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A home is certainly a valuable investment. In most cases, it is the largest purchase of a person’s life. It is our goal to make sure that each policy we sell in our agency adequately and accurately insures its respective home, reflecting its owner’s needs if the home is damaged or destroyed. There are six main parts to a homeowner’s policy described below. Let us look at your policy to see if you are covered properly.

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1. Dwelling Coverage- This is the part of an insurance policy that covers the actual structure of our home. It pays to repair or rebuild your home if it is damaged by a covered loss. Covered losses do not include wear and tear, aging, maintenance issues or the like. Sudden and accidental direct physical losses are the types of perils the policy covers. Flood and earthquake losses are not covered under homeowners policies unless you pay an additional premium. This coverage is subject to a deductible, which can be an amount from $250 to $5,000. Your mortgage company will require that you have enough dwelling coverage to cover the loan on the structure. You may need more. See the home insurance tips for more.

2. Personal Property Coverage- This is the part of the policy which pays for your contents if damaged, stolen or destroyed by a covered loss. Most policies provide this coverage for no extra premium at 70 or 75% of the dwelling coverage. Personal property losses are subject to the same deductible as dwelling losses. There are limitations on certain property like jewelry, art, furs, guns, money etc. You may purchase additional coverage for extra premium. Coverage is provided anywhere in the world, even while moving.

3. Other Structures Coverage- This section of the policy covers fences, detached garages, gazebos, sheds, pools, etc. usually up to 10% of the dwelling coverage.

4. Liability Coverage- This coverage covers the insured person for legal damages he is liable to pay as a result of negligence, excluding motor vehicle accidents and other limitations. Coverage could include protection for dog bites, damage done to others by minors, or many other circumstances. See policy for details.

5. Additional Living Expenses - Provides payment for the insured for additional expenses incurred from a covered loss to the insured dwelling. Many people used this coverage to rent homes and apartments after the tornadoes destroyed so many homes in Oklahoma over the last five years. It usually pays for up to 12 months of living expenses.

6. OTHER COVERAGES YOU MAY BUY- You may buy other coverage to fit your needs such as IDENTITY THEFT RECOVERY , BUSINESS PROPERTY, EXTENDED JEWELRY, SATELLITE DISH, INCREASED COMPUTER and SILVERWARE THEFT coverage, among others. Each person’s needs vary, so make sure yours are properly met by your policy.

Home Insurance Tips

· Insure your dwelling for the replacement value. This is not necessarily the appraised value, or the value the dwelling is worth right now. Construction costs continually increase, and it may cost much more to insure your home than its present value. Consult us, and we will help figure the approximate cost to replace your home.
· Buy a policy that provides REPLACEMENT COST FOR CONTENTS. Do not buy actual cash value coverage on your personal property, or you will receive much less for your damaged or destroyed property. A television purchased in, say, 1987 is not worth very much and would only fetch a few dollars under an actual cash value policy. If covered by a replacement cost policy, the insurance company would replace it with a new one of comparable size and quality.
· Purchase a policy with the deductible that fits your situation. If you can afford a $1,000 deductible, that may be the best deal. If you own a large house, you should probably have a high deductible, which would save you money.
· Don’t turn in claims for small losses. Insurance companies look at loss history in the underwriting process and can charge more if you have multiple claims, even if they are weather related.
· Maximize your insurance value by purchasing your home and car insurance from the same company.
· Take pictures of your belongings and keep a list of your valuable items. In case of a catastrophe, you will have an accurate account of the value of your possessions. We will keep a copy in your file at our office in case your home is destroyed.
· Call us a before you sign a contract on a new house, so we can inspect it to ensure that the structure is in insurable condition. If you don’t, you could end up paying more or struggling to find a company that will insure it. Don’t buy a house that has composition shingles nailed over old wood shingles.
· Expect an offer from your agent to review your policy every year. If you don’t currently get that, switch to our agency and you will. It could save you lots of money down the road.

* *Read your policy carefully. There are exclusions and limitations in each policy, so know what you have. If you have a question, ask your agent and he will get you the answer. This is not intended to be nor is it a part of any insurance policy, but rather is a general explanation of protection you may be eligible to buy from this agency. You must pay a premium for the coverage described above, and if it is not listed on your policy declarations, you do not have that coverage.