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Home Insurance

    Home Home Insurance

    Dependable Homeowner's Insurance when you need it.

    Home Insurance

    Buying a home can be a fun time in anybody’s life but in addition to having to buy the home itself, you will also need to look into home insurance. Even though this is not difficult to do, it is not exactly a fun process either. With that in mind, you should search for the cheapest home insurance possible. Even if you already own a home, saving money on insurance is always a good thing. Anybody would benefit from saving a few extra bucks each month.

    Whether you just purchased a home or simply shopping around, understanding basic information regarding Homeowners Insurance may be easier than you think. The following information provides you a basic overview of Homeowners Insurance.

    Have a farm or ranch? We insure those too!

    WHAT COVERAGE DO I NEED?

    The amount of coverage that you may need can depend on the cost to replace your home in the event of a loss.

    Shopping for homeowners insurance can depend upon the nature and extent of your assets. Besides taking into consideration the value of your home, you may also want to consider how much your other assets, such as personal property and other valuables, are worth.
    Premiums may be determined by the following factors:

    1. Value
    2. Age of dwelling
    3. Location
    4. Fire protection
    5. Deductibles
    6. Optional coverages

    POLICY TYPES

    The following are several basic types of insurance policies:

    • HO3 – Special Homeowners policy which covers the structure and all risks of loss except those excluded in the policy. (HOB is available in Texas.)
    • HO6 – For owners of co-ops or condominiums. This coverage can provide personal property coverage and liability coverage to the owner’s unit for additions and alterations.
    • Dwelling Fire – A dwelling fire policy covers dwellings and personal property against the perils of fire, wind, explosion, smoke, vandalism and other covered losses. Additional optional coverage may also be available.

    HOW MUCH INSURANCE COVERAGE DO I REALLY NEED?

    Do you have an adequate amount of insurance coverage for your home and belongings? Learn more about getting the right amount of coverage to protect you in the event that your home and belongings are damaged or destroyed.

    Homeowners insurance policies may vary in coverage. They usually pay varying amounts of coverage to replace your home and personal belongings in the event of a covered loss.
    The following are additional endorsements and assistance that may be applicable to your basic homeowners insurance:

    1. Personal Property Replacement Costs
      An important factor to consider when shopping for your homeowners insurance policy is “actual cash value” vs. “replacement cost” coverage. Countrywide Insurance Services, Inc. recommends the Personal Property Replacement Costs endorsement for your personal property, rather than actual cash value.
    2. Deductible Option – Flexible deductibles. You may select a deductible of up to $1,000 or an amount equivalent to one-half percent of your home’s insured value. The deductible is the loss amount that is the homeowner’s responsibility. Depending on the type of policy coverage, higher deductibles can carry lower premiums, so contact our insurance specialists at 1-888-878-8875 to find out what your deductible options are.
    3. Extended Replacement Costs (also known as Additional Replacement Costs) – This covers a certain amount above the policy limit to replace a damaged home. This is designed to protect the policyholder after a major disaster when the high demand for building contractors and materials can push up the normal cost of reconstruction.

    We also recommend inflation protection. This clause or endorsement can annually adjust the homeowners insurance policy to account for increases in rebuilding costs, as determined by the industry’s inflation statistics, in a situation where there is a loss.

    ANNUAL POLICY REVIEW

    Have you reviewed your homeowners insurance policy lately? You may want to consider taking a few moments to reacquaint yourself with the specifics of your coverage. Be sure to find out what is and what is not covered and determine whether you need additional coverage on top of what your current policy provides.

     Changes in Your Insurance Needs

    Be sure to notify your insurance agency of the current status of your household. Sometimes, certain events may affect your homeowners insurance policy. Such events may include getting married or divorced, making your home safer by adding a state-of-the-art fire/burglar alarm system or even if you’ve upgraded your property’s heating, plumbing or electrical systems.

    We also suggest for you to notify your insurance agency when you make any additions or perform any renovations to your home. You may even be qualified for additional savings when you take action to make your home safer.

    Call your agent today to review what your current policy covers or you can call our licensed insurance specialists at (888) 878-8875 to find out more about your coverage options and to help better serve your insurance needs.

