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Affordable Homeowners Insurance Coverage

The following coverage definitions should help you understand your homeowners insurance policy, but be sure to consult your insurance company representative to assure that you have the right coverage for your needs.


Dwelling Coverage

The dollar amount carried to cover your home and any structures attached directly to it. Ideally, the amount of coverage you carry should equal the cost of rebuilding your home after a total loss.


Other Structures Coverage

Covers other structures set apart from the dwelling on the residence premises, such as a detached garage. This coverage applies up to the limits provided in your policy and can be increased if necessary.

Personal Property Coverage

This coverage provides worldwide coverage for personal property owned or used by the insured.


Loss of Use

This coverage is available when you cannot live in your home due to a covered loss. It pays living expenses, which go over and above your normal living expenses up to the limit provided in your policy.


Liability / Coverage

Liability coverage protects you in two ways. First, it provides for your legal defense against a liability claim — whether the claim is legitimate or not. Second, it will pay any court judgments against you up to the policy limit.


Medical Payments

This pays emergency medical bills for anyone injured on your property or any injury caused by a member of your family or a pet, regardless of where it happens. All bills are paid, up to your policy limit, whether or not you're legally responsible. Homeowners policies have many other optional features available to you depending on your individual needs. These include earthquakes and scheduled personal property coverage.


Five Homeowners Insurance Tips to Think About


  1. Make sure your home is insured to today's rebuilding costs - If you have remodeled, added on, or just have not had your insurance limit reviewed in several years, you may be underinsured.

  2. Be sure to specifically include coverage for jewelry, firearms, fine arts, antiques, and hearing aids - Standard homeowners policies have limitations on these items, so having them scheduled is the only way to insure them properly.

  3. Consider adding building ordinance and law coverage to your homeowners policy - If you have a partial or total fire city, state, or federal building codes may require new and costly features added to your home. Without this protection those costs are not covered by a standard homeowners policy, leaving you to pay for them.

  4. Increase the Personal Liability limits on your homeowners - Increasing your protection from $100,000 to $500,000 costs as little as $15 a year. No one wants to be a part of those outrageous lawsuits we sometimes read about.

  5. Make sure you have all your snowmobiles, boats, and four-wheelers covered - If they are older and you don't need physical damage coverage, don't forget about the liability risk. Call and make sure you are protected if an injury accident occurs.

Visit Lud Stoor Agency Inc. or contact us for a free quote today!

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