The great American home has changed through the decades, but if you own it, you probably insure it. Banks and mortgage lenders require borrowers to maintain homeowner’s insurance. Even if you own your home free of debt, homeowner’s insurance is a cost-effective, common-sense necessity.
The home you own and live in is your piece (hopefully, peace also) on earth. Many homeowners consider their home to be the most meaningful and valuable property they possess. We not only understand this important connection, but we are also experienced independent agents in the Ohio Homeowner’s Insurance market. Our goal is to provide you with knowledgeable service and quality homeowner’s insurance. Below is a sample outline of what we may offer. However, we are able to provide several different options, including higher limits, to meet your changing needs.
Replacement Cost Homeowner’s Insurance:
(NOTE: Examples below are for ease of explanation only. Actual policy terms and conditions apply.)
-Rated using current building costs per square foot to replace like for like
EX: 1,000 sq. ft. X $150. per sq. ft. to replace your current home equals $150,000. replacement cost value. Homes with upgrades, such as marble counters, custom cabinetry, or hardwood flooring would be rated using a higher square footage replacement cost value.
-Deductible
All policies for homeowner’s insurance have a deductible
which applies to the property portion of your policy. The prevailing deductible amount is $1,000. per occurrence. Quotes for higher deductibles are available.
-Contents coverage
This coverage is built into the homeowner’s insurance policy form, but the amount varies with each insurance company. The amount may range from 50-75% of total replacement cost value of the home. Some valuable items, such as jewelry, artwork, coin/stamp collections require individual appraisal and must be scheduled separately.
EX: A home with a $150,000. replacement cost value typically would have automatic contents insurance in the range of $75,000. to $112,500. In the event of a total insured loss, the homeowner’s insurance would pay $150,000. for the home and an additional amount for contents in the range of $75,000. to $112,500.(subject to your deductible)
-Other structures on the property
Automatically built into the homeowner’s insurance policy form is up to 10% of the replacement cost of the home value. Other structures may be a detached garage and storage shed.
EX: A home with a $150,000. replacement cost value would automatically have an additional $15,000. maximum amount of coverage under other structures on the property.
-Loss of Use
In the event your home becomes uninhabitable due to an
insured loss, homeowner’s insurance automatically provides
coverage for temporary housing while your home is being repaired/rebuilt. Depending on the insurance company, Loss of Use coverage provides either a time period limit (usually 1 to 2 years) OR a dollar limit up to 20% of the total insured replacement cost value of your home.
-Optional Add Ons
Generally, we are able to quote optional coverage for
water back-up, personal injury (libel, slander), identity theft, equipment breakdown, earthquake, and utility line repair (coverage only applies to connection from the street to the house; no coverage inside the house).
-General Liability (GL) Coverage
GL addresses your premises exposure. Your homeowner’s insurance automatically includes a GL limit of $100,000. in the base premium. A small additional premium is charged to raise the GL limit to either $300,000. or $500,000. There is no deductible on the GL portion of your homeowner’s insurance.
EX: Your child’s friend is playing on a swingset in your yard, falls off, and breaks several bones. You may be liable for damages.
Condo Insurance:
For those who own and live in a condo, much of what is outlined above applies, except for the rating basis and other structures on the property. Because of the unique ownership nature of condominium property, homeowner’s insurance needs for condo units are somewhat different. Usually, the condominium association owns the “exterior” of the building(s), including garages. Individual condo unit owners own everything from the front face of the wood studs inward, i.e. the drywall, floors, unit door, and everything else inside. The insurance industry term used is “betterments and improvements”. Homeowner’s insurance for a condo unit is rated on the square footage and replacement building cost value of everything from the studs inward. Roofs and plumbing and wiring behind the walls are generally owned by and the responsibility of the condominium association. It is a good idea to thoroughly read the bylaws and obtain proof of adequate insurance from the condominium association.
-Loss Assessment Coverage
Designed as an optional, add-on coverage for individual condo unit owners. It protects the condo unit owner up to a stated amount for individual assessments resulting from an insured loss to the association for which the association is not adequately insured. We recommend all condo owners purchase a minimum of $5,000. of Loss Assessment Coverage.
Richey-Barrett Insurance is your friendly, knowledgeable Trusted Choice Independent Insurance Agent for Ohio Homeowner’s Insurance and Condo Insurance.
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