Homeowners Insurance Basics
A solution to your specific needs.
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.
Knowing your Coverages
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. Having 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
- Smoke Damage
- Damage caused by vehicles
- Falling objects
- Volcanic eruption
- 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
- Pipe freezing
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
Car insurance can be complicated, but it does not have to be.
Get in touch with our insurance specialists. Discuss your coverages and build a policy specific to YOU. For a quote, click the "Review My Insurance" link and fill out the form, email us at firstname.lastname@example.org, or give us a call. We are here to help!
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.
Boat and Watercraft Insurance
At River East Insurance, we offer a wide variety of insurance options for your boat, jet ski or personal watercraft. Some boats or smaller watercraft may even be covered under your current homeowners policy. The size, type and value of your boat, personal watercraft or jet ski will be part of the determining factors in evaluating your insurance coverage needs.
Let one of our experienced agents discuss your insurance options and provide recommendations to best fit your situation. The following list some of the coverages that we can offer:
- Physical Damage Coverage - Adding this coverage to your policy protects your boat while in storage and during transport. This covers your boat as well when out of the water, including but not limited to: fire, lightning, vandalism or theft. You can also obtain emergency service reimbursement for expenses related to towing, labor or supplies.
- Liability Coverage - This coverage will assist you in the event of a collision with another boat, dock or other boaters.
- Personal Liability - This coverage protects you and your family members if you have an accident that causes injury to another person.
- Medical Payments - This covers medical expenses if you or someone in your boat is involved in an accident.
- Property Damage - This covers damage that may be caused to another persons property while operating your watercraft.
Boat and Watercraft Insurance in Connecticut
Consult with one of our professional agents at River East Insurance to make sure you have the right coverage at a competitive price. We can evaluate your boat or jet ski insurance needs to find special coverages you may need or any discounts you may qualify for.
Classic & Antique Vehicles
River East Insurance is here to help you find the right coverage for your classic, collector, or antique vehicle. These vehicles have different insurance than your standard auto insurance. We can provide those options for you.
Depending on the unique vehicle you have, we can customize a package that best fits your needs.
- Get what its worth to you with agreed value coverage.
- Special repair and parts options.
- Damage and liability coverage options.
- Flexible use coverages.
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.
Celebrate life knowing the ones you love are protected.
The people who depend on you shouldn't have to struggle financially if something should happen to you. Having a life insurance policy in place can provide your loved ones a means to cover funeral cost, pay bills, tuition, debts, and more.
Our agent's at River East Insurance will help you to navigate the several life insurance options available to you and find a policy that fits both your budget, and long-term goals.
If you're considering life insurance please give our office a call. You never know what the future may bring.
How will your family fair without you?
What life policy is right for you?
Purchasing life insurance is one of the most important financial moves you can make. The coverage from this type of policy protects your family from financially worrisome situations if you are not there to provide for their needs. When you work with an independent agent, you can get the protection your family needs for less.
One of the most important decisions you need to make is what type of insurance is right for your situation. The biggest factor to consider is time.
- With whole life insurance, the individual is covered for their entire lifetime. This type of policy allows you to borrow from it over your life, too. It can even be a part of your estate plan.
- Term life insurance is in place for a set amount of time. This type of policy is less expensive, but provides your family with financial protection when it is most at risk, such as when you have a mortgage to pay and dependents relying on your income.
There are other options to take into consideration. Child life insurance policies provide financial aid to cover medical costs for the death of a child. Other options include accident death, critical illness, long-term care policies, final expense coverage, and disability insurance. Any can be a good investment for you.
To ensure you get the right type of policy as well as the most affordable option, discuss your needs with an independent agent. You can get a comparative quote for policies available to you right away. You are not getting a quote from just one insurance provider, though. Rather, you'll receive a quote from numerous local providers through your agent so you can compare your options. That way, you get the best policy for your needs and your budget.
Protect your most personal assets.
Types of Personal Insurance
- Auto Insurance
- Home Insurance
- Condo Insurance
- Renters Insurance
- Boat Insurance
- RV Insurance
- Insurance For Your Toys
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