Personal Insurance

Auto | Home | Umbrella Liability | Valuable Personal Property | Request A Home Insurance Quote

When you receive your home insurance policy, do you understand what the coverages are? Understanding your home insurance policy can be confusing. Of course our agents at Lucey Insurance are always available to answer any of your questions and concerns, but below is a list of some of the basic explanations of coverages of your home insurance policy. All coverages below would apply only in the event of a covered loss.

Coverage A Dwelling Amount: This coverage is the amount of coverage that your home is insured for. This is the replacement cost of your home, what has been determined it would cost to replace your home to its pre-loss condition.

Coverage B Other Structures: Covers additional structures on your property that are not attached to your home such as shed, garage, pool house. This coverage is 10% of your Coverage A dwelling amount and there is no additional premium for this coverage.

Coverage C Personal Property: Covers your personal property in your home. The coverage is typically 50% of your Coverage A dwelling amount. Additional amounts of insurance are available for items such as jewelry, fine arts, furs, coins etc and the coverage if the items are scheduled.

Coverage D Loss of Use: Covers the expense of relocating after a loss until you are able to move back into your home or find permanent residence. This coverage is 20% of your Coverage A Dwelling Amount.

Coverage E Liability: Coverage in the event a suit is brought against you because of bodily injury and/or property damage resulting from the acts or non-acts of you, the insured. Also covers your spouse, relatives of either, and others under age 21 under the insured's care. Just about any personal act is insured.

Medical Payments: Coverage for reimbursement of reasonable medical expenses incurred (a) by the insured (and individuals as defined in Coverage E, above); and (b) for injuries sustained by a third