as a safety net or extra liability insurance that starts paying losses after you have reached the limits of your basic policy. Umbrella is sold as a separate coverage. The cost of umbrella coverage depends on how much liability coverage you carry on your basic homeowners policy, often referred to as underlying coverage. The kind of risk you represent will also be weighed into the cost of the policy. Generally speaking, you can purchase an umbrella policy for a little extra each year as a premium. If you have any questions about your current coverage or any other policy, make sure to schedule an appointment so we can answer all the questions you might have.