    WHAT'S THE DIFFERENCE BETWEEN CONDO AND BASIC HOME OWNERS INSURANCE?

    Condominium owners’ insurance, otherwise known as an HO6 policy, offers personal property coverage, liability coverage and specific coverage of improvements to the owner’s unit. Insurance provided by the owner’s association may also cover most of the actual structure.

    Typically, condominium owners do not own the structure they live in, so if you own a condominium or cooperative unit, your condominium insurance may not cover your entire dwelling space . Instead, you may be covered for your personal property and any portion of the unit you own under the terms of your covenants, conditions and restrictions (CC&R).

    Condominium insurance is not available in all states, unlike most homeowners policies that are available in most states.

     Personal Property Replacement Cost Contents for Condos

    Similar to most Homeowners insurance policies, additional coverage may also be purchased on top of the HO6 policy to protect the contents of the home.

    For more information on Personal Property Cost Contents view below.

    Personal Property Replacement Cost

    When you purchase homeowners insurance, you are buying peace of mind that your home and belongings can be restored in the event of a covered loss. An important factor to consider when shopping for your homeowners insurance policy is “actual cash value” vs. “replacement cost” coverage. Most policies will reimburse you for the actual cash value of a covered loss to your property; however, many times the actual value of an item falls short of the amount needed to replace the item. We recommend the Personal Property Replacement Costs (PPRC) endorsement for your personal property, rather than actual cash value. PPRC provides coverage in the event of a covered loss, which can replace your contents at today’s prices.

    Taking inventory of your personal belongings may help you assess if you have enough coverage for the contents within your home. Keeping an updated inventory of your valuables and associated costs will not only help you recover those costs in case of a loss, but it may also expedite your claim.

    Need further assistance on additional Homeowner’s or other insurance products? Contact us at 1-888-878-8875 and a licensed Insurance Specialist will be able to assist you.

    UNDERSTANDING YOUR POLICY

    Do you understand what everything in your homeowners insurance policy means? Since some technical terms can be confusing, here we provide you with a quick guide about the basics of homeowners insurance to assist you in understanding your policy. The links below will guide you through reading your homeowners insurance policy.

     Coverage Options

    1. Dwelling Coverage: This portion of the policy addresses coverage of your home’s structure and will most likely be referred to as Coverage A — Dwelling Coverage. This typically covers the dwelling and attached structures and does not apply to land, including land on which the dwelling is located.
    2. Personal Property Coverage: This section outlines coverage of the contents of your home and your personal belongings. This will most likely be referred to as Coverage C — Personal Property Coverage. Unless otherwise specified, personal property coverage is for the actual cash value at the time of loss, which is the original cost of the item, minus depreciation. The coverage amount can be increased through an endorsement called Personal Property Replacement Cost (see above).
    3. Coverage for Temporary Living Expenses: Where would you live while your damaged home is getting repaired or rebuilt? The third type of coverage found in a Homeowners insurance policy, Loss of Use Coverage, insures you over and above your usual living expenses for temporary housing expenses, restaurant meals, and even things such as car and boat storage and pet kennel expenses, for a set period of time. This section is usually referred to as Coverage D — Loss of Use Coverage.
    4. Personal Liability Coverage: The fourth coverage generally found in a standard Homeowners insurance policy, typically referred to as Coverage E – Personal Liability Coverage covers damages for bodily injury or property damages to others. It may also provide a defense for covered claims.

    Standard Homeowners policies do not typically cover damage from earthquakes and floods.

     Credits/Savings

    Are you interested in receiving additional savings on your current homeowners policy? You may be able to receive credits on your policy if your home fits certain criteria.

    • New Home – Is your home brand new? If so, you may qualify for a new home discount that may save you up to 25% of your current policy premium. (This may not be available in some states, depending on the age of the home).
    • Smoke Detectors and Security Devices – Additional credits may also be available if your home has smoke detectors or security devices, such as burglar alarms or dead-bolt locks.
    • Higher Deductible = Lower Premiums – Deductibles are what you pay before your insurance policy pays in the event of a covered loss. You have the option of requesting higher deductibles, which may lower your monthly premium. However, before choosing higher deductibles, be sure to review your options carefully to help design the program that best meets your needs.

