Home Insurance Guide

cx

Ensuring the Best Protection for Your Home: Understanding and Reviewing Your Homeowners Insurance Policy

Hey there, homeowners! Are you confident that your homeowners insurance coverage has your back in times of need? It's time to take a closer look at your policy declaration page and ensure that your beloved home is adequately protected. Trust us, a few moments of review today could save you from potential headaches tomorrow!

Let's start with your deductible—the amount you'll be responsible for paying out of pocket if you ever need to file a claim. If you're looking to save money and can afford a higher out-of-pocket expense, consider raising your deductible. Personally, I've set mine at $4,000 for wind and hail. Why, you ask? Well, my husband is quite handy and can replace a shingle without hesitation. Plus, our roof is fairly new, so I'm choosing to save some money.

Now, let's move on to the dwelling amount. If your initial thought is, "There's no way my house is worth that much! I'd sell it in a heartbeat," let me clarify. The dwelling amount represents the cost to rebuild your home from scratch and should cover every detail, provided it's a replacement cost. So, even if you think your builder overestimated the value, remember that builders often have access to bulk prices on materials. You don't want to find yourself with insufficient funds to fully rebuild your home.

If you still have doubts about the dwelling amount, don't hesitate to ask your insurance agent for clarification. Inquire about the square footage, number of bathrooms, and other details used to calculate the value. Take the time to review and ensure there are no mistakes. For example, if your basement is unfinished, confirm how it's declared in the information provided by your insurance company. Sometimes, systems can have errors or oversights, leading to inaccurate calculations. I've personally had to advocate for my customers and prove to the company that they were wrong.

Did you recently put a new roof on your house and pay for it out of pocket? Even if you filed a claim, don't assume that our insurance system automatically updates the information. It's essential to double-check with your agent to ensure that the correct age of your roof is declared. In Kansas, most homeowners insurance products take into account the age of the roof when determining the yearly premium.

So, take a little time to review your homeowners insurance declaration page and send your agent an email with any questions or concerns. You can even sign a form to switch to my agency if I represent the company you're currently insured with—I'd be more than happy to give your policy a thorough review.

Remember, your home deserves the best protection possible. By understanding and reviewing your homeowners insurance policy, you can ensure that your coverage aligns with your needs and provides the peace of mind you deserve.

TERMS FOUND IN YOUR DECLARATION PAGES

Deductible | Deducible



Deductible:

A deductible is the amount of money that you, as the policyholder, need to pay out of pocket before your insurance company starts to cover the remaining costs. It is a set dollar amount or a percentage specified in your insurance policy.

For Example:

Imagine you have a special insurance for your house called homeowners insurance. A deductible is like a certain amount of money that you have to pay out of your own pocket if something bad happens to your house. For example, let's say your insurance policy has a $500 deductible. If your house gets damaged and you make a claim, you will need to pay the first $500 for repairs or fixing the damage. After you pay that amount, then your insurance company will cover the rest of the costs. So, the deductible is the initial amount you have to pay before the insurance kicks in.



Deducible:

Un deducible es la cantidad de dinero que debes pagar de tu propio bolsillo como asegurado, antes de que tu compañía de seguros comience a cubrir los costos restantes. Puede ser una cantidad en dólares fija o un porcentaje específico establecido en tu póliza de seguro.

Por Ejemplo:

Imagina que tienes un seguro especial para tu casa llamado seguro de propietarios de vivienda. Un deducible es como una cantidad de dinero específica que tienes que pagar de tu propio bolsillo si algo malo le sucede a tu casa. Por ejemplo, supongamos que tu póliza de seguro tiene un deducible de $500. Si tu casa sufre daños y presentas un reclamo, tendrás que pagar los primeros $500 para las reparaciones o para solucionar los daños. Después de que pagues esa cantidad, entonces tu compañía de seguros cubrirá el resto de los costos. Entonces, el deducible es la cantidad inicial que debes pagar antes de que el seguro entre en juego.

BASIC COVERAGES

Coverage A – Dwelling | Vivienda

Dwelling:

Provides insurance coverage for the main dwelling structure, including its foundation, walls, roof, and other attached structures such as a garage.

Vivienda:

Proporciona cobertura de seguro para la estructura principal de la vivienda, incluyendo su cimentación, paredes, techo y otras estructuras adjuntas como un garaje.

Coverage B – Other Structures | Otras Estructuras

Other Structures:

Covers structures on the property that are separate from the main dwelling, such as a detached garage, shed, or fence

Otras Estructuras:

Proporciona cobertura de seguro para estructuras en la propiedad asegurada que no están directamente unidas a la vivienda principal, como garajes independientes, cobertizos o cercas.

