Home Insurance Coverage for your family ... and your wallet.

If you’re trying to better understand your home insurance, you probably have a lot of questions that start with, “what is.” We can help you better understand your home insurance coverage, give us a call and test us.

If you want to learn this on your own, we have provided you a glossary of home insurance coverages that you should become familiar with. You can also review our  home insurance FAQ’s to further your understanding.

WHAT IS COVERAGE (A) – DWELLING COVERAGE?

The first home insurance coverage that appears on your policy declarations is the dwelling coverage. This is the portion of your homeowner’s insurance policy that provides property coverage for your house. It also provides coverage for attached structures, such as a porch or patio cover. Coverage A – Dwelling may provide coverage for items that are permanently installed, or built-in.

WHAT IS COVERAGE (B) – OTHER STRUCTURES COVERAGE?

While your Dwelling Coverage provides protection for your home, any detached structures are afforded protection through Other Structures coverage. This coverage typically provides coverage for items such as detached garages, storage sheds, fences, patios, sidewalks and driveways. Detached structures that are used for business purposes are generally not covered. Consult your IronPoint agent if you have a business.

WHAT IS COVERAGE (C) – PERSONAL PROPERTY COVERAGE?

The third home insurance coverage on the typical home insurance declarations is Personal Property coverage is intended to provide protection for your personal home contents and other personal items owned by you and the family members who live with you. This coverage can be on either an actual cash value or replacement cost basis. There are frequently personal items that have special limits.

WHAT IS COVERAGE (D)- LOSS OF USE COVERAGE?

When you and your family are displaced due to a covered loss, this home insurance coverage will provide coverage for living expenses over and above your normal expenses. This is typically used when you and your family cannot live at your covered home during repairs or if it is deemed unsafe.

WHAT IS COVERAGE (E) – PERSONAL LIABILITY COVERAGE?

Personal liability coverage provides coverage against claims or lawsuits resulting from bodily injury or property damage you or a family member who lives with you causes by accident while on your property or for your personal activities anywhere. This may be one of the most important home insurance coverages. This is not liability for your auto or business.

WHAT IS COVERAGE (F) – MEDICAL PAYMENTS COVERAGE?

This coverage includes protection for medical expenses for persons accidentally injured while on your property. You do not need to be at fault to have coverage under Medical Payments. This coverage is not for you or for family members who live with you.

What types of endorsements are available home insurance coverage options?

This coverage includes protection for medical expenses for persons accidentally injured while on your property. You do not need to be at fault to have coverage under Medical Payments. This coverage is not for you or for family members who live with you.

• Guaranteed Replacement Cost Coverage – As long as you have met the requirements of
  your policy, this coverage will pay for the cost to rebuild your home.
• Extended Replacement Cost Coverage – insures your home for a specific amount. This coverage may come with a 20% – 25% factor for cost overrun.
• Inflation Guard – Increases the amount of your homeowners insurance to keep up with inflation. This provides that you are less likely to be underinsured when you have to file a claim.
• Scheduled Personal Property – This coverage allows you to protect certain types of property (e.g. jewelry, furs, and firearms) that frequently have capped limits in the home insurance policy. Scheduled personal property often has broader coverage than that which is contained in the standard homeowner’s insurance policy.
• Secondary Residence – Provides coverage for a second home such as a summer vacation property.
• Theft Coverage Protection – This coverage broadens the theft coverage that is included in the standard homeowner’s insurance policy. This coverage may provide protection for losses to personal property in your personal auto, watercraft, boat or trailer.
• Credit Card, Forgery, and Depositor’s Coverage – With this coverage you can get protection against loss, theft, or unauthorized use of credit cars. It may also provide coverage for forgery.

With this list you have a beginners understanding of the home insurance coverage offered by your typical home insurance polity. You many want to better understand auto insurance coverage too, as you’re likely going to need both types of policies.

If you want to know more about the available home insurance coverage, or want a home insurance quote, give us a call or complete the form below and an IronPoint Insurance agent will contact you and begin the process.