     Reading a Policy

    Homeowners insurance policies have many pages. What does it all mean?
    The following are 6 basic types of coverage, which homeowners insurance policies generally include:

    • Coverage A – Dwelling Coverage
    • Coverage B – Other Structures Coverage
    • Coverage C - Personal Property Coverage
    • Coverage D – Loss of Use Coverage
    • Coverage E – Personal Liability Coverage
    • Coverage F – Medical Payments Coverage

    Coverage A generally insures the house and/or attached structures for risks other than those that are excluded:

    • Fire and lightning
    • Windstorm, hail, tornadoes and hurricanes-in most states (but not in coastal areas)
    • Explosions
    • Vandalism and malicious mischief
    • Riot and civil unrest
    • Damage from vehicles
    • Sudden, accidental damage from smoke
    • Weight of snow, ice and sleet
    • Freezing of plumbing
    • Sudden, accidental tearing, cracking, burning or bulging of a steam pipe or hot water heating system
    • Other damages stated in your policy

    Coverage A does not typically cover damage or loss resulting from:

    • Increased costs due to Ordinance or Law
    • Earthquakes, floods or any type of earth movement. Depending on where you live, hurricanes may not be covered, either. If you need to insure your home against these risks, you may be able to buy an additional policy or endorsement for each of these.
    • Neglect
    • War
    • Nuclear Hazard
    • Intentional Loss

    Do you have a barn, shed, garage or other structure not attached to your home? Other Structures Coverage insures these structures against the same risks that Coverage A – Dwelling Coverage provides for your home.

     Limits

    Coverage B is typically limited to 10% of your Coverage A amount and does not cover business use. The limits can be increased through an optional endorsement. Contact your agent for more information.

    Example: If your dwelling is insured for $200,000 under Coverage A, other structures would be covered for $20,000.

    Personal Property Coverage, also known as Coverage C typically protects personal belongings of the insured wherever they may go.

    Limits

    Coverage for personal property is usually limited to 50% to 75% of your Coverage A – Dwelling Coverage amount. This amount can be increased by contacting your agent.

    Example: If your dwelling were insured for $200,000, your personal property limit would typically be $150,000. Unless otherwise specified, Coverage C – Personal Property Coverage is for actual cash value at the time of loss, which is the original cost of the item, minus depreciation. Buying an endorsement can increase this coverage.

    Policies which include necessary increases in living expenses.

    While you repair or rebuild an uninhabitable home damaged during a covered loss, where would you live? Loss of Use Coverage provides for temporary living expenses over and above your usual living expenses and may include things like furniture, food, shelter and pet kennel expenses.

    Limits

    Coverage for loss of use is usually limited to 20% of your Coverage A – Dwelling Coverage and applies when a covered loss makes your home not fit to live in.

    Lawsuits can be burdensome. Personal Liability Coverage pays damages for bodily injury or property damage you are legally liable for and also provides for your legal defense to lawsuits for covered damages.

    Limits

    Most homeowner policies include $100,000 of personal liability coverage. Insurance professionals generally recommend a personal liability minimum of $300,000 for each occurrence (a lower amount may put assets at risk).

    If a visitor suffers a minor injury on your property, Medical Payments Coverage would pay for certain minor medical costs incurred by the injured person. Examples include the cost of exams and X-rays.

    Limits

    Generally, this coverage is limited to $1,000. You may be eligible to increase the amount up to $10,000 with an endorsement.

    TIPS FOR HOMEOWNERS

    Take a home inventory each year. This detailed list of the personal property in your home will help in the event of loss or damage.

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    Cooper Insures is a family owned business that was founded by Victor A. Cooper Jr. He was born near Yoakum, Texas in 1920 and graduated from A & I University (now Texas A & M University – Kingsville). After serving as a captain in the airforce during World War II, Victor Cooper moved to Wortham, Texas where he raised cattle and started his insurance agency in 1947. In 1957, he moved his insurance agency to Corsicana, Texas.

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