The Jenkins Family Agency
So let's go over some key facts about how the home for your family, and your largest investment, , are protected by insurance.
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This is the primary coverage for your home. It is based on the reconstruction cost of your home. Many people assume that insurance will cover your home for the same amount as it would sell for, of that the bank values it at. Insurance only looks at how much it will cost to rebuild your home from the bottom of your foundation to the top of your roof, just the way you have it now.
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The easiest way to think about Personal property coverage is to think about how much it would cost to replace all of the items in your home, from appliances, to furniture, to electronics and clothes and even dishes, but not with used ones, or old ones, but with brand new from the store. What items count as personal property? Imagine if a giant were to pick up your home, rip off the roof, and turn it upside down. If it falls out, it is probably personal property.
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Most people think that they don't have any need for separate structures coverage. what they often don't realize is just how broad this coverage can be. It can include such simple things as a shed, or can cover a driveway, fences, retaining walls, gazebos, and many others.
Loss of Use Coverage: This coverage is simple, but important. It kicks in in the event that you are unable to stay/live in the home due to a covered loss. It provides for you to have a place to live for your and your family while your home is being inspected, repaired, and rebuilt.
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Sometimes the price to repair or rebuild your home goes up. Whether this happens from a large loss, like a fire that affects many homes, making the cost higher per contractor, or because the cost of supplies and labor have increased, This coverage kicks in to help make up the difference between what it should cost, and what it does cost.
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As stated above, your home is the large single asset most of us will ever own. With that in mind why would you not protect the equity that you have worked so hard to build in the home? Liability coverage does just that. In the event that someone hurts themselves on your property, or that you are sued personally, liability kicks in to provide a buffer between you, and the equity in your home. Many people don't realize that if you are sued, the value you have built in your home can be considered an available asset!
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These are just some of the incredibly diverse options available to customize the insurance to fit your family's needs. Give us a call, text, or shoot us an email today and we will help guide you to the policy that fits your needs best!