Home Insurance

Home insurance is not as straightforward as you may think. There are numerous forms of homeowners policies, varying in the type of coverage provided. The replacement cost of your home can be underestimated by many homeowners due to the different values that are used to determine a property’s worth, such as market values and the appraised value. It is important to have sufficient coverage to rebuild your home in today’s market in the event there is a total loss.

Whether you are insuring a primary or secondary residence, rental property, condominium, or mobile home, or if you are renting, our licensed agents will help you design a policy that will fit your individual needs and provide the most comprehensive coverage at the best possible rates.

These common home insurance terms will help you better understand your policy, to ensure you have the appropriate coverage for your property and personal belongings.

  • Actual Cash Value (ACV) – The value of your property at the time of a loss. ACV may be determined as the replacement cost minus depreciation.
  • Coverage A (Dwelling Coverage) – Covers damage to the home in the event of a covered peril, such as wind, hail, hurricane, fire, or water damage.
  • Coverage B (Other Structures) – Covers damage to any structure detached from the main building, such as a detached garage, fence, or shed.
  • Coverage C (Contents Coverage) – Also known as Personal Property Coverage, covers the cost of replacing your personal belongings in the event of a covered peril.
  • Coverage D (Loss of Use) – Covers living expenses in the event you cannot live in your home due to a covered claim, such as hotel or other living expenses.
  • Coverage E (Personal Liability Coverage) – Covers injury and property damage of others that do not live in the household.
  • Coverage F (Medical Payments) – Covers medical expenses to others that do not live in the household if injured on your property.
  • Deductible – The amount that a policyholder pays on a claim before the insurer will pay.
  • Endorsement – An amendment attached to a policy that modifies the terms of the policy.
  • Exclusions – Specific situations, conditions, or circumstances that are not covered by your home insurance policy.
  • Peril – Refers to a specific risk or cause of loss covered by a policy, such as fire, windstorm, lightening, hail, smoke damage, or theft.
  • Replacement Cost – The amount to replace property at today’s prices.
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