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What's Homeowners Insurance A homeowners policy covers: Your home and its attached structures (up to 100% of the policy limit)* Other structures on your property, such as detached garages, tool shed, pools and fences (up to 10% of the policy limit) Your personal property, including furniture, appliances and clothing (usually up to 50% of the policy limit) Additional living expenses which are costs above your normal living expenses if a loss forces you to move temporarily from your home (up to 20% of the policy limit) Personal Liability Insurance - which pays for legal damages if you or members of your family are sued for negligent acts that result in accidental injury to another person’s or damage to another persons property. Medical payments to people other than household members injured in or around your home. (The basic limit is $1000, but we recommend at least $2,000 limit for very little additional cost.) |
NOTE:
When a policy is written on a Replacement Cost basis, if you have a loss, the Company pays to repair or rebuild your house based on current costs. (Even if the cost exceeds the policy limit.)
What types of losses are covered?
Your house and other structures for any cause of "direct physical loss" EXCEPT those specifically excluded by name.
Some of the more important exclusions are:
Earthquake - including landslide and "earth sliding".
Flood - including tidal water and wave spray, water that backs up through sewers and drains and underground water that seeps or leaks into your home.
Neglect of the insured to use all reasonable means to save and preserve the property when a loss occurs.
War and Nuclear Hazard.
Your personal property is covered for losses caused by:
Fire, lightning or smoke.
Windstorm or hail.
Theft and vandalism.
Damage caused by vehicles.
Rupture or frozen plumbing, heating or air conditioning systems.
Riot or civil commotion.
Weight of snow or ice.
Falling aircraft or falling objects.
Coverage for earthquake can be added for an additional premium.
The cost to add earthquake runs between .35 and .40 per $1,000 for the average home of frame construction and up to .60 per $1,000 for a custom built home. Rates for homes of brick construction are substantially higher.
Therefore, if you carried a $200,000 on your home, the additional premium for earthquake coverage would be between $70 and $80 per year. The deductible is usually 2% of the amount of the loss and never less than $250.
Flood coverage can be purchased through the National Flood Insurance Program. Call or email us for details.
NOTE:
Homeowner policies do not provide Liability Protection for claims arising out of any Business Pursuits. Therefore, if you have an office in your home, conduct a Daycare Service or operate any other type of business from your home, it is necessary for you to purchase Liability protection for these activities on a separate policy or endorsement.
781-447-5561 Fax: 781-447-1246
236 Quincy Ave, E. Braintree, MA 02184
781-848-4400 Fax: 781-843-0651
info@myinsuranceman.com