Homeowners Insurance
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What comes standard
- Dwelling
- Personal possessions
- Liability
- Additional living expenses
Add-on protection & coverage
- Coverage for valuables
- Water backup & sump pump overflow
- Inflation protection
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It's not always easy to know the difference between certain terms when it comes to insurance. Let's clear up exactly what the most important ones mean.
Additional Living Expense
This helps cover your normal living expenses while your home is being repaired after a claim, up to your policy limit.1
Deductible
This is the initial amount you pay out-of-pocket before your coverage kicks in. In most cases, you'll need to pay your deductible up front, even if the claim wasn't your fault.
Premium
The total price you pay for your policy.
Dwelling
Another term used to describe the part of your home insurance policy that covers physical structures on your property.
Scheduled Items
These are pricier belongings (jewelry, art, etc.) that typically require additional coverage, since the standard home policy limits the amount you can claim per item.
Liability Coverage
If someone else is injured or has their belongings damaged on your property, this covers any claims against you, as well as any reasonable and necessary medical expenses.
For more helpful definitions, check out our Insurance Glossary
The cost of your homeowners coverage is largely determined by five factors:
Location
Risks like extreme weather, crime rate, and distance to a fire station all can impact your rate. For example, you might pay more for waterfront property or if you're located in an area prone to mud slides. Construction costs also vary by region, which is another factor that determines your homeowners rate.
Estimated replacement cost
This is different from the current tax assessment or market value of your home, and accounts for the actual cost to rebuild the structure of your home. For example, if your home was destroyed in a storm, how much would it cost to rebuild it? That amount is the replacement value. Not only are materials and labor considered, but inflation and availability of building materials.
Age and condition
This is determined based on very specific details like building materials, age of the roof, and the furnace's condition. For older homes, we also factor in whether the building materials are still available and their current market price.
Safety devices
Having dead bolt locks, a burglar alarm, smoke detectors, and other home safety features will all help you stay safe and lower the cost of your home insurance policy.
Your deductible
In short, the lower your deductible (the initial amount you pay out-of-pocket before coverage kicks in), the higher your premium (the total amount that you pay for an insurance policy).