Homeowners & Renters Insurance
Home insurance policies are comprised of two types of coverage. The property section provides for the protection from damage to the dwelling, other structures, contents and loss of use. The liability section provides for protection for losses resulting from injury with personal liability and medical payments coverage.
There are many coverage options available to homeowners to enhance basic insurance policies. There are also differences in the forms of homeowners insurance policies as they are provided by different insurance carriers. It is very important to work with an independent insurance agent who understands the differences in policy forms and coverage options available, so you know what type of coverage you are purchasing and will have the protection in place that you think you bought when a loss occurs.
Homeowners insurance policies also include common exclusions. They specify what types of losses they do not intend to provide coverage for. Some common exclusions include, flood, earthquake, war and landslide. Many excluded causes of loss can be rectified by purchasing a separate policy such as flood insurance.
Optional coverage available under a homeowners insurance policy include water/sewer backup, identity theft, personal injury liability, guaranteed replacement cost of dwelling, replacement cost contents, and even earthquake coverage.
What about valuable items, such as jewelry, fine arts, china, silver, camera equipment, computers? Items that are generally high theft targets such as these are usually limited on a basic homeowners insurance policy. It is important to discuss how to insure these types of items on a scheduled basis or blanket that provides better coverage for the items that you may value the most. If a diamond is lost out of it’s setting or is lost in a lake, it would be covered properly if it were scheduled or on a blanket. Even golf equipment and guns can be scheduled to provide better protection for these items that are usually pretty valuable.
Condominium unit owners also purchase a homeowners insurance policy, though it is structured slightly differently because they’re not insuring the outside structure of the building. It is important for an agent to review the bi-laws of a condominium unit owners association to properly understand what items the unit owner is responsible for insuring versus what the association’s policy is insuring when recommending coverage and limits of coverage to a condominium unit owner. Condominium policies also offer loss assessment and special coverage for additions and alterations, which are unique to condominium policies.
Renters, of course, also are wise to purchase homeowners policies designed specifically for renters. Renters are increasingly more at risk to suffer loss from fire or theft because there are generally multiple residents occupying their same building. Purchasing sufficient coverage limits to allow for replacement of their furnishings, clothing, electronics, even sports equipment with new items is key. Your independent insurance agent can even provide you with helpful property inventory tools to help decide how much coverage you may need.
We are the right choice for Pewaukee homeowners insurance. Give us a call today to find out more.
