You know that you need homeowner’s insurance to protect your home from catastrophic events and other perils, but there are some little-known facts about homeowner’s insurance that can save you a lot of money and stress if you know how to use them. Take advantage of everything your homeowner’s insurance has to offer with these coverages:
Coverage is provided for your home and separate structures like a detached garage, swimming pool, or a decorative fence. Separate structures at the same location as your home (other than those used for business purposes) are covered for 10% of the value of your home. (Higher limits available).
Additional Property Coverages included at no additional cost
- Debris Removal
- Landscape Trees, Shrubs, Plants & Lawns
- Fire Department Service Charge
- Credit Card, Fund Transfer Card, Forgery & Counterfeit Money
- Food Spoilage
- Ordinance or Law
- Grave Markers
- Identity Theft Recovery Expenses
- Horse Tack
- Equipment Breakdown
- Water Backup and Sump Discharge or Overflow
- Fungi, Wet or Dry Rot, or Bacteria
Dwelling Property Coverage options available for an additional cost
Special Form Dwelling
Coverage protects against loss from most perils, except those specifically excluded under the policy. Common exclusions include wear and tear; earthquake; flood; and damage caused by birds, vermin, insects, or domestic animals (if owned by the insured).
Cost is available for many dwellings. Guaranteed Replacement Cost means there is not a cap on the loss settlement insurance amount to replace your dwelling. (To maintain this coverage you must report all additions and improvements to your home that exceed $5,000.)
Extended Replacement Cost
It is available for many dwellings. This option caps the loss settlement insurance amount to replace your dwelling at 125% of the value insured. (To maintain this coverage you must report all additions and improvements to your home that exceed $5,000.)
It is available for many dwellings. The loss settlement insurance amount to replace your dwelling is based on the amount needed to replace the property without deduction for depreciation, subject to the value insured.
Residence Glass coverage
This coverage waives the deductible for glass breakage to windows and door glass with the exception of stained glass, greenhouse glass, radiant and solar heating panels, chandeliers or light fixtures, mirrors, and similar items.
Loss of Use
Coverage is provided for additional living expenses if your home is unfit to live in due to a covered loss.
While most basic homeowner’s policies include content coverage, the amount of this coverage and the cost of the deductible may not be appropriate for your particular situation. If you have a number of valuables, such as jewelry or rare items such as antiques, your basic coverage will not protect these in case of theft or damage. On the other hand, if you have few belongings, choosing a policy with a high deductible to save money may not be worth it, as the value of your items may not be much more than the deductible itself.
The liability coverage on your policy is there for any situation in which you are held responsible for damage or injury to someone else’s property or person. In order for liability coverage to kick in, you have to be found negligent in the incident. For example, if you left your dog off the leash and he ran out to the street and bit someone you are negligent, because your dog should legally remain contained in your home or yard. You have broken a leash law and thus the person who was injured can sue you.
There are Limitations on Certain coverages, it is important that you know what you are covered for and the amount of coverage, don’t 3wait until you have a claim, and it will be too late. Your homeowner’s insurance does much more than protect your home. Be sure you get the most out of those monthly premiums you pay by taking advantage of all the perks of your policy.
A stand-alone policy coverage or add on to the homeowners policy is available for the following:
- Lake Estate
- Vacation homes
- High-value home
- Rental dwelling