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Homeowners Insurance

These are only highlights of a homeowners policy, read your policy for a complete description of your policy.

There are several kinds of policies depending on your need:

Renters have a renters policy.
Condo owners have condominium insurance.
Single family homeowners have a homeowners policy.

The big difference is if you own the building or if it is owned by a landlord or jointly by a group of people. (A condominium association)

Lets look at a single family homeowners and indicate where it differs from the others. Your first coverage is the Dwelling Coverage(A). This is the amount of insurance on the dwelling. The condo policy may have an amount indicated here because improvements and betterments are not covered by the association policy. The dwelling needs to be insured for replacement cost. This is not the amount you paid or what it was appraised for but the cost to rebuild. In your appraisal you have cost of land also. There are times when the replacement may be higher than the appraisal as well as lower. An older home will cost more to replace than a newer one for example. Modern materials are of different dimensions today than they were 50 years ago and building codes are different as well.

Coverage B other structures is 20% of coverage A (Dwelling). This amount can be increase at additional cost. This may be the unattached garage or shed on your property. There is no give back if you do not want this coverage, it is automatic. This is not given on the other forms.

Coverage C, personal property is for all the personal items you own that are not part of the dwelling. This includes furniture, clothing, kitchen items, etc. This is automatic coverage on the homeowners and is the basis of premium on the other forms. On the homeowners it starts at 50% of the dwelling amount. When the replacement coverage endorsement is added it increases to 70% or more of the dwelling amount. You indicate the amount you need on the other forms and if you want the replacement endorsement added. If you are a renter or condo owner you need to go through your unit and do an estimate in real terms and add about 10% when you get done.

Coverage D, additional living expense is an automatic coverage at 20% or more of coverage A on the homeowners and 20% or more of the contents coverage on the other forms. This amount can be increased at additional cost. This is to help pay the ADDITIONAL cost of living when you can not live in your home while repairs are being made.

Coverage E & F, medical and liability. This is coverage in case someone is hurt on your property. The medical pays emergency room and doctor bills, while the liability protects you if you are sued by someone that is on your property.

This is not an insurance contract. You should read your contract.