Home Insurance

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

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.

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.

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.

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.

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