Owning a home is a big responsibility – it’s where you keep your possessions and where your family resides. Whether you live alone or with a large family, having Homeowners Insurance is equally as important. No one likes to imagine having their home damaged, but it’s important to be prepared if the unthinkable happens.
Homeowners Insurance protects you and your family from costs that can result from a range of perils, such as fire or theft. It can also help pay for medical costs if someone is injured on your property and decides to take legal action against you.
Whether you’re a new homeowner or have lived in your house for years, at Corcoran & Havlin, we know how important your home is to you. Let us give you the peace-of-mind in knowing that you’re protected when the unthinkable happens.
- Purchase Guaranteed Replacement Cost coverage on your home & household contents (if available) or Extended Replacement Cost coverage.
- Purchase Replacement Cost coverage on your household contents.
- Videotape or photograph your house or apartment (including all contents owned).
- Obtain appraisals when appropriate.
- Keep sales receipts for significant purchases and whatever substantiation you have in a safe place, off premises, so your proof will not be destroyed in a fire.
- Schedule valuable articles. We suggest having your jewelry appraisals updated every three years, and other items every five years to ensure that your scheduled items are adequately protected.
Flood coverage is generally excluded on the basic Homeowners policy. However, some Homeowners policies provide coverage for backup of sewers and drains that cause flooding in your basement. This coverage can be purchased for a nominal premium. Check with your insurance agent to see if this coverage is applicable to you & get you a quote.
If, however, you live in a flood-prone area, you should consider, and may be required by your lending institution, to purchase a flood insurance policy. Contact your agent to learn more about the Federal Flood Insurance Plan, the exclusions, and the limitations of coverage in these policies.
If the actual receipts are not available, insurance companies will generally accept photos, warranties, owners’ manuals, cancelled checks, credit card receipts, bills, servicing agreements, and even video tapes as proof of ownership. We suggest that you consider videotaping your home prior to experiencing a loss.
Contact us as soon as possible! If there is damage to your home or possessions make "emergency" repairs to protect yourself and your property from further damage, then call your agent. For example, if some windows in your home have been blown out by wind, you may board them up to prevent additional damage. In fact, your policy covers the cost of these emergency measures. Before you make any permanent repairs, contact us. The insurance company has the right to inspect the property in its damaged condition. They may want to send a claims adjuster or instruct you to get an estimate from an independent contractor. If you have property stolen, notify the policy immediately and call your insurance agent.
Generally damage to both the exterior and interior of a home resulting from weight of ice and snow or ice dams is covered under a homeowners policy. However, only the area damaged in the loss will be covered. Further damage sustained due to wear and tear or neglect will not be covered.
- Flood and Earthquake: These items are not covered by a typical Homeowners policy, so if would like to add either of these, please contact your C&H agent.
- Jewelry, Fine Arts, Guns, etc.: These items are included in your personal property coverage, however they usually have very low limits. Any items you own that have significant value should be scheduled and added to the policy individually. This not only provides you with broader coverage (Such as mysterious disappearance for jewelry), it also assures that a proper value is set on the item in the event of a loss.
- Back up of sewer and drains: This coverage will protect you in the event of a back-up in your home to the policy limit.
- Home Business: Business exposures in your home are not automatically covered by the standard Homeowners policy. If you operate a business in your home, contact our office to speak with an agent. Depending on several factors (business size and industry), a Businessowners policy may be necessary.
If you have an au pair or regular household help, you may need a Workers’ Compensation policy. Employees are not covered by a Homeowner’s policy.
General liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to pay damages but also to pay the attorneys’ fees and other costs involved in defending against the lawsuit.
Usually excluded from general liability insurance policies are suits by customers against a business for nonperformance of a contract and by employees charging wrongful termination, racial or gender discrimination, or harassment. For this coverage businesses should purchase Professional Liability coverage and Employee Related Practices coverage. Contact your C&H agent to find the best liability protection for your business.