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Homeowners Insurace: Protecting More then You Think

By
Services for Real Estate Pros with Olympic Northwest Insurance

Close your eyes.  Imagine the feeling of the cold metal of your new house key pressing into your warm hand. This is probably the most exciting, and yet nerve-wracking, feeling you will ever have.  It's a dream come true.

Going through the motions of buying a home can sometimes be tedious.  You may be inclined to disregard the "small things" that can be approved fast and corrected later if needed.  One of those things is unfortunatly too often your Homeowners Insurance.   Insurance binders are sent out by Agents sometimes in a fluster to avoid holding up a specified closing date on your loan.  Their intention is to then go back and re-evaluate the coverages you were so hastily afforded and make sure your policy is adjusted to reflect all of your true needs and best interests, but that is not always the case.  Many homeowners, both new and experienced, are unaware of the protection your Homeowners Insurance has to offer.  Even more so, many homeowners are unaware of things that are not covered by your standard thrown together policy.

Coverages you may need to discuss with your Agent:

  • A: Dwelling Coverage- In a standard replacement cost policy, this amount is the limit given to replace the structure of your home if the loss is caused by a covered peril.
  • B: Other Structures Coverage- This amount is given to replace any structure that is not attached to the main dwelling.  In most cases it is usually equal to 10% of your Coverage A limit, unless otherwise noted.
  • C: Personal Property- Furniture, clothes, home accessories, etc.  Personal Property coverage is what allows you to replace your non-structural possessions.  You will want to do a home inventory to confirm that your insurance coverage is high enough to cover these items, and be extra aware of the specialty items that are only covered up to pre-determined limits (money, artwork, jewelry, etc.)
  • D: Loss of Use- This will be the coverage that will help you the most in a catastrophic time of need.  Ex.  If a house fire concludes a total loss, your family will still need a place to stay.  Your insurance will afford for you to take refuge in a motel/hotel and refund you for extra services otherwise not needed (laundromat use, replacement foods, etc.).
  • E: Personal Liability- In today's sue happy world, everyone needs liability.  This coverage will protect you in the case of a lawsuit and can be maximized in coverage amount for minimal premium changes.
  • D: Medical Payments to Others- Friends ever stub their toes on your coffee table?  Fall down your steps and hurt their knees?  In the case that they would attempt to hold you responsible, your insurance coverage will protect you up to a specified amount.

Why take any chances?  Your Homeowners Insurance should not be viewed as just another monthly bill, but as a great investment in the protection of yourself as well as your family.  Each individual policy is extremely unique; so to find what is best for you and your family, give the caring folks at Olympic Northwest Insurance a call.  Take charge of your policy and become informed.

Comments (1)

Mark Flanders
Consulting - Silverdale, WA

Laura,

I don't know how I missed this post. This is great! You had me at the first line.

We haven't had too much of an insurance presense on AR before now.

Nov 30, 2006 09:38 PM