Homeowner’s Insurance – July 2019
There is nothing like your home
Home, it’s your favorite place to relax after a long day; it’s your sanctuary. It’s where your kids run to after they step off the school bus. It’s a place where you build long lasting memories that have taken place. Your home is where you play, plan and dream with those you love. Therefore, it’s essential you ensure it properly – both inside and out.
Home insurance covers more than disasters
Home insurance isn’t reserved for times of catastrophes such as – fire, tornadoes, and other natural disasters. It can be a welcome sight when your home has been subjected to complete ruin. The hail damage you received to your roof, the broken water heater that flooded your newly finished basement, theft, vandalism, identity theft and more are all items that can be covered under your homeowner’s insurance.
Damage caused by most disaster is covered but there are exceptions. A standard homeowner’s policy does not cover flooding, earthquakes or poor maintenance. Flood Insurance is provided by the federal government’s National Flood Insurance Program, you may purchase this from an insurance agent. Earthquake Insurance is available either in the form of an endorsement or as a separate policy. Most maintenance related problems are the homeowner’s responsibility.
Homeowners insurance policy includes four essential types of coverage
- Coverage for the structure of your home. This part of a policy pays to repair or rebuild your home if damaged or destroyed by fire, hail, lightning or other disaster listed in the policy. It does not cover flood, earthquake or routine wear and tear. Most standard policies also cover structures that are not attached to a house such as a garage, tool shed or gazebo.
- Coverage for personal belongings. Furniture, clothes, and other personal items are covered if stolen or destroyed by fire or other disaster. Most companies provide coverage for 50 to 70 percent of the amount of insurance on the structure of a home. Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. To insure these items to their full value, individuals can purchase a special personal property endorsement or floater and insure the item for its appraised value.
- Liability Protection. Covers against lawsuits due to bodily injury or property damage that policyholders or family members cause to other people. It also pays for damage caused by pets. The liability portion of the policy pays for both the cost of defending the policyholder in court and any court awards—up to the limit of the policy. Coverage is not just in the home but extends to anywhere in the world. Liability limits generally start at $100,000. An umbrella or excess liability policy, which provides broader coverage, including claims for libel and slander, as well as higher liability limits, can be added to the policy.
- Additional Living Expense. Pays the additional costs of living away from home if a house is inhabitable due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while the home is being rebuilt. Coverage for additional living expenses differs from company to company.
What Home insurance options are available
Lancaster Insurance Center provides the following types of home insurance to meet your specific needs..
- Home Insurance
- Condo / Townhouse Insurance
- Renters Insurance
- Mobile-Home Insurance
- Dwelling Fire / Landlord Insurance
We offer coverage enhancements like replacement cost coverage for your dwelling and contents, guarantee replacement cost, water back up of sewers and drains, ordinance or law, and equipment breakdown.
When it comes to your home, Lancaster Insurance Center is here to help you protect what matters the most. Lancaster Insurance Center will be there for you every step of the way, especially in the event of a claim. We are about helping you protect what matters the most, your family and your home.