Insurance Coverage for Your Home
An HO-3 Home Insurance policy is designed to protect your home and property in the event of unexpected disasters affecting your home. Indeed, it is the most common type of homeowners insurance policy. The HO-3 policy covers sudden unexpected risks to your home. Your home insurance policy covers additional surrounding structures. This means unattached buildings like sheds and garages will be covered as well.
Most house policies are based on a replacement cost basis. This means reimbursement for a claim is based on the current cost of repairs and replacement instead of the cost you originally paid. Thus, you will work closely with an experienced agent to determine the amount of coverage needed to repair or replace your home.
Your property extends beyond your home and your policy provides extra coverage as well. In fact, extra coverage on your home insurance policy includes:
- Debris removal
- Emergency removal of property during times of risk
- Trees, shrubs, and other plants
- Inflation protection
A homeowners insurance policy also covers personal property damages. However, personal property coverage is based on risks or perils specifically named in the policy. Our personal property coverage can be described as “coverage ’round the world”. Thus, your furniture, clothes, and other possessions are protected. Indeed, no matter where you are, your possessions are covered from fire, theft, hail, or other perils listed in your policy.
Specific amounts within the personal property coverage include some of the following items.
- Money and coin collections: $200
- Securities and stamps: $1,000
- Manuscripts: $1,000
- Theft of jewelry, watches, and fur: $1,000
- Watercraft: $1,000
- Trailers: $1,000
- Personal computer coverage: $2,500
- Theft of silverware and goldware: $2,500
- Trading cards, comic books, and memorabilia: $1,000
- Theft of cameras, tools, or firearms: $2,000
- Credit card, forgery, and counterfeit money: $1,000
- Trees, shrubs, and plants: $500
Personal property losses are generally settled on the actual cash value of your possessions at the time of your loss. However, you can choose a replacement cost option for your possessions as well. With replacement cost, you would be reimbursed for replaced items after your deductible is paid.
If you have items that aren’t sufficiently covered by your policy, you can purchase additional policies. For example, it covers your fine arts, antiques, furs, jewelry, and other valuable items. Ask our experienced agents about a personal articles policy.
Additional Protection Included in Your Homeowners Insurance Policy
- Loss of Use Coverage: If your home is significantly damaged to the degree you must temporarily reside somewhere else, your policy provides loss of use coverage. This means your increased living expenses will be paid after a covered event.
- Liability: Liability protects the members of your home for injuries and damages they’re legally responsible for. This coverage provides protection for individuals who are injured on your property when members of your home are responsible for damage to the property of others, or when lawsuits are brought against you.
Optional Insurance Policies to Increase Your Coverage
- Personal Umbrella Insurance: This policy provides additional liability for your home and other items.
- Flood Insurance: Most homeowners’ insurance policies don’t cover floods. However, this policy will provide coverage in the event of flood damage.
- Personal Articles Policy: If you own valuable possessions that need additional coverage, a personal articles policy can help.