Homeowners insurance provides financial protection against disasters. A standard homeowners policy insures the home itself and your personal property inside the home.
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Homeowners insurance!!
Standard coverage:
Dwelling
The actual house structure. This part of the policy will pay to repair or rebuild your home if it is damaged or destroyed by perils listed in your policy.
Often we are asked “why is there so much coverage on our home, we only paid (x) for it?” The dwelling portion of the homeowners policy is typically written for replacement value, which is how much it would cost today to totally rebuild your home if it were completely destroyed. This should not be confused with market value which is how much you paid for the home.
Other Structures
Most standard policies also cover structures that are not attached to the home. These would include but are not limited to: garages, sheds, gazebos, etc. Typically the coverage amount for other structures is 10% of the dwelling amount. If you need more coverage than what is on the policy, you may purchase additional limits.
Personal Property
Basically your belongings inside the home and around your residence. We recommend that the personal property coverage be 70% of your dwelling amount in order to get replacement value for your belongings if they are damaged or destroyed. If you do not have replacement value for the personal property and have a loss, the property could be depreciated.
Additional Living Expense
This pays the additional costs for living away from your home for a time period if your home is damage or destroyed from an insured disaster. It covers such things as hotel bills, restaurant meals, and other living expenses you incur while your home is being repaired or rebuilt. This portion would also pay for loss of rents you may have if you are renting out a portion of your home.
Personal Liability
This portion of your policy covers you against lawsuits for bodily injury or property damage that you or family members may do to someone else. The liability portion of your policy pays for both the cost of defending you in court and any court awards - up to the limit of your policy. Standard policies start at $100,000 of coverage, however we recommend that you start with at least $300,000.
Medical Payments
If a friend or neighbor is injured while at your home, he or she can submit their medical bills for the injury to be paid rather than file a liability claim against you. Standard medical payments coverage is either $1,000 or $5,000 per occurrence.
Things that will affect your homeowners premium
Aside from the amount of coverage on your policy, there are other factors that will determine how much you pay.
- Fire protection class- Do you live in a larger city or a more rural area? Do you live in town, close to the fire department and fire hydrants? Or do you live in the country? These factors determine your protection class.
- Age of the home- Newer homes have newer electrical, plumbing, heating, and roof which make it less likely that claims will occur.
- Wood stove or Pellet stove- If there's a woodstove or pellet stove in the house your insurance company may want to have it inspected before providing coverage to ensure it has been properly installed. There may also be an auxiliary heating surcharge on the premium.
If the home of your dreams is older, updated plumbing, updated electrical, and updated roofs can contribute to a lower premium.
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