Getting the right homeowners insurance can seem pretty complicated. Homeowners Insurance policies can be written on different forms – HO-3 Home Owners Form, HO-6 Condo Owners Form, and HO-4 Tenants Form, as well as Dwelling Fire for owned premises you rent to others. The different forms are designed to provide the best possible coverage for your residential situation. A standard Homeowners policy will provide the appropriate dwelling and personal property coverages based on your needs, other structures on your property, as well as personal liability coverage for you and your family.
Replacement Cost endorsements will provide coverage for damaged, destroyed or stolen property with no deduction for age or condition. These endorsements will ensure your possessions are replaced with the same like, kind, and quality of any damaged items.
Flood damage is caused by surface water seeping through the home or basement walls or doors. Homeowners policies do not cover damage due to floods. This coverage must be purchased with a separate flood policy.
Water Back-Up/Sump Pump Overflow coverage can be added to your Homeowners policy up to a limit of your choosing. This endorsement would provide coverage for losses, and clean-up cost, that result from water backing up through sewers or drains or sump overflows. There will not be coverage to replace or repair a damaged drain or sump, only the damage caused by the back up.
Homeowner insurance provides your family with Personal Injury coverage. This coverage provides protection against types of personal injury lawsuits (like dog bites, slip and falls, invasion of privacy, wrongful eviction, or wrongful entry), lawyer’s fees, court costs, and time off from work.
A Homeowners policy will have a designated limit of insurance for your special items in the event of a claim at the home. You can purchase additional insurance for specific items, such as jewelry, with an appraisal. This endorsement would provide replacement coverage of the item if a covered claim occurs worldwide, not just at the home.