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Homeowner's Insurance - What it Does! Homeowner's Insurance protects your house & possessions from loss by theft, fire, lightning, tornado and other perils. Mortgage bankers call this protection "Hazard Insurance." Homeowner's Insurance also provides financial compensation to help after an insured loss if you are displaced from your residence. Homeowner's Insurance additionally includes Personal Liability protection from lawsuits caused by accidental damage or injury that you, your family members or your pets cause.

 

 

House - Provides protection up to your limit for damage or destruction of your house. If you have a mortgage, is also referred to as "Hazard Insurance" and is the part of your homeowner's policy required by your bank loan. Perils include: Fire, Tornado, Lightning, Vandalism among others. Insurance protection can be based on either "Actual Cash Value" or " Replacement Cost" as a basis of settlement.

Secondary Structures - Provides protection for sheds, detached garages and other buildings on your homesite. Perils include: Fire, Tornado, Lightning, Vandalism among others.  Generally limited to 10% of your main house limit, but can be increased, if needed.

 

Contents - Provides protection for your clothes, appliances, furniture and other possessions at your residence. Perils include: Fire, Tornado, Burglary, Lightning, Vandalism among others.  Generally limited to 40% to 60% of your main house limit, but can be increased, if needed.

 

Off-Premise Contents - Worldwide protection of your personal property away from your residence. Generally limited to 10% of your Contents coverage. An example would be a theft from your motel room while you are on vacation.

 

 

Loss of Use / Living Expenses - Pays for additional expenses you incur if you are displaced after an insured event (example: house fire) because your residency is not habitable. Generally limited to 10% to 20% of your dwelling coverage.

 

 

Personal Liability - Protects you from lawsuits caused by accidental property damage or injury caused by you, your family members and acts of your pets. An example would be your dog getting loose and biting a neighbor's child.

 

Guest Medical - Provides for medical payments for other people injured at your residence. Generally limited to $1000. An example would be a visiting friend slips on your entry rug and breaks an arm incurring a $500 emergency room bill.

 

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