For most Americans, their home is the largest asset they have. It is important to protect it with the correct coverage in case of an accident. Home insurance policies contain many different coverages. It’s important to know what is included, what’s excluded, and what options are available.
Dwelling Coverage is the most important of all, and it covers damage done to your home that results from fire, lightning, wind, smoke, theft, vandalism, and several other perils.
Other Structures Coverage
Other Structures Coverage protects structures located on your property but not attached to the primary dwelling. The most common examples would be a detached garage, barn, swimming pool, and fences.
Personal Property Coverage
Personal Property Coverage insures your household belongings such as furniture, appliances, clothing, kitchenware. It’s important you keep an updated inventory of your property. We recommend you update this form and take a video throughout the inside of your home annually. An accurate inventory will help expedite the claims process if you suffer a loss.
Most insurance policies contain limits of coverage for jewelry, artwork, furs, guns, and other collectible items. If you own an item in these categories with a value of more than $2,500, we recommend you discuss the item and coverage – it may be necessary to schedule, or specifically list the item, on the policy for an additional premium.
Loss of Use
Loss of Use provides coverage maintain your normal standard of living in the event of a covered claim. Primarily, this coverage will be used to rent a hotel room or alternate residence for you, but it sometimes extends to food costs and other expenses.
Personal Liability covers you for liability to others for either a bodily injury or damage to property. Two of the most common personal liability claims are dog bites and “slip-and-fall” injuries
Ordinance and Law
Ordinance and Law is intended to cover extra claim expenses incurred due to building code requirements.
For example: Many homes in Southern California do not have interior sprinklers installed. Most counties now require new construction homes to have interior sprinklers. If you were forced to rebuild your home that didn’t have sprinklers, and you didn’t have Ordinance and Law Coverage, you would be forced to pay for the interior sprinklers out of your own pocket.
Deductible is the amount you are responsible for paying before insurance pays for a claim. For example: If you have a $2,500 Deductible and a total claim of $4,000, the insurance company would pay $1,500 – the amount in excess of your deductible. (4000 Claim – 2500 Deductible = 1500).
There are several exclusions usually found in each home insurance policy. Please see those exclusions below.
Earth movement, or earthquake coverage, is excluded from homeowners, condo owners, and renters insurance policies. It must be purchased on a separate policy. The state of California established the California Earthquake Authority to offer policies for many homeowners, and there many private earthquake insurance options as well.
Flood coverage is excluded and must be purchased on a separate policy. Like earthquake, there is a government established insurance option, the National Flood Insurance Program (NFIP). There are also a handful of private flood insurance companies available.
Other common home insurance exclusions are wear and tear, deterioration, government action, nuclear hazards, war, rodents, birds, vermin, insects, and intentional loss.
Property Managers & Asset Manager Programs
Frequently Asked Questions
- Why should I use an independent, local agent?
- What should I expect when getting a quote from Old Harbor?
- What should I do if I need to file a claim?
- What does Employment Practices Liability protect?
- What is excluded from my insurance policy?
2. Personal Connection – An independent agent is best suited to accommodate your needs as your business grows. We take getting to know you and your business seriously, so we know how to best cover you and the company.
3. Customer Service – We have real people on the other end of the phone and a real office you can walk into. No more 800 numbers with automated prompts, overseas customer service, or being transferred throughout numerous departments. Our number one priority is to serve you.