Home & Renters
Home ownership provides a valuable asset. Protect the structure and the personal belongings inside from damage, destruction and theft.
Home and Renters Insurance Coverage Highlights*
Dwelling – Home
Provides coverage to your home for repair due to damage or destruction in the event of a covered loss.
Other Structures – Home
Protects other detached structures on your premises, such as fences, detached garage, tool shed, etc.
Personal Property – Home
Covers personal belongings, including furniture, appliances, and clothing, if they are stolen, damaged, or destroyed. Limits of Liability apply.
Personal Property – Renters
Provides financial reimbursement to cover belongings including laptops, personal electronics, and more. Limits of Liability apply to certain types of property.
Scheduled Personal Property – Home and Renters
Optional coverage is offered for higher-valued personal property, such as jewelry, fine art, or musical instruments.
Loss of Use – Home and Renters
Provides you with an additional living expense if you are displaced from your home during the course of repairs due to a covered loss.
Personal Liability – Home and Renters
Personal Liability covers you, in and out of your home, for personal injury, bodily injury and property damage in the event that you are found legally responsible.
Medical Payments to Others – Home and Renters
Provides coverage to the cost associated with medical payments and expenses incurred due to an accident causing personal or bodily injury.
Market Value vs. Replacement Cost
Market value is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home. Replacement cost for this purpose is the rebuilding cost necessary to replace the entire home.Market value is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home. Replacement cost for this purpose is the rebuilding cost necessary to replace the entire home.
Replacement cost IS NOT:
- The market value of the home.
- The home’s purchase price or the cost of the land.
- The outstanding amount of any mortgage loan.
Review Your Homeowners Insurance Coverage Annually
Have you recently remodeled or improved your home?
When you upgrade or improve your home, you may increase your home’s estimated replacement cost.
Has the rate of inflation risen since your last appraisal?
Most companies provides coverage that automatically adjusts each year in an effort to compensate for increases in construction costs in your area. However, certain conditions such as severe weather can increase the demand for labor and materials, and raise costs beyond normal inflation. It is important to update your coverage amount each year to keep up with the changing economy.
What influences the building costs in your area?
Market conditions in your area may impact the amount it will cost to rebuild your home if you experience a loss. Replacement cost estimates are influenced by supply of labor, demand for labor, and the cost of construction materials. Keeping up with the current market conditions in your area and changing your home insurance coverage amount accordingly, will help you maintain coverage at least equal to 100 percent of the estimated replacement cost coverage for your home.
Why Do I Need Renters Insurance for an Apartment?
If you rent an apartment from a landlord, they won’t be responsible for any damages to your personal property in the case of a break-in or burglary, a fire, flooding inside your home, or a weather emergency like a severe storm. Renters insurance covers it all for a low monthly premium.