Frequently Asked Questions
Homeowners who safeguard their homes against the risk of fire, theft and other losses are often eligible for lower insurance premiums. Here are some discounts that may qualify you for lower rates:
- Alarm Discount (RVOS & Priority One)
- Metal Roof Discount (RVOS)
- Hail Resistant Roof Discount (RVOS & Priority One)
- New Home Discount (RVOS & Priority One)
- Claims Free Discount (Priority One)
Estimating the cost of your home can be difficult. Insuring for Actual Cash Value or Replacement Cost Coverage should be considered.
These factors help determine what it will likely cost to rebuild your home:
- Square footage and local construction costs.
- Exterior wall construction?masonry, frame or veneer.
- Type of roof.
- Style of your home (ranch, colonial, contemporary).
- Number of rooms in your home.
- Special features attached garages, fireplaces, exterior trim, arched or bay windows, etc.
You will also want to check the latest building codes in your community. If your home is severely damaged, you may need to rebuild to comply with local building codes.
We hope for the best, but life offers no guarantees. In addition to being incredibly distressing, losing your home and its contents can also be financially devastating.
There are two different ways to insure your personal property:
- Actual cash value: This coverage is an amount equal to the replacement value of damaged property minus depreciation and the applicable deductible. Unless a policy specifies that property will be covered for its replacement value, the coverage is for actual cash value.
- Replacement cost: This coverage is the dollar amount needed to replace personal property with property of like kind & quality without any deduction for depreciation. The applicable deductible will apply.
It's easy to under-estimate the value of your personal property. Think of the amount of new items we purchase each year. Under-insurance can lead to inconvenience and heartache over your loss. Your agent is available to assist you in adequately insuring your home and personal belongings.
RVOS provides limited coverage for your valuables (antiques, jewelry, furs, paintings, business personal property, collectibles, etc.) You may need to increase the special limits to be covered adequately. Your agent can help you determine if additional coverage is needed.
When you purchase an amount of insurance for your personal property, there is limited coverage for jewelry. Coverage's are limited to those provided by the policy and a special limit will apply to the peril of theft. You may need to schedule certain valuable items to secure adequate protection. Your agent can help you determine if additional coverage is needed.
You should contact your agent about reviewing your coverage whenever you change something significant about your home or its contents, such as:
- When you make an addition to your home.
- When you make any major purchase: jewelry, electronics, farm equipment, a boat or other recreational vehicles.
- To help guard against inflation.
For most people, purchasing a house represents the single largest investment of their lifetime, and it's often your biggest asset. Insuring your home protects this investment and protects the equity you have worked hard to acquire. But the bottom line is, it's your home. It's where you live and you need to protect it.
- Your lending agent may require it. When you buy a home, you may need to show a copy of your policy at the time of closing. And if you are building a new home, you will probably be required to have special coverage while your house is under construction.
- Life offers no guarantees. Property insurance provides protection for you and your family when calamities like fire, burglary and vandalism happen. And most people need a liability policy. If a guest were to be injured at your home or on your property, you would want coverage to help pay for their medical expenses.
- Rebuild, replace and repair. If your house were demolished by a fire or tornado today, you would need money to cover repairs or replacement.
- You have valuable belongings. You can protect valuable items like jewelry, silverware and even more with additional coverage.
Typically, your home insurance covers a wide range of calamities, including fire, tornadoes, windstorms, lightning, hail, explosions, smoke, theft and vandalism. However, there are some limits on the amount of insurance you have. Be sure to review your coverage and address any coverage concerns with your agent.
Personal Liability Insurance covers you against damages arising from bodily injury and property damage, for which you may be legally responsible. Coverage is available for liability involving the use of your property (including swimming pools), the acts of your pets, and unintentional acts by you or qualified family members.
Today, when multimillion-dollar lawsuits are becoming more common, your personal liability policy may not be enough. Our Personal Umbrella supplements your current policies with added coverage in increments of $1 million. Your agent can help plan liability insurance that provides just the protection you need.