The very reason we purchase any kind of insurance is to “protect our tomorrows” – our homes are probably one of the largest investments we’ll make in our lifetime. Maison is committed to help you protect that investment. The way we protect our home and belongings is through a homeowners’ insurance policy. Selecting the right Agent, choosing the right Carrier, and purchasing the right coverages are equally as important in protecting your investment and providing you peace of mind.
A homeowners (HO3) policy provides comprehensive property and liability coverage for single-family, townhouse or duplex homes that are owner occupied.
Your Homeowners’ Policy “simplified” covers:
- Damage to your structure
- Damages to other structures on your property, a shed or a garage
- Personal belongings
- Coverage for valuables, within limits
- Temporary living expenses should you need them if your home is damaged
- Personal liability if someone is injured or their property is damaged while at your home
If you own a secondary or seasonal home or a home you rent to others, a Dwelling Policy is your best insurance solution.
A Dwelling Fire insurance policy simplified provides a wide range of coverage options:
- Damage to your structure
- Damage to other structures on the property, a shed or garage
- Reimbursement for rental expense
- Personal liability should someone be injured or their property damaged while at the home.
You’ll want to speak to a licensed insurance agent for advice on coverage selections based on your individual needs. The policy contract discloses all coverage limitations, exclusions and conditions that will apply.
Understanding “Market Value” versus “Insurance Value”
Your home’s “market value” is based on current economic conditions, the value of the land, location and some other factors including school districts assigned to your neighborhood. The “market value” is what you could sell your home for in the current real estate market conditions. “Insurance value” is calculated based on what it would cost to completely rebuild your home should you experience a total loss and replace your personal belongings, including all of your furniture, appliances, carpet and tile. Replacement value of your home depends on the physical characteristics of your property, as well as the cost of labor and materials. In most areas, those costs increase over time.
Review your policy annually and Keep a home inventory
We recommend you keep a current inventory of your personal belongings. Think about the value of your personal belongings and the contents of your home as compared to the limits of your policy. Consult your Independent Agent annually to review your policy and make sure you keep your policy limits, of your belongings and your home, current to your needs. The Insurance Information Institute provides a free website, KnowYourStuff.org, which is a great resource to help you document and calculate your contents.