How much home insurance do you need? What does home insurance really protect you against? These are the types of questions many Illinois homeowners ask themselves when shopping around for coverage. Frank Isadore hopes to change that, taking the guess work out of shopping for home insurance. With our help, you can feel confident that you not only have access to the coverage you need, but you have also secured a competitive rate from a reputable Illinois homeowners insurance company.
Types of Losses
There are many hazards that threaten your home and everything in it. You can choose homeowners insurance that only covers a few named events, or you can upgrade your protection to a policy that provides more comprehensive coverage for nearly all perils except those specifically excluded by name. Your policy may include home insurance coverage for:
- Fire, smoke, and explosions
- Theft and vandalism
- Falling objects
- Water discharge
- And more
Of course, there are some types of events that are almost never covered under homeowners coverage. For example, flood damage due to ground water may not fall under your homeowners insurance, but we can help you supplement your coverage with a separate flood insurance policy that helps pay for the rebuilding of your home and replacement of your belongings if your home experiences a flood.
What’s Covered Under Home Insurance Policies?
Home insurance policies are divided into coverage sections. Each section represents a different type of coverage available under that policy. For a standard home insurance policy, this includes:
The structure of your home is perhaps the most valuable thing you own. What would it cost to rebuild or repair your property after a tree falls through the roof or a fire ravages your home? The structural damages section of your policy outlines the coverage for your home, including whether it is insured for its market value (actual cash value) or its full replacement value (recommended).
A typical home insurance policy will cover damages to the primary structure of your home, as well as any other free-standing or attached structures on your property. Examples include detached garages, fences, pools houses, shops, carports, and more.
The things inside your home need insurance coverage, too. Many homeowners are surprised to find out how much their personal belongings are worth and how much it would cost to replace them in the event of a total loss. From your clothes and furniture to your electronics and small appliances, this type of coverage reimburses you for the covered damage, loss, or theft of your items – including those that may be stored away from your home.
When shopping for a standard home insurance policy, consider upgrading your coverage to include a replacement value endorsement for your belongings. This provides reimbursement of your damaged goods based on the cost to replace them with new items – not merely based on their depreciated, actual cash value.
If you are unsure how much personal belongings coverage you may need, take inventory of your home. With an itemized list of all your belongings, you can better assess your coverage needs, including any additional scheduled coverage you may need for high-value items and collections.
What would happen if a house guest sued you for an injury that took place in your home? There would be court costs, legal defense bills, and perhaps even medical bills and other financial liabilities if you are found responsible for the accident. Liability insurance is included in most homeowners insurance policies to help protect your income and assets against litigation. It can cover third-party bodily injury and property damage caused by members of your household (including pets), whether the incident occurs on your property or elsewhere. We can help you select liability limits that minimize your family’s risk exposure.
If your home is severely damaged or destroyed due to a covered event, where will you live while it is repaired? A typical home insurance policy allocates funds for temporary living expenses until your home is habitable again. This may include coverage for rent, hotel bills, and other necessary expenses incurred due to loss of use of your home.
Shopping for Coverage
If you are still making payments on your home’s mortgage, your lender probably requires you to have home insurance. Even if you own your home outright, however, you still need coverage to protect your investment.
At our office, we can help you understand exactly what you have to lose and how you can protect yourself against a loss. We take into account the many different factors that influence your coverage needs, including local construction costs, household income, the value of your assets, and inflation. Based on that data, we can help you start searching for a policy that provides the complete protection you need and deserve.
When you choose Frank Isadore, you are gaining access to quotes from multiple insurance companies – not just one. We can help you compare rates to ensure a maximum value for your policy. Our goal is to minimize the cost of your policy without reducing the value of your coverage. For example, raising your deductible (the amount you pay out-of-pocket for personal claims) could lower the cost of coverage. Likewise, many insurance companies offer home insurance discounts that lower the cost of premiums. Examples of common home insurance discounts include:
- Multiple policy discounts
- Home security system discounts
- Claims-free discounts
- New home discounts
- And more
For more information about Illinois home insurance or to request your free quote, contact our office today.