Coverage C – Personal Property | Propiedad Personal

Personal Property:

Protects personal belongings, such as furniture, appliances, clothing, and electronics, from covered perils, both inside and outside the home.

Propiedad Personal:

Propiedad Personal: Proporciona cobertura de seguro para los bienes personales o contenidos dentro de la vivienda asegurada, como muebles, electrodomésticos, ropa y electrónicos

Coverage D – Loss of Use | Pérdida de Uso

Loss of Use:

Reimburses additional living expenses if you are unable to live in your home due to covered damages, such as temporary housing costs or increased food expenses.

Pérdida de Uso:

Proporciona cobertura de seguro para la estructura principal de la vivienda, incluyendo su cimentación, paredes, techo y otras estructuras adjuntas como un garaje.

Coverage E – Personal Property | Propiedad Personal

Personal Property:

Protects personal belongings, such as furniture, appliances, clothing, and electronics, from covered perils, both inside and outside the home.

Propiedad Personal:

Propiedad Personal: Proporciona cobertura de seguro para los bienes personales o contenidos dentro de la vivienda asegurada, como muebles, electrodomésticos, ropa y electrónicos

Coverage F – Personal Liability | Responsabilidad Personal Civil

Personal Liability:

Provides liability coverage in case you are found legally responsible for causing bodily injury or property damage to someone else.

Responsabilidad Personal Civil:

Proporciona cobertura de seguro para las responsabilidades legales que el asegurado pueda enfrentar si se le encuentra responsable de causar lesiones corporales o daños materiales a terceros.

OTHER OPTIONAL ENDORSMENTS

Loss Assessment / Evaluación de Pérdida

Loss Assessment:

Refers to an evaluation or assessment of the amount of loss or damage suffered by the insured property, typically conducted by the insurance company or adjuster.

Evaluación de Pérdidas:

Se refiere a una evaluación o estimación de la cantidad de pérdida o daño sufrido por la propiedad asegurada, generalmente realizada por la compañía de seguros o el ajustador

Sewer & Water Back-Up | Escape o Desagüe De Agua


Sewer & Water Back-Up:

Escape of water from a sump, sump pump or drain on the residence premises (water backup) coverage provides coverage when water escapes, overflows or discharges from a sump pump or other similar system designed to remove water that is drained from the foundation area.

This coverage also includes backup or overflow from causes originating off premises, if the backup or overflow itself occurs on premises. This protects the customer from water backup that originates through no fault of their own – for example, if the main sewer line gets clogged up the block.
VARIES BY STATE IMPORTANT TO CHECK STATE POLICY IS ISSUED


Escape o Desagüe De Agua:

Escape de agua de un sumidero, bomba de sumidero o desagüe en las instalaciones de la residencia (cobertura de respaldo de agua) brinda cobertura cuando el agua escapa, desborda o se descarga desde una bomba de sumidero u otro sistema similar diseñado para eliminar el agua drenada del área de la cimentación.
Esta cobertura también incluye el respaldo o desbordamiento causado por eventos externos, si el respaldo o desbordamiento en sí ocurre en las instalaciones. Esto protege al cliente contra el respaldo de agua que se origina sin culpa propia, por ejemplo, si la línea principal de alcantarillado se obstruye en la cuadra. .

Water Seepage or Leakage | Daños Causados Por Filtraciones o Escapes Repetidos y Continuos

Water Seepage or Leakage:

Escape of water from a sump, sump pump or drain on the residence premises (water backup) coverage provides coverage when water escapes, overflows or discharges from a sump pump or other similar system designed to remove water that is drained from the foundation area. This coverage also includes backup or overflow from causes originating off premises, if the backup or overflow itself occurs on premises. This protects the customer from water backup that originates through no fault of their own – for example, if the main sewer line gets clogged up the block.

This coverage also includes backup or overflow from causes originating off premises, if the backup or overflow itself occurs on premises. This protects the customer from water backup that originates through no fault of their own – for example, if the main sewer line gets clogged up the block.
OVER A PERIOD OF TIME!! NOT EVERY COMPANY OFFERS

Daños Causados Por Filtraciones o Escapes Repetidos y Continuos :

Escape de agua de un sumidero, bomba de sumidero o desagüe en las instalaciones de la residencia (cobertura de respaldo de agua): brinda cobertura cuando el agua escapa, desborda o se descarga desde una bomba de sumidero u otro sistema similar diseñado para eliminar el agua drenada del área de la cimentación.

