At Archbold and Lewis Insurance
we will help you find the Homeowners Coverage "That’s Right for You."
Finding the right homeowners insurance is one of the most important
decisions you’ll make. Unfortunately, many families are not adequately
covered and, in the event of a loss, they may face financial hardships
or legal consequences.
The good news is that as your agent, we can make sure that you are fully
protected. You should talk with an agent before making any insurance decisions.
But in the meantime, here is a quick lesson on our most common homeowners
policy, known as an HO-3.
- Property Coverage for Your Home
The Residence Dwelling portion of your homeowners insurance provides
valuable protection for your home and any attached and/or additional structures
on your premise. In fact, unless a loss is specifically excluded from the
homeowners policy, coverage is provided on additional structures on your
premises. This protection equals 10% of your dwelling coverage. (Exclusions
do apply. The actual policy provides a complete list of exclusions.)
With the HO-3 policy, losses to your home are paid on a replacement-cost
basis, minus your deductible. It is important for you to insure your home
at its replacement value so you do not incur financial consequences for
being underinsured. We can help you determine the appropriate amount of
coverage needed.
Another benefit of this policy is its Loss of Use coverage. This
coverage protects you should you be forced to move out of your home temporarily
because of damage from a covered loss. Loss of Use protection equals 20%
of your dwelling coverage.
- Personal Property Protection Your personal belongings are also
protected under the HO-3 homeowners policy. The policy provides coverage
for damage caused by the most common types of losses, such as fire, lightning,
theft, windstorm and smoke, among others. This protection equals 50% of
your dwelling coverage, sometimes up to 70% but it can be increased further
if needed. Special limits of liability apply on some personal property
items. Losses for personal belongings are paid on an actual, cash-value
basis, minus your deductible. We offer replacement cost coverage on your
personal property for an additional premium.
Please note: This information is for summary purposes
only and contains a general outline of coverage provided in your HO-3 policy,
as well as optional coverage available. This is not a contract or a policy
of any kind. Complete and detailed descriptions of homeowners policy coverage
and exclusions are contained only in the policy itself. Information is
subject to change without notice.
- Liability Coverages Personal liability. This coverage is designed
to protect you against claims or legal action that results from bodily
injury or property damage to others. For this coverage to apply, the bodily
injury or property damage must be caused by an incident covered under the
HO-3 policy. Legal defense coverage is provided with this policy, even
if a suit is false or fraudulent.
- Medical Payments to Others. This coverage is designed to help
pay for medical expenses for persons other than residents of the household.
This coverage applies, regardless of legal liability, when an insured's
personal activities cause bodily injury; an accident on your covered property
results in bodily injury; or a pet that you own causes bodily injury.
- Damage
to Property of Others. When you purchase homeowners coverage, most
companies automatically provides protection up to $500 per occurrence for
damage you unintentionally cause to the property of others.
- Options for Your Policy Increased Limits. We offer you the option
of purchasing higher limits of coverage on Other Structures, Personal Property,
Loss of Use and Personal Liability.
- Scheduled Personal Property. You can schedule such items as
jewelry, furs, firearms, silverware and portable phone.
- Boats. We offers optional coverage for your boat, including
coverage for motors, trailers and boat equipment. Watercraft liability
coverage is also available.
- Replacement Cost Coverage. For an additional premium, We also
offer full replacement cost coverage on your personal property. Without
this additional coverage, losses on personal property are paid on an actual,
cash-value basis, minus your deductible.
Household Inventory
After a loss, you will be asked to prepare a complete inventory of the
insured items, including the cost and the date of purchase of those items.
Completing a household inventory and keeping it up-to-date will help you
accurately report your losses.
To complete the inventory, take one room at a time, listing each item,
an approximate value and date of purchase. (Taking photographs or videotaping
your belongings also help with this task.) Review this inventory once a
year, removing disposed items and adding new acquisitions.
Remember, some items require a scheduled endorsement. If there is a
great difference between your total and the amount of your coverage, consult
us ASAP.
Want a free home inventory sheet??? Click
Here!
