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Homeowners Insurance

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Homeowners, renters, and condo owners can buy insurance to protect from risks of loss. These are based in the same policy format (i.e. renters to not pay for nor get building coverage). Always ask specific questions when buying and reviewing coverages to be sure you are properly insured.

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Homeowners Insurance

  1. 1. 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com Homeowners Insurance Protecting your investment in a home NOTE: Renters insurance provides essentially the same coverages BUT doesn’t cover building(s)
  2. 2. Risks Faced • Damage to or destruction of the home • Damage to or loss of personal property • Loss of use of the home • Liability – Injury to others – Damage to property of others 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  3. 3. Types of Policies • Homeowner’s policy is a package • Property coverage – Liability coverage – Limited medial coverage • Homeowner’s Insurance policies are – For Owner-Occupant – For Tenants – For Condominium unit owners 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  4. 4. 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  5. 5. Section I: Property • Coverage A – Dwelling • Coverage B – Other Structures • Coverage C – Personal Property • Anywhere in the world • Personal property at other residences: 10% of the limit of insurance on Coverage C or $1,000, whichever is greater 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  6. 6. Property (Cont.) • Special limits on certain types of personal property (Check policy!) • Coverage D – Loss of Use: Additional living expenses, Fair rental value • Coverage E – Additional Coverages • Debris Removal & Reasonable Repairs • Trees, Shrubs, and Other Plants • And more… 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  7. 7. Section II: Liability • Coverage E – Personal Liability • Legal (defense) costs • Bodily injury, Property damage of others • Coverage F – Medical Payments to Others • Medical expenses, No-Fault basis 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  8. 8. Replacement Cost • Standard coverage is ACV, actual cash value • ACV is depreciated “used” price • Available “new for old”, building(s) and property • Important to ask for replacement cost! • Insure to value – replacement value 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  9. 9. Proof of Lose • Easy for buildings, loss is obvious • Harder for personal property • Must have inventory BEFORE loss • Do no need receipts, but all documentation is helpful • DO NOT assume jewelry is fully covered – ask about needed coverage (Inland Marine insurance) 2014, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  10. 10. Types of Coverage • Named Peril • List of risks covered • If loss is on list, covered • If loss not on list, no coverage • “All Risk” (Accidental Direct Physical Loss) • List of what is NOT covered • If not on list, covered 2014, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com
  11. 11. Deductible • Part of loss insured pays • Different options • Higher deductible, lower premium • Deductible applies to property (building coverage & property) • Does not apply to liability, medical expenses, loss of use 2016, William P. Breitsprecher & BreitLinks. All rights reserved. www.breitlinks.com

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