A Personal Insurance Update
We offer competitively priced homeowner's insurance to people throughout all of California. Homeowner's insurance is designed to protect your home from damage resulting from fire, wind, theft, vandalism, and other perils as described in your insurance policy. However, there is much more to a homeowner’s, renter's, and condominium policies.
One problem we see is that many people do not know what their homeowner’s insurance covers and does not cover. Some damages not covered by a typical homeowner’s insurance policy includes:
- Damage to vehicles
- Loss from business operations
Some Good News About Homeowner's Insurance
Homeowner's insurance offers many coverage benefits other than covering damage to your home or other dwellings.
Your renter's, condominium, and homeowner’s policies will generally cover replacement of your personal property after a covered loss. When you think about the value of your clothes, furniture, electronics, toys, and other items, this is a wonderful value. These policies can also be amended to include unique items like guns, artwork, and expensive jewelry. If you have personal property coverage, that can also include some limited value while items are away from your primary residence.
Art, Guns, and Collections
Your homeowner's insurance can be expanded to include coverage for unique collections, antique furniture, coin collections, expensive art, jewelry, and other items. For example, if you own an expensive diamond, you can add it to a floater policy that covers the ring wherever you go. It can also provide coverage if the ring is lost or the stone falls out and cannot be found.
Identity theft is a significant problem for individuals today. Your renter's, condominium, or homeowner’s insurance policy can be amended to include identity theft coverage. If someone steals your personal information, you may be subject to hours of time and expense trying to restore your credit. Identity theft coverage can help offset expenses associated with identity theft. Usually, this kind of coverage has a sub-limits attached to it.
Additional Living Expenses
If your home is damaged by a covered loss, additional living expenses policies can provide funds for you and your family to live in a secondary location while your home is being repaired. This kind of coverage can also include the cost of food. We recommend each family review and consider this coverage. We can modify the limits to reflect your individual family’s needs.
If you own a dog, your policy can cover your liability in the event your dog injures a third party. Please note, most policies will exclude some of the more dangerous or aggressive dog breeds. This coverage would pay for medical bills, lost work time, an attorney’s fees, and any settlement amount if you were proven to have been negligent in the action.
Personal Liability Protection
Your renter's, condominium, and homeowner's insurance can also include personal liability coverage for your actions that may cause personal injury or property damage to others. Liability coverage pays for the cost of defending yourself and any damages awarded by a court if you are found to have been liable (up to the policy limits and based on the policy terms and conditions). Liability limits usually start at $100,000 and can be increased. The amount of liability coverage you may need could depend on your individual circumstances.
Personal liability coverage can extend to cover yourself even if you are away from your premises. If you cause an injury to a third party while on vacation, your policy may cover you. There are limitations for this, including business-related activities, a vehicle, or volunteering for a nonprofit.
No Fault Medical Coverage
If a guest is injured on your premises, your policy can cover their medical bills up to a specific limit. This would allow your guest to submit their bills to your insurer without having to hire an attorney. This coverage does not include coverage for your own family or pets.
Your policy can include other structures on your premises. The standard policy will have some limited coverage that is included. However, if you have a shop or other building on your premises, it can be included in your homeowner’s insurance policy.
Equipment Breakdown Coverage
Equipment breakdown coverage is not included in a renter's, condominium, or homeowner's insurance policy, although in some cases it may be added. Equipment breakdown coverage can be extended to significant appliances for damage not caused by normal wear and tear. Not all insurers offer this kind of coverage, but it may be worth looking into it.
High Limits of Coverage
If you have assets you want to protect, we can offer high limits of liability coverage. You do not have to be considered a high net worth individual to consider higher liability limits. If you own your home, have a 401k plan, or have kids, you should consider higher liability limits.