Homeowners Coverages & Endorsements

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Homeowners Coverages

Please speak with your insurance agent regarding your individual policy limits and coverage

Coverage A - Dwelling
- Dwelling coverage covers the physical structure of your home along with its permanent attachments and fixtures

Coverage B - Other Structures
- Other structures provides protection for various detached structures, including a detached garage, tool shed, fence, pool, etc.
- This coverage is usually 10% of the policy limit for Coverage A - Dwelling, but many carriers will allow you to increase this coverage or specifically list additional structures

Coverage C - Personal Property
- Personal property protects personal belongings, including standard electronics, furniture, clothing, etc.
  - Typically 40-70% of the policy limit for Coverage A - Dwelling
- You have the option to insure these items on a replacement cost basis or an actual cash value basis
  - Replacement cost represents the cost to replace the personal property, while actual cash value takes depreciation into consideration
- Depending on your policy, you may have coverage for theft away from home ('off premises theft')
  - Typically 10% of Coverage C - Personal Property
- There are typically limitations on theft for jewelry, fine arts, furs, silverware, etc. - you can schedule these items for full protection

Coverage D - Additional Living Expenses / Loss of Use
- Additional living expenses / loss of use covers the living expenses you incur while being displaced from your home due to a covered loss (ex. fire, pipe burst, etc.). These expenses include hotel rooms, food bills, warehouse storage, etc.
  - Typically 20% of the policy limit for Coverage A - Dwelling

Coverage E - Personal Liability
- Personal liability protects you against a third-party lawsuit or claim resulting from property damage or bodily injury caused to others by your negligence
  - i.e., someone is injured after falling on your property, your child breaks a neighbor's window, a tree from your yard falls on someone else's property
- **We strongly recommend discussing umbrella coverage with your insurance agent. Umbrella coverage is an additional layer of liability that would extend over your home(s), auto(s), boat(s), etc. owned in your personal name. Your umbrella can also protect your future earnings.

Coverage F - Medical Payments to Others
- Regardless of fault, medical payments to others coverage pays if a guest is injured on your property
- This coverage will not pay for injuries to permanent residents of your home

Additional Homeowners Coverages to Consider (Endorsements)

It is important to be aware of the optional coverages insurance carriers offer to better protect your home and needs. These valuable coverages are known as "endorsements" and are tailored for home owners. Endorsements can vary by carrier so it is important to review your carrier's specific endorsement forms.

Guaranteed Replacement Cost Endorsement - the insurance company agrees to pay above the dwelling coverage limit, if needed, to restore the home to its condition prior to a covered loss
- Some companies offer 125% or 150% replacement cost, meaning they will pay an additional 25% or 50% of the dwelling coverage limit, if needed, to restore the home

Contents Replacement Cost Endorsement - covers the cost to replace the item, regardless of when the item was purchased. No depreciation considered.

Inflation Guard Endorsement - enables your insurance carrier to increase your dwelling coverage limit based on a certain percentage (usually 1%-4%) to protect against inflation - the cost of labor, building materials, etc. increases every year

Other Structures Endorsement - provides additional coverage for costly structures (pool house, gazebo, etc.) detached from the home, that would exceed the standard 10% limit

Scheduled Personal Property Endorsement - can be referred to as a “personal article floater”. Protects special items such as jewelry, furs, stamps, coins, guns, computers, antiques, etc. that may exceed normal policy limits. Typically these scheduled items are not subject to a deductible and are protected worldwide.

Increased Limits on Money and Securities - increases policy limits for money, bank notes, securities, etc.

Water Back Up - provides coverage for damage caused by a back up of a sewer and/or drain

Service Line - provides coverage for piping or wiring that provide services such as electric, natural gas, waste disposal, etc. to the insured location caused by occurrences such as wear & tear, rust, corrosion, decay or deterioration, freezing and certain instances of collapse

Mechanical Breakdown - provides coverage for direct physical loss to covered household appliances located on the residence premises caused by a mechanical breakdown (failure of pressure or vacuum equipment, mechanical failure, electrical failure, rupture, bursting, bulging, implosion or steam explosion)

Secondary Residence Premises Endorsement - can extend liability coverage to another owned residence

Home Daycare Endorsement - provides coverage for a liability claim that results from operating a daycare in your home

Business Pursuits Endorsement - provides liability coverage for a non-owned at-home sales business or other small “franchised” venture (ie. Mary Kay, Avon, etc.)

Home Business Endorsement - provides liability coverage if you own and operate a small business in your home

Personal Injury Endorsement - provides liability coverage if you are sued for libel, slander, and/or defamation of character

Ordinance and Law Endorsement - provides coverage for additional costs of reconstructing your home to bring up to current code or law

Watercraft Endorsement - extends personal liability and medical payments on small sailboats and outboard motor boats. We recommend purchasing boat insurance for full coverage