| |
|
| |
 Policy
Types:
Differerent
structures require different types of policies. Your
sturcture could require a Fire and EC, Dwelling Owner,
HO-1, HO-2, HO-3, or HO-5 policy.The type of policy
is determined by the occupancy, age, and condition
of the structure. We will work with you to determine
the correct policy to protect your structure. The
cost of the policy is normally determined by policy
type and the amount of coverage that is needed.
If
you rent or own a townhouse or condo, you will need
a HO-4 or HO-6 policy to protect your personal property.
HO-6 policies provide extra coverages for the condo
and townhouse owner. One of
the main factors that determines the cost of this
type of policy is the amount of personal property
that is covered. |
| |
|
| |
[The
coverages mentioned here can be found on the declaration
page(s) of your current policy. Please
note: These descriptions are meant as a broad overview.
They do not represent the exact language that may
be found in your policy and they should not be used
to determine whether or not a specific occurrence
will be covered. The policy language for your specific
structure and the determination that is made by the
insuring company in the event of a claim is always
the controlling factor.] However, it is our
experience that insurance companies will work with
an owner to achieve a fair and just settlement in
the event of a loss.
Coverage
A — Dwelling:
Coverage
A is the maximum amount of coverage in thousands of
dollars that the insurance company will pay in the
event that the structure is totally destroyed by a
covered peril. A few insurance companies offer replacement
cost coverages for newer structures if the house is
originally insured for its full replacement cost.
|
| |
|
| |
Coverage
B — Other Structures:
Coverage
B is the amount of coverage that will cover appurtenant
structures (structures that are detached from the main
structure). This coverage is normally a percentage of
the dwelling amount, is automatically included in the
policy, and does not add to the cost of the policy.
However, this coverage can be increased (for an additional
premium) if an increased limit of coverage is needed. |
| |
|
| |
Coverage
C — Personal Property:
Coverage
C is the maximum amount of coverage in thousands of
dollars that the insurance company will pay for your
personal propery if it is destroyed
by a covered peril. Replacement cost coverage is often
available for personal property should be strongly
considered.
|
| |
|
| |
Coverage
D — Loss of Use:
Coverage
D covers the total loss of use limits that the insurance
company will pay so that an insured can continue to
live in approximately the same type of living circumstances
while an insured structure that is damaged or destroyed
is repaired or rebuilt. |
| |
|
| |
Coverage
E — Liability:
Coverage
E covers the liability of a homeowner if a person is
injured on the insureds property. In order for this
coverage to come into effect, it must be determined
that the homeowner was actually liable for the injury
of someone that was on the property. For example: A
homeowner may be liable if his property has an attractive
nuisance such as an unfenced swimming pool or other
existing unsafe condition of which he or she is aware.
Homeowners have different levels of responsibility depending
on the status of an individual (not in the insureds
family) who comes onto the property. In other words,
the homeowner is more responsible to an invited guest
than to a trespasser on the property. |
| |
|
| |
Coverage
F — Medical Payments per person:
Coverage
F pays for immediate and necessary medical payments
for a person (not in the insureds family) who is injured
on the insureds property. This coverage exists for the
benefit of the injured party and makes it possible for
the injured party to recover medical expenses without
becoming involved in a lawsuit against the property
owner. The insurance company may pay medical payments
to an injured party whether or not
the property owner was actually liable. |
| |
|
| |
Policy
deductible:
The
policy deductible is the amount that the property owner
must pay in the event of a covered Homeowner insurance
loss. Policy deductibles do not apply in the event of
a liability or medical payment claim. |
| |
|
