What’s included on your homeowner policy:
- Your residence – You should insure your house for the amount it would cost today to rebuild in the event of a total loss to your property. This replacement cost should also include costs to demolish your destroyed home and changes that may be required by current building codes.
- Personal property- The value of your personal belongings is covered by a separate amount from the cost to repair or replace your residence. While the basic policy evaluates the actual cash value of these items, including age and depreciation, you can purchase a Replacement Cost option that can pay up to the actual cost to replace the damaged item.
- Personal Liability – The personal liability section of your policy can provide legal representation and payments if you are found to be legally responsible for an injury to a guest on your property or for damage you cause to another person’s property. You should buy enough coverage to protect you from having your house taken or wages garnished if you are found at fault.
- Other structures –A percentage of the amount for which you insure your residence is available to cover losses to any detached structures on your property, such as a garage, fence or shed.
- Additional Living Expenses – Your Homeowners policy can provide money to defray living expenses if you can’t access or live in your home because of a covered loss. These expenses can include a place to stay temporarily, clothing and household goods, and other necessary needs.
There also are several optional coverages to consider:
- Medical Payments to Others - This may cover medical expenses for treatment of bodily injury, such as hospitalization, medical and ambulatory costs, rehabilitation and nursing care, and funeral services if a visitor or guest is injured on your property.
- Scheduled Personal Property - If you have a high amount of jewelry, fine arts, electronic or photographic equipment, firearms, collectibles or other valuables, or if you want your belongings protected for the cost to replace them instead of their current value, you can buy additional Personal Property/Contents coverage.
- Personal Injury Coverage – Lawsuits alleging slander, defamation of character, bullying, intimidation, etc. have become more frequent in recent years. You can purchase coverage to protect you and your family against such charges. This is an important endorsement if you want to extend coverage up through an accompanying personal umbrella policy.
- Additional endorsements - Your homeowners’ policy can also be endorsed to cover family members living away at school or in a nursing facility, timeshare and short term rentals, additional buildings on your property, and other needs you may have in your household.
- Providence Mutual’s Anchor Advantage and Windward Deluxe endorsements – Where available, these enhancements can increase the amount of coverage for money, securities, jewelry and silverware not specifically listed on your policy. It also can provide payments for water backup, food spoilage, lock replacement, and credit card forgery resulting from a loss covered by the policy. The Anchor Advantage endorsement has higher limits for the above, plus supplements upgrades required by changes in building codes or laws, trees and shrub replacement, theft of building materials, and the limits for watercraft, computer equipment and business personal property not otherwise insured on the policy. Ask your agent for more details, cost and eligibility.
All homeowner policies include a deductible, which is a dollar amount for which you are responsible before your policy starts to pay out. The deductible amount impacts the cost of the overall policy.
*All insurance policies contain exclusions and conditions. Please read your policy or talk with your insurance agent for details.