Homeowners Insurance

leonard-owlHomeowners insurance is basically designed to bring your home and possessions back to the same condition they were in before a loss occurred. There are several different types of homeowners policies offered by a wide variety of insurance companies.

Your Dwelling (Coverage A)

Imagine your house on moving day…empty, waiting to be filled. This is the part referred to as Coverage A: your physical home (rooms, fireplaces, tile floors, carpeting, etc.) and the structures attached to it, such as an attached garage. The amount of coverage assigned to your dwelling should reflect the amount it would cost to completely repair or rebuild your home should it suffer a covered loss. If it’s been a while since you last updated your policy coverage or if you are not sure that your dwelling is adequately covered, you need to contact Leonard Insurance.

Other structures (Coverage B)

Not all structures that exist on your property are actually attached to your house. Coverage B offers insurance protection for other structures such as a detached garage, gazebo, storage shed or a fence.

Personal property (Coverage C)

Your personal possessions such as furniture, clothing and appliances are covered. Certain types of possessions are excluded or have limited coverage. Please see personal property exclusions and limits of coverage in your policy for more specific information.

Loss of use (Coverage D)

This is also called “Additional Living Expense.” Essentially, this pays for your housing and other living expenses (like meals and laundry) if a major loss makes your house uninhabitable and you have to move out temporarily while it’s being repaired.

Personal liability (Coverage E)

Provides coverage for bodily injury or property damage for which you are legally responsible. For example, if your dog bites someone, a guest falls down your front stairs, or your son throws a ball through your neighbor’s window. You are legally responsible for these actions and Personal Liability helps to cover the associated costs of these related damages.

Medical payments (Coverage F)

Pays all reasonable and necessary medical expenses should an injury occur in your home. This coverage does not apply to the insured or regular residents of the insured’s household.

Deductibles

A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only.

There may also be a separate wind deductible. This deductible would apply if the covered damage to your home was caused by wind or hail. This is usually a percentage deductible. For example , if you have a 2% deductible, your deductible before a claim is paid is 2% of your Coverage A amount. If you have a $300,000 house and a 2% deductible you would have to pay a $6,000 wind deductible.

This is not intended to be a complete description of coverage. Leonard Insurance can provide you with the coverage which suits you.