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Home Insurance for You & Your Family

The importance of having the right type of Homeowners insurance time and again is further underscored following a catastrophic event. Most recently, we have witnessed the devastating wildfires in Northern California that have decimated neighborhoods and thousands of structures, with many homeowners at risk of being underinsured. According to research firm CoreLogic, about 60% of American homes are underinsured by an average of about 20%. This means someone whose home replacement cost was estimated at $500,000, for example, would be short $100,000 on the cost of rebuilding after a disaster. The reason for this may include the lack of extended replacement cost coverage on the dwelling, or a homeowner neglecting to advise of improvements made to a home, such as a new room or deck, among others.

Safeguarding Against Risk

A home represents one of the largest investments you can make; it’s also where many of your memories are made. ISU-The Olson Duncan Agency is here to help make sure it’s properly protected. We will review your policy to make sure the structure and the contents of your home are covered adequately in the event of a loss that requires it be repaired or rebuilt, that your liability limits are in line with your exposure so your assets are properly protected, and that any enhancements are added to extend coverage beyond the basic limits for valuable items such as jewelry and artwork.

We will also review your exposure to earthquake and floods so that you understand the policies that are needed to cover your home in the event of damage resulting from either event. Homeowners insurance excludes both damage from earthquakes and flood.

Inside Homeowners Insurance

Whether you own a house, a condominium or townhouse, we can provide you with Homeowners insurance to protect you and your family. A typical home policy includes:

  • Dwelling Coverage: Pays to repair or rebuild the structure of your home for perils covered under the policy. We recommend the structure be insured to 100% of the current replacement cost to ensure that your home is rebuilt to like kind and quality used in the original construction. The quality your house will look as close as possible to what it was before the loss.
  • 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: This includes coverage for furniture, clothes, kitchen appliances, etc. We also recommend that you have replacement cost coverage on the personal contents in your home. Make an inventory of your contents (pictures or video) to not only help determine if you have enough coverage but it’s also invaluable after a loss to help identify the missing or destroyed property.
  • Additional Living Expense: This coverage provides for your additional living expenses when you cannot live in your home due to a covered loss.
  • Personal Liability: Provides coveage in the event you or a resident of your household are legally responsible for injury to others or if someone is injured on your property. The coverage is worldwide and includes defense and actual judgments – up to the limit on the policy.

 

We will also discuss with you purchasing a Personal Umbrella Liability policy to extend the liability amounts in your Homeowners insurance so that you are well protected in the event of a catastrophic accident on your property. Additionally, we provide specialized Homeowners insurance for high-value homes. We represent several leading insurance companies that cater to this market and offer the type of Homeowners program you need, with limits and coverages that go much higher and broader than standard policies.

Our staff can also assist you if you own a condominium or rent or lease an apartment, home, condo or townhouse.

Our Value

At ISU-The Olson Duncan Agency, we look to provide clients with a total solution, not simply a quote or an insurance contract. Our goal is to provide real value and build a long-term relationship based on trust. This is underscored by the fact that we provide our clients with their risk management and insurance solutions, including property & casualty, employee benefits and personal insurance. To find out more about how we can help you, call us at (310) 373-6441.