Buying a home is a big investment and having the right homeowners insurance policy is the best way to protect that investment. A homeowners insurance policy will pay for damage to your dwelling or contents, pay you to live elsewhere while your home is being repaired or rebuilt and includes liability coverage for actions for which you are responsible. The policy can also be personalized to fit your needs. Endorsements to schedule valuable items, include earthquake or protect your in home business are just a few of the enhancements that can be made to better protect you.
Whether you own a house, a condominium or you rent, home insurance is the best way to protect you and your family. A typical home policy includes:
- Dwelling coverage – pays to repair or rebuild the structure of your home. There are exclusions with the major ones being earthquake, flood and routine wear and tear (not a maintenance plan). Condo owners also have the need for dwelling coverage as they might have tenant improvements or other dwelling items that are their responsibility as dictated in the CC&R’s.
- Other structures – pays for structures that are detached from the home such as a garage, shed or gazebo. The typical policy will include 10% of the dwelling amount. This limit can be increased if needed.
- Your personal contents – Furniture, clothes, toys, kitchen items etc are covered under this section of the policy. Personal belongings add up fast and most policies will offer around 70% of the dwelling amount. The best way to be sure you have enough coverage is to do a home inventory. An inventory (written, pictures or video) will not only help determine if you have enough coverage but is also invaluable after the loss to help identify the missing or destroyed property. Some items like jewelry, furs, silver or antiques have limitations on the amount the policy will pay so a personal property floater might be needed.
- Additional Living Expense – this coverage provides for your additional living expenses when you cannot live in your home due to a covered loss. Some companies have a set dollar amount and some companies have a time limit.
- Personal Liability – protects you in the event of a lawsuit brought against you or covered family members. The coverage is worldwide and includes defense and actual judgments -- up to the limit of the policy.
- Medical payments – A no -fault coverage caused by the activities of a covered person. If a friend or a neighbor is injured in your home or by a covered person they can simply submit the medical bills to be paid and not have to go through a liability claim. This coverage is usually offered at limits of $1,000 to $5,000.
If you are looking for a quote for California homeowners insurance or Los Angeles home insurance, give us a call and we can help.
Located in Torrance, California, ISU-The Olson Duncan Agency was originally established in 1945. We do not work for an insurance company; we work for you. We represent a carefully selected group of financially sound, reputable insurance companies, and we place your policy with the company offering the best coverage at a competitive price.