PERSONAL INSURANCE
Homeowners Insurance
About Homeowners Insurance
As our lives change and evolve, our living situations change accordingly. Whether you are buying a new home, renovating, or just making sure your coverage is complete, there are typically 6 important types of insurance coverage that homeowner’s insurance policies generally include:
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Dwelling Coverage- This is the portion of your homeowner’s insurance policy that will cover your home’s actual structure. When you are deciding exactly how much coverage to buy, you should consult our BLG insurance specialists to calculate the cost of rebuilding your home if it were lost completely. The following is a partial list of risks that could cause damage that your insurance policy will protect against:
- Fire, explosions, lightening
- Theft or vandalism
- Damage from vehicles
- Sudden, accidental smoke damage
- Damage from heavy snow, ice or sleet
- Freezing or accidental overflow of water from plumbing
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Coverage of Other Structures- Buildings that are unattached to the main structure of your home is covered in a similar format as the Dwelling Coverage. These types of structures include barns, sheds and unattached garages.
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Personal Property Coverage- This coverage everything from furnishings to appliances, to personal belongings to toys. If you took your home, flipped it upside down and emptied it all out, what you’ll find would all be considered your personal property. This is a limited coverage usually equal to a percentage of your home’s dwelling coverage. Personal property coverage, unless otherwise noted, is for the actual cash value at the time of the loss, minus depreciation. BLG offers policies that can increase this coverage through policies like a Guaranteed Replacement Coverage policy.
Just a Reminder from BLG….
Do you have an inventory and photographs of your personal possessions?
It is important to consider the value of your personal property. If you own items such as furs, jewelry, collectibles or fine art, even expenseive sports equipment, you may need additional coverage. See our High Valued Homeowners section for more information.
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Loss of Use- After a disaster strikes, as you rebuild or repair, you may need a place to live for a short period of time. Your homeowner’s insurance policy will include a section that will provide financial support for temporary housing expenses, restaurant meals, storage for cars or boats for a set period of time. This is usually calculated as a percentage of the amount of your dwelling coverage.
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Personal Liability Coverage – This portion of your homeowner’s insurance policy will cover legal expenses and medical costs when certain events causing damage or injury that have occurred on your property. BLG insurance specialists will tailor your policy to fit your needs. With regards to Personal Liability Coverage, it is typically recommended to purchase an umbrella liability policy to make sure you are covered in any situation that may arise.
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Medical Fees and Payment Coverage- This section of your homeowner’s insurance policy would pay for certain minor medical costs incurred by an injured person in the event an accident occurs on your property.
It is important to understand your homeowner’s insurance policy and its exact protection it provides. Our BLG insurance specialists will help you identify your specific needs and will create a policy tailored to you and your property.
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Annual Review
At BLG, we strongly recommend you review your insurance coverage at least once a year. Your driving habits or living situations may have changed. Or, maybe you’ve made a few major purchases throughout the year that should have extra coverage. Inflation or depreciation can affect the value of your properties and their contents. Call BLG now to review, renew or establish your customized insurance policy that fits your world.
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