Posts tagged "Extreme Hardship"

What’s Protected With Homeowners Insurance?

Homeowners insurance covers your personal home, including the contents of your home, and any personal belongings you or members of your household use, own, wear or carry—basically everything and the kitchen sink. Many Homeowners policies cover your personal belongings and/or contents anywhere in the world.  This insurance coverage is also based on your house’s coverage, and there are limits on the losses that can be claimed for certain items, such as cash, furs or jewelry—limits that can be increased with supplemental premiums. homeowners insurance can help restore or replace what you have lost, and compensate those who have been injured as well. Don’t even think about being without it, for the risk is too great. Homeowners insurance rates vary from insurance firm to insurer but for the most part take the same things into consideration. Therefore, it is important to know how you, your home and the location you live in affect what you pay for insurance. Homeowners insurance is always a good idea, as homes cannot avoid damage. It’s a good idea to get several home insurance quotes to find out what sort of policies and insurance rates you can get for your property.  Homeowners insurance helps pay to fix or rebuild your home and replace personal property due to a covered loss.

Homeowners insurance usually does not cover landslide damage. I have been to many homes that have been damaged by landslides and have only heard of one situation where the homeowners insurance company paid for the loss (after a lawsuit determined that the damage was done by a rock fall and the insurance did cover damage from falling objects). 

A form of Homeowners Insurance that many people don’t know about is Renters Insurance.  Renters Insurance is extremely important for anyone who is renting an apartment, house, or condo.  Renters Insurance has both benefits and limitations, but not having it can cause extreme hardship in the event of a loss as Rental Home & apartment owners aren’t responsible for the personal belongings or liability exposures of their tenants.  Renters insurance coverage protects the tenant from the unexpected and is generally inexpensive, so having it is a no-brainer.  

Actual cash value is the amount it would take to repair or replace damage to your home after depreciation. Actual-cash-value coverage reimburses you for the cost of your property at the time of the claim, minus the deductible. This can result in a lower claim payout than you expect. Actual cash value factors depreciation into the value of your house, while replacement cost covers the cost of repairing and/or replacing damaged parts of your house, which can be more than the depreciated value. You also need to consider the other property you own in your house, such as furniture, appliances, clothing, and more.

If you live in Indiana, Erie Insurance is a great company that provided insurance services to Indiana residents.  Erie Insurance has been recognized on the list of Ward’s 50 Group of top performing insurance companies. The Ward’s 50 award analyzes the fiscal performance of 3,000 property and casualty companies and 800 life-health insurance companies and recognizes the top performers for achieving outstanding financial results in safety and consistency over a five-year period (2004-2008).

Capital Insurance & Financial Services, LLC is an independent insurance agency in Fort Wayne, Indiana that represents Erie Insurance.   Capital Insurance & Financial Services, LLC will happily provide you with a comparative quote on your homeowners insurance, with no obligation or cost.