What is it
Homeowners Insurance give you protection for damages and losses to your private residence and personal property. Personal liability coverage is also included to protect you financially in the event of a liability loss.
why do i need it
Unlike car insurance, property owners have the option of whether or not they wish to insure their property. However, a home insurance policy is typically required by the bank or lender to satisfy their financial interest in your home.
Who needs it
Any homeowner looking for peace of mind and insurance protection for your home in the event of a loss.
We offer comprehensive homeowners protection for single or multi-family homes. Your personal possessions can be covered, with limits from 50 to 75 percent, of the coverage amount on your home, and are covered anywhere in the world. Choose from a variety of deductibles and coverages that will allow you to tailor your policy to fit your lifestyle and your budget.
Coverage for Your Home
Homeowners Insurance protection offers coverage on a special risk basis under the HO-3 policy. This means that most sudden and accidental events causing physical damage to your home are covered – along with other structures on your property such as a detached garage or tool shed. Furthermore, most homeowners policies are issued on replacement cost basis. Together, we will determine the amount of coverage needed to replace or rebuild your home.
But Wait, There’s More – EXTRA COVERAGE
Did you know there were extra coverages included in our policies? These include:
- Debris removal
- Emergency removal of property
- Trees, shrubs and other plants
- Inflation protection
How Is My Personal Property Covered?
Coverage ‘Round the World’ – Personal Property Coverage provides worldwide coverage for your furniture, clothes and other personal possessions. Whether it’s fire, theft, hail or other peril listed in your policy, you’re protected. And, regardless of where you are, you’re covered.
Here are some of the items covered for specific amounts within the Personal Property Coverage:
- Money & coin collections: $200
- Securities & stamps: $1,000
- Manuscripts: $1,000
- Theft of jewelry, watches & furs: $1,000
- Watercraft: $1,000
- Trailers: $1,000
- Personal computer coverage: $2,500
- Theft of silverware & goldware: $2,500
- Trading cards, comic books & memorabilia: $1,000
- Theft of cameras: $2,000
- Theft of tools: $2,000
- Theft of firearms: $2,000
- Credit card, forgery & counterfeit money: $1,000
- Trees, shrubs & plants $500
Your personal property losses are settled on an actual cash value basis, which is the amount your property is worth at the time of the loss. You have the option of purchasing Replacement Cost on Contents, which settles your personal property losses on a replacement cost basis rather than an actual cash value basis. You will be paid the amount to replace the items after the deductible. No deduction will be made for depreciation with the replacement cost endorsement on your contents.
Should you be interested in the broadest coverage for your fine arts, jewelry, furs, antiques, and other valuable items, ask us about Scheduled Personal Property Coverage.
What if I Can’t Stay in my Home?
Loss of Use Coverage pays for your increased living expenses after a covered loss occurs. So, if you can’t stay in your home, and need to stay elsewhere temporarily, you’re covered.
What if Someone Gets Hurt on my Property?
Liability protects you and your relatives who are members of your household if you’re legally liable for injuries to other people either on or off your property. Liability also protects you if you accidentally cause damage to someone’s property, up to $500. Your liability will also pay the costs to defend you in lawsuits brought against you. You can choose from a range of limits beginning with $100,000.
Medical Payments to Others covers a person not living in your home that may be injured by you or gets hurt on your property. It pays reasonable medical expenses, up to $1,000 for each injured person-regardless of fault. Increased coverage is available.
Your homeowners insurance policy includes these additional coverages:
- Payments for first aid to others at the scene of the accident.
- Payments up to $500 for damage to the property of others, caused by you (for example, a child damages a neighbor’s new concrete sidewalk by walking on it before it has dried.)
- Payments up to $1,000 for Loss Assessments you incur as a result of your membership in a property association. This applies when there is a covered loss to property collectively insured by all members.
- Claims expenses we incur for any suit we defend.
Naturally, not every injury or loss is covered. Read your policy carefully to find all exclusions that apply.
What Other Coverages are Available?
Optional coverages available will increase your home’s protection (note, there is an additional charge for these items):
Replacement Cost on Dwelling – In case of a total loss, this endorsement provides replacement cost coverage to rebuild your home without any depreciation. If your home is insured up to 100 percent of its calculated replacement value, but the loss exceeds the policy limit, extended Replacement Cost will make up the difference up to 125% of coverage A Dwelling.
Replacement Cost on Contents – Your personal property losses are settled on a replacement cost basis. You’re paid the amount to replace the items after the deductible without any depreciation.
Backup of Sewer, Drain or Sump Pump – gives you coverage for damage by water which backs up into your house through your sewer, drain or sump pump.
Home Computer Coverage – Use your computer away from home or for business use? This option provides coverage when you need more coverage than your policy provides and is settled on a replacement cost basis.
Identity Theft Coverage – Provides coverage to repair your credit that is affected by being victimized of a stolen identity.
Extended Theft Coverage for jewelry, watches and furs – broader protection than the special limits in your basic policy.
Increased Coverage – is also available for credit cards, jewelry and furs.
Earthquake – is excluded under the standard homeowners policy, but is available by endorsement.
Flood Coverage – Your policy does not cover any damage caused by floods. If you think flooding is a possibility in your area, you should consider purchasing a flood insurance policy through LoPriore Insurance Agency.
How much insurance coverage do I need for my home insurance?
Insurance Agents use a replacement cost estimator to determine the value to insure your home based on the information and characteristics you provide about the property to adequately protect your home.
How Can I Lower the Cost of my Homeowners Policy
Higher deductible are normally available to help you save money. At LoPriore Insurance Agency, we also offer a variety of special discounts to help lower your rates. Check if you qualify for any of these discounts.
- New home – A discount is available for newer homes.
- Mature homeowners – A discount for policyholders who are 55 years of age or older and retired. For married couples, one spouse must be at least 55.
- Multi policy discount – Available if you have both homeowners and automobile insurance with us.
- Protective Devices – Available for an automatic sprinkler system, a central fire alarm system, a central burglar alarm system, and a combination of smoke detectors (one per living level), dead bolt locks (on all exterior doors), and fire extinguisher(s).
- Claim free discount – Available only to those who have been our customers for a number of years.
- Non–smoker discount
- Renewal credit
What is a Home Insurance Binder?
A Home insurance binder provides proof of insurance coverage related to the property insured which clearly states coverages and includes any loss payees or additional interests if there are any.
Is my home insurance premium included in your mortgage payment?
Yes, if your lender has set up an escrow account to pay your insurance premium we can mortgagee bill lender directly. This is a very common practice lenders use to pay your home insurance and even your property taxes.
Does my home insurance cover AIR BNB and short-term rentals?
Renting your home can sound like a financial windfall, although your homeowners insurance policy may not include coverage for home sharing. Prior to you renting your property on a short term basis, contact your independent insurance agent to discuss options that add the additional coverage needed to protect your property against damage and personal liability claims.
Of course, discounts are subject to underwriting guidelines & eligibility.
Value, Convenience and Performance You Can Trust
When you purchase homeowners insurance from LoPriore Insurance, you get round-the-clock claim service. If you ever have a loss, or need to discuss an important matter on a claim, you can just pick up the phone and call us at 781-438-1375 or contact us via email. You’ll reach a real, caring person no matter what time of day - or night - you call.