Esta cobertura también incluye el respaldo o desbordamiento causado por eventos externos, si el respaldo o desbordamiento en sí ocurre en las instalaciones. Esto protege al cliente contra el respaldo de agua que se origina sin culpa propia, por ejemplo, si la línea principal de alcantarillado se obstruye en la cuadra.

A LO LARGO DEL TIEMPO. ¡NO TODAS LAS EMPRESAS OFRECEN ESTO

Extended Dwelling Coverage | Cobertura de Adicional de Vivienda


Extended Dwelling Coverage:

Provides additional coverage for the dwelling, typically beyond the standard limits, to account for increased construction costs or building code upgrades.


Cobertura de Adicional de Vivienda:

Proporciona cobertura adicional para la vivienda, generalmente más allá de los límites estándar, para tener en cuenta los costos de construcción aumentados o las actualizaciones del código de construcción.

Building Ordinance or Law Ordinance | Law Coverage o de Ordenanzas y Leyes



Building Ordinance or Law Coverage:

Provides coverage for the increased costs associated with complying with building codes or ordinances when repairing or rebuilding a damaged property.



Law Coverage o de Ordenanzas y Leyes:

Cobertura de Orden: Brinda cobertura para los costos adicionales asociados con el cumplimiento de los códigos de construcción o las ordenanzas al reparar o reconstruir una propiedad dañada.

Equipment Breakdown | Cláusula de Cobertura por Falla de Equipos


Equipment Breakdown:

Additional coverage or endorsement to a homeowners insurance policy that provides protection for sudden and accidental breakdowns of specified equipment or appliances in the insured’s home. This coverage typically extends beyond the standard coverage provided for property damage and includes repair or replacement costs for covered equipment due to mechanical or electrical failure, power surges, or other covered perils.

The endorsement may cover a wide range of equipment, such as heating and cooling systems, water heaters, electrical panels, kitchen appliances, and home entertainment systems. It helps homeowners mitigate the financial burden of unexpected equipment failures, which may not be covered under the standard homeowners insurance policy.


Cláusula de Cobertura por Falla de Equipos:

Cobertura adicional o cláusula complementaria de una póliza de seguro de hogar que brinda protección para fallas repentinas y accidentales de equipos o electrodomésticos específicos en la vivienda asegurada. Esta cobertura generalmente se extiende más allá de la cobertura estándar proporcionada para daños a la propiedad e incluye los costos de reparación o reemplazo de los equipos cubiertos debido a fallas mecánicas o eléctricas, sobretensiones o otros riesgos cubiertos.

La cláusula puede cubrir una amplia gama de equipos, como sistemas de calefacción y refrigeración, calentadores de agua, paneles eléctricos, electrodomésticos de cocina y sistemas de entretenimiento doméstico. Ayuda a los propietarios a mitigar la carga financiera de fallas inesperadas en los equipos, que pueden no estar cubiertas por la póliza estándar de seguro de hogar.

Buried Lines or Utility Lines | Líneas Enterradas o Líneas de Servicio Público



Buried Lines or Utility Lines:

Sometimes also called Underground Service Lines, refer to the infrastructure that is buried beneath the ground to provide various utility services. This includes electrical lines, gas lines, water pipes, sewer lines, telecommunications cables, and other similar utilities.It helps to cover the cost of repairs, replacement, or other associated expenses in the event of damage, such as leaks, breaks, or accidents involving the underground lines.



Líneas Enterradas o Líneas de Servicio Público:

Se refiere a la infraestructura que se encuentra enterrada debajo del suelo para proporcionar diversos servicios públicos. Esto incluye líneas eléctricas, tuberías de gas, tuberías de agua, líneas de alcantarillado, cables de telecomunicaciones y otros servicios similares.Ayuda a cubrir los costos de reparación, reemplazo u otros gastos asociados en caso de daños, como fugas, roturas o accidentes que involucren las líneas subterránea

Homesharing | Viviendas Compartidas



Homesharing Endorsement:

provides specific protection for homeowners engaged in short-term rental activities, such as renting out rooms or entire homes through homesharing platforms like Airbnb, HomeAway, VRBO, among others.



Viviendas Compartidas:

es una cobertura adicional o cláusula complementaria de una póliza de seguro de propietarios de vivienda que brinda protección específica para los propietarios que se dedican a actividades de alquiler a corto plazo, como el alquiler de habitaciones o viviendas completas a través de plataformas de compartición de viviendas como Airbnb, HomeAway, VRBO, entre otra

Share the Post:

Related Posts

Home Insurance Guide

cx Ensuring the Best Protection for Your Home: Understanding and Reviewing Your Homeowners Insurance Policy Hey there, homeowners! Are you

Read More