Coverages for the Way You Live
There are (3) major areas that you need to review on your Home / Condo / Renter policy
- Coverage to Rebuild Home and/or Outbuildings
- Liability Limits (These are what protect your financial well being)
- Scheduled Personal Property (SPA)
Coverage to Rebuild Home and/or Outbuildings
This is the insurance coverage that ensures you can rebuild your home and outbuildings if they are damaged.
- Dwelling Coverage
- We find in our daily work that many homes are underinsured by 20%. What 20% of your home would you choose to not rebuild?
- Many policies do not have service line coverage.
- If you have a sump pump, you should have a coverage for water/sewer/septic backup
- Outbuilding Coverage
- Almost every policy I see is uninsured by at least $40,000
- Depending on location of building, there are special endorsements that should be added
Bodily Injury (Lawsuit Protection)
This is what protects your assets and income. You need to make sure that your coverage is sufficient to shield your assets (home, savings, investments, retirement accounts) and income from lawsuit. We are seeing more and more policies that are only written for the state required minimum of $250,000.
If you own a home or have a retirement account, you need more than the state minimum.
SPA Items (Scheduled Personal Property)
All homeowner policies have limits and restrictions regarding jewelry, electronics, money, and firearms. These need to be scheduled separately to be covered.