Homeowners Insurance

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Purpose of Homeowners Coverage

To protect you against financial loss if there is damage to your home and your possessions and liability in case someone gets hurt in your home or on your property.

Most mortgage lenders require it.

Homeowners insurance guide (pa)

Homeowners insurance FAQ

Homeowners Equal Housing

Why are rates on the rise?

Protecting You

A - Dwelling

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Pays for damage to your house and structures attached to your house. This includes damages to fixtures such as plumbing, electrical wiring, heating, and permanently installed cooling systems. You can choose to insure your dwelling at the *replacement cost or actual cash value. Replacement cost coverage is recommended.

B - Other Structures

C - Personal Property

M-what-is-personal-property-coverage-706915402

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Reimburses you for damage to or theft of your personal property. This covers things like furniture, appliances, electronics, lawn equipment, clothing, etc. It also protects your belongings even when they aren’t on your property. You can choose to insure your personal property at the *replacement cost or actual cash value. The benefits typically start at 50 percent of your dwelling coverage limit.

Keep in mind that coverage for some property such as jewelry, furs, antiques, coins, guns, and art may be limited. You can purchase additional coverage called a scheduled personal property endorsement to protect these items at higher limits and also protect for misplaced items.

D - Loss of Use

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If you cannot live in your home after a loss, this will provide coverage to pay for replacement living expenses (dwelling rental, hotel, meal prep, additional commuting costs, etc). Typical coverage for loss of use is 20 percent of the dwelling coverage limit.

Replacement Cost vs. Actual Cash Value (ACV)
Replacement cost is the amount to replace or rebuild your home or repair damages with materials of a similar kind and quality without deducting for depreciation. Often the cost to rebuild a home in accordance with current building codes with new raw materials at current labor rates is significantly higher than the proceeds you would receive if you sell your home.

Actual cash value is the replacement cost of your home minus age and wear and tear. Many times an actual cash value policy does not pay enough to fully return your home to the way it was before an incident.

Recommended: Increased Replacement Cost Endorsement

Can provide up to 25% additional if cost of home is higher due to market conditions. For example, a catastrophic loss from tornado, hurricane where supplies are low and costs may be higher.

Optional Benefits

Recommended: Water Back Up of Sewers or Drains

Water damage is one of the most costly claims. Many types of water damage is covered by your plan (damaged caused by broken water pipe, washer overflow, ect.) However, water/sewer back up is not covered by all policies. With this endorsement, you can choose a specific dollar amount if water backs up through a sewer or drain, or overflows from a sump pump.

Identity Theft

Helps you recover and pays defense costs if your identity is stolen. This is not covered by all policies.

10 steps to create a home inventory

Click on the image above to download MyHome App to your Iphone or Android.

Quickly capture images, descriptions, bar codes and serial numbers of your prized possessions.

The app organizes information room by room and even creates a back-up file for email sharing.

It is great for determining how much insurance you really need and for filing a claim.

Do you have...

Security System Sprinkler System

Wood furnace or wood stove Swimming pool Trampoline Playscape that could cause injuries Certain breeds of dogs

Do you operate a business from your home Do you provide childcare/babysitting in your home

Please be sure to mention this to your HTA Advisor

Protecting Others

E - Medical Payments

Medical equipment on the background of group of health workers in the ICU

F - Personal Liability

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Personal and Bodily Injury of Others protects you, your relatives in the household and residents in your household under the age of 21 if you are sued and found legally responsible for injury or damage to their property. This coverage also extends to students under the age of 24 enrolled full-time at school or college (with certain exceptions). You choose the amount of liability protection that is appropriate for your situation.

Coverage typically starts at $100,000. It’s important to choose limits that fit your situation.

Personal Injury/Libel & Slander Endorsement

What happens if I am sued?

The Personal Liability portion of your home insurance policy can help provide legal defense, regardless of the outcome of the suit. Homeowners liability coverage also may help pay the other party’s medical fees or repairs you may owe.

The Insurance Information Institute (III) notes that the types of incidents personal liability insurance can help cover include:

Damage or injuries caused by pets
Unintentional damage or injuries caused by you or family members
No-fault medical coverage if a friend is injured in your home

Please note that if your policy does not have coverage for Personal Injury/Slander, you may not have coverage.

Umbrella Insurance helps cover above your limits

What is not covered?

Common exclusions include but are not limited to earthquake (for which coverage can typically be separately purchased); collapse; flood; mold; fungus; wet rot; wear and tear; mechanical breakdown; smog; rust; corrosion; dry rot; smoke from agricultural smudging or industrial operations; discharge, dispersal, seepage, migration, release or escape of pollutants; settling, shrinking, bulging or expansion, including resultant cracking of bulkheads, pavements, patios, footings, foundations, walls, floors, roofs, or ceilings; birds, rodents, or insects nesting or infestation, or discharge or release of waste products or secretions by any animals or animals owned or kept by an insured.

Should you buy Flood or Earthquake Coverage?

Flood – It is important to be aware that the typical homeowners or renters policy does not cover damages resulting from a flood. Flood damage can happen to you, no matter where your home, apartment, or business is located. You
can buy flood insurance even if your property is not located in a Special Flood Hazard Area (SFHA). Mortgage lenders, pursuant to federal law, may require homeowners to purchase flood insurance if the property is located in a high-risk flood zone.

Earthquake – Damage caused by sinkholes or earth movement are typically not covered by homeowners policies unless requested and specifically purchased at an additional cost.