Your home may be the biggest investment you make and having the right insurance program will help you protect that investment. As an independent agent we represent more than one company allowing us to shop your insurance needs to offer you the coverage and premium to best meet your budget.
While most Homeowners policies offer broad coverages, they do not cover everything that might cause damage to your home. All policies exclude certain types of losses and also contain conditions that must be met to have claims covered. The Personal Insurance Agents at Pinnacle can help you understand your policy and the options available to you.
Homeowners policies come in different forms that are based on need. One form covers an Owner Occupied Dwelling, one form covers a Condo Unit Owner and another form provides coverage for a Renter or Co-Op Owner. Commonly, all three forms include coverage for owned property and liability to others. However, levels of coverage for these three forms can vary greatly.
A typical Homeowners policy provides limits of coverage for the Dwelling, Detached Structures, Personal Property, Loss of Use of the Dwelling, Personal Liability Coverage and Medical Payments Coverage.
Coverage A - Dwelling: Covers damage to the Dwelling.
Coverage B - Detached Structures: Covers any structure located on the Residence Premises that is not attached to the Dwelling. This could be a separate garage, a fence, a gazebo, a statue, etc. This is an automatic coverage that is part of the basic homeowner policy. If these structures are used for business, then coverage may be excluded requiring you to obtain another type of insurance.
Coverage C - Personal Property: Covers your personal belongings and those of your resident family members subject to certain limitations, exclusions and conditions.
Coverage D - Loss of Use: Provides coverage that may be used for additional expenses incurred as a result of being unable to occupy the dwelling while it is being repaired or rebuilt due to damage from a covered loss.
Coverage E - Liability: Pays defense and settlement costs for claims made against you for bodily injury or property damage to others.
Coverage F - Medical Payments: Sometimes called “good will insurance” because it pays for medical expenses incurred by others who suffer an injury while on covered premises but the injury occurred through no fault of an insured.
Optional Coverage Available:
Replacement Cost coverage for the Dwelling and the Contents;
Extended Replacement Cost;
Water Back-up of Sewers or Drains;
Scheduled Personal Property such as jewelry, fine arts, musical instruments, electronics;
and many other coverages.
It’s very important to take the time to discuss your particular needs with one of our Personal Insurance Agents so that your policy can be designed to provide you with the coverage you need.