Homeowner's Insurance

Your home is one of your greatest assets, thus, you should make sure it is protected. This is where homeowner’s insurance comes into the picture. Homeowner’s insurance can protect against liabilities—when someone is injured on your property—damage to the structure of your home, and/or personal belongings and theft.

Though policies vary, a typical homeowner’s policy covers damage from certain “perils”. However, you may need to purchase a separate endorsement or policy to cover disasters such as floods, earthquakes, and tornadoes if you live in a high-risk area.

When reimbursing you for a loss, an insurance company will use one of two methods to determine the value of the property: replacement cost and actual cash value. With replacement cost, the insurance company pays you the cost of replacing the damaged property; there is no deduction for depreciation, but there is a maximum dollar amount. With actual cash value, the insurance company pays you an amount equal to the replacement value of damaged property minus a depreciation allowance. Keep in mind that before you are reimbursed, you'll need to satisfy a deductible.

Additionally, the typical homeowner’s policy includes liability protection that provides coverage damages caused by your negligence. Medical expenses to third parties your legal costs to any lawsuit brought against you are also included. Most policies provide a standard amount of liability coverage (usually $100,000) per accident.

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For more information about homeowner’s insurance click here, or call us today at 201-342-3300. One of our associates will be happy to speak to you.