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Home Insurance Products
Types of coverages
The four types of homeowners insurance coverage are:
- Structural — Covers damage to your home or dwelling.
- Personal Belongings — Covers damage to items in or on your home or dwelling.
- Liability Protection — Covers your legal responsibility for injuries or damage to other people or property.
- Additional Living Expenses — Covers costs for temporary housing, meals, etc., while your home is being restored or rebuilt.
Structural and Personal Belongings coverages are available on an actual cash value (ACV) basis or at full replacement cost.
ACV coverage considers the current market value of an item based on its age and condition. So, if you purchased a television for $400 four years ago, the value today would be significantly less than it was when you purchased it. ACV coverage would depreciate the item's value to determine the current value. Full replacement cost considers the current cost to replace an item, and is typically the best option. Your responsibilities. Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video - using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your home insurance policy doesn't cover damages caused by poor or deferred maintenance on your part.
- Home Inventory Tools » (knowyourstuff.org)
- Is Your Home in a Flood Zone? » (floodsmart.gov)
- National Flood Insurance Program Information » (fema.gov)
- National Fire Protection Association » (nfpa.org)
Condo Insurance Coverage Options
Condominium insurance covers personal property, liability and parts of the unit that are your responsibility. It may also protect you from certain assessments levied by the condo association. You’re also covered for costs you incur over normal living expenses if you have to vacate your condominium.
Renters Insurance Will Cover
- Your possessions.
- Liability if someone sues you for an injury they got at your home.
- Possessions when they are away from your rental home, including in your car.
- Additional living expenses. If you can’t stay in your home or apartment because of something like fire or pipes exploding, your renters insurance policy will cover some of the costs for living somewhere else while repairs at the residence take place.
Living expenses coverage is usually limited to either aspecific period of time, or what the renters insurance company considers a “reasonable length of time.”
To prevent abuse, there is a cap on the amount of additional living expenses the insurer will pay, usually apercentage of the total renters insurance liability limits.
Flood Insurance is offered through the National Flood Insurance Program. Although the government actually provides the coverage, Roeding Insurance issues the flood insurance policy through one of our participating companies, and in the event of flood damage, would also service your claim.
Umbrella Insurance Policies Typically Cover
- Liability judgments that exceed the liability coverage limits on your home and car insurance policies.
Umbrella insurance kicks in once the limits of your base policy (home insurance or auto insurance) are exhausted.
Your umbrella pays for any overages (covered by your insurance policy), up to the umbrella insurance policy limits.
- Instances when you, your child, or your pet cause bodily injury or property damage.
- Personal injuries, such as:
Libel and slander (when you say or write things that defame someone’s character)
Invasion of privacy
- Legal fees and defense costs.
Umbrella Insurance Policies Don’t Usually Cover
- Punitive damages (punishment by fine for actions or behaviors deemed reckless or outlandish by the court)
- Intentional acts
- Liability claims related to a business you own (you will need a separate business insurance policy for that)
A homeowners policy isn’t designed to protect a vacant home. If an insurance carrier finds out you’re insuring an unoccupied home with a homeowners policy, you may end up with a reduction in your coverage, or even a denied claim. There are reasons why a homeowners policy isn’t designed to protect a vacant home. We have carriers who specialize in insuring vacant properties, and can provide you with vacant home insurance at competitive rates, some with term options of 3, 6, or 12 months.
There are many reasons a home you own may need vacant insurance:
- You’ve moved, but your home is unsold.
- A property you own is being renovated.
- You rent out the house, but are between tenants.
- You are selling a house to close an estate.
- You purchased the home from a foreclosure sale.