Homeowner’s Insurance Elements

Charles Goodman Group: Trustworthy Insurance Agents in Chappaqua

Few investments are as momentous as a home or condominium purchase. Homes provide invaluable shelter for the family, house everyday essentials, protect valuable belongings and make up a sizable portion of a consumer’s financial portfolio. With all these elements at stake, it’s vital that consumers understand the available homeowner or tenant insurance options. To help homeowners and renters find the insurance policies that best fit their needs, trusted and a professional Chappaqua insurance agent work closely with consumers, inquiring about collections, checking home values and determining financial preferences. To facilitate this process, consumers can learn a bit about what’s covered by a typical policy.

Dozens of homeowner’s and tenant’s insurance policies are available on the open market, but according to New York State Department of Financial Services, the most common insurance product is the special form policy. Covering most potential physical losses, most homeowner’s policies exclude coverage for damage caused by flooding and earthquakes. In spite of these two limitations, this broad-ranging policy offers some of the best protection for homeowners and is often required by mortgage lenders.

Above all, these policies cover the physical structure of the home. If a hailstorm shatters the windows, a fire ravages the kitchen or a vandal destroys the front door, the cost to repair the damage is covered. This part of the policy will also pay to rebuild the home if it’s destroyed, so it’s important to know value of the home and match coverage amounts accordingly.

The insurance agent experts at the Charles Goodman Group of Chappaqua can assist you with any questions regarding life insurance or health insurance.

These policies also often include other structures on a property such as a garage, gazebo, cottage or storage shed. Detached structure coverage usually amounts to about 10 percent of an insurance policy, but consumers can work with insurance professionals to purchase more coverage.

All of a homeowner’s belongings are also included in most of these policies. Furniture, clothing, electronics and sports equipment are some of the most commonly covered personal property items. Protection for belongings usually makes up about 50 to 70 percent of a policy’s value, but there are smaller limits for valuables like jewelry and pricey collections. Consumers should check with an experienced agent to find out how much of the policy covers possessions and whether additional riders are needed to protect valuables.

If homeowners or tenants have to move out of the home while it is being repaired or rebuilt, the homeowner’s policy will cover those living expenses. Common additional living expenses include meals and hotel lodging, but limits vary according to the policy and provider. Before deciding on a policy, consumers should ask a trusted insurance professional about the options.

A homeowner’s liability is also covered if someone is injured on the property. This portion of the policy usually covers legal defense costs if someone sues the homeowner for injury or property damage. It also covers medical costs to treat persons who are injured on the property.

From special riders to excess liability policies, countless other elements can be added to a homeowner’s or tenant’s policy to provide the greatest protection. If consumers are clear about their needs and expectations, finding a homeowner’s or tenant’s policy becomes much easier.