Whether you own a house, condo, townhome, or even are currently renting your primary residence, homeowners insurance is a necessity to protect your property, belongings, and to provide a layer of liability protection in the event you cause damage or harm to someone else.
Your home is in most cases the most valuable asset you own. Our agency recommends you take the time to educate yourself on the coverage options available to you.
Did you know your condo insurance can vary drastically depending on what the master property policy covers? The master policy may cover your unit to rebuild as you received it, or the master policy may only cover the exterior walls of your unit. Making sure you have the right coverages may pay dividends in the event of an unfortunate event.
Even if you don't own a home and are renting, having an insurance policy in place is still extremely important. A renter's policy protects you from covered losses to your personal belongings and can provide a much needed layer of liability protection in the event you cause harm to someone else or damage someone else's property.
Home Insurance Basics
A solution to your specific needs
Coverage A - Dwelling
Coverage A (Dwelling Coverage) is the amount of coverage an insurance company will pay to replace your house in the event of a total loss. This coverage is limited to the main building on your property. It is important to note that this the estimated amount it would take to completely rebuild your home taking into consideration the current market value for building materials and labor.
There are several different options available to cover your main dwelling. It is important to understand these options to know exactly what you are paying for and how it affects you in the event of a loss. Here are some options you'll want to be sure to ask our agent's about.
Actual Cash Value vs. Replacement Cost
Extended Replacement Cost vs. Guaranteed Replacement Cost
Coverage B - Other Structures
Coverage B (Other Structures) includes detached garages, sheds, fences, or other buildings on your property. Typical homes are usually covered around 10% of your Coverage A limits.
If you have several dethatched buildings or other structures with higher values please ask our agents about our combined single limit coverages. These would combine coverage A & B to one single lump sum limit.
Coverage C - Personal Property
Personal Property Coverage includes your furniture, clothing, tv's, and other personal items. Some of these items have specific limits. Coverage for personal property on a typical homeowners policy is protected against broad named perils only. These perils are listed below. Ask our agents about adding comprehensive coverage to your personal property to protect your personal items on an open peril basis.
For valuable personal property, such as jewelry, coins, and firearms, the insurance company my provide certain limits of coverage called sub-limits. Sub-limits are important to consider when setting up coverage for your personal property. Below are standard limits, which can be altered through endorsement depending on your chosen carrier. Be sure to ask our agents about scheduled personal property for items you feel have significant value. Typical scheduled property includes, jewelry, guns, silverware, coins, and fine arts.
Accidents happen. In the event someone were to get hurt while on your property, medical coverage will pay up to the policy limits for covered medical payments.
Loss of Use
Sometimes referred to as additional living expenses, loss of use coverage reimburses you for specific expenses if your house is deemed uninhabitable after a covered loss, such as hotel cost. These expenses are paid up to the specified limit of your policy.
Understanding What is Covered
Many people think insurance will cover any type of loss. They could not be further from the truth. Insurance can cover your property in different ways depending on the type of policy you have and the specific details your insurance company defines in their policy.
aving an understanding of what types of losses are covered by your policy is extremely important and may make you think twice about choosing a low cost insurance policy. Below are two general descriptions of coverage, but please be sure to ask our agents about what makes sense for your specific needs.
Broad (Named) Perils
Broad form coverages, also referred to as named perils, will pay in the event of a covered loss specifically named on the policy. Below are the 16 standard named perils.
Lightning or fire
Hail or windstorm
Damaged caused by aircraft
Riots or civil disturbances
Damage caused by vehicles
Damage from the weight of snow, ice, or sleet
Water damage from plumbing, heating, or air conditioning overflow
Water heater cracking, tearing, and burning
Damage from electrical current
Open (Comprehensive) Perils
Open Peril coverage, also referred to as comprehensive coverage, will pay for all losses not specifically excluded from your policy. Below are examples of what your policy may exclude from coverage.
Freezing pipes and systems in vacant dwellings
Damage to foundations or pavements from ice and water weight
Theft from a dwelling under construction
Vandalism to a vacant dwelling
Latent defects, corrosion, industrial smoke, pollution
Settling, wear, and tear
Pets, other animals, and pests
Weather conditions that aggravate other excluded causes of loss
Government and association actions
Defective construction, design, and maintenance
Auto Insurance Basics
Car insurance can be complicated, but it doesn't have to b
Liability insurance will pay in the event you injure someone or damage someone else's property in an automobile accident. When purchasing your insurance policy you have the ability to choose your liability limits, the maximum the insurance company will pay for a liability claim. The minimum required by the state of Connecticut is $25,000 per person for bodily injury, $50,000 per occurrence for bodily injury, and $25,000 for property damage, but as you can imagine this does not go far. Reach out to us to discuss what limits we recommend for your specific situation.
Collision coverage is paid by the insurance company to repair damage to YOUR vehicle when you hit, or are hit by, another vehicle or object, regardless of who is at fault.
An insurance company will pay for comprehensive coverage to pay to repair damage to your car that is caused by something other than collision. For example, damage that occurs due to fire, theft, vandalism, hail, flooding, or caused by hitting an animal.
When purchasing your car insurance you have the ability to choose both your collision and comprehensive deductibles. The deductible, typically around $500, is the amount you pay to make repairs before your insurance starts to cover the rest.
The insurance company will pay to repair damage to your vehicle caused by a driver who has insufficient or no insurance. The insurance company will also pay for YOUR medical expense, lost wages, and other damages when you are hurt in an accident by a driver with insufficient or no insurance coverage.
An insurer will pay the cost of reasonable and necessary medical care for you or your passengers, regardless of whos at fault, as a result of an accident up to the selected limits.
With roadside assistance your insurance company will pay for repairs or towing when your vehicle breaks down. Coverage is extended to mechanical failure, electrical issues, dead battery, flat tires, if you're locked out of your car or if you run out of gas.
If you are in need of a rental vehicle due to your car being repaired as a result of a comprehensive or collision claim your insurance company will reimburse your up to the limits selected on your policy.
Why have an Umbrella policy?
An Umbrella Liability policy is important and relatively inexpensive protection — it helps protect you if you are sued after an event that occurred on your property, or if you unintentionally cause someone injury.
What If …
■ A guest has extensive injuries resulting from a fall on your property?
■ You cause a serious car accident?
■ Your dog bites someone?
■ Your negative online review of a business upsets the owner?
These are just a few examples of instances where you may be vulnerable to a costly lawsuit and having an Umbrella Liability policy could be beneficial for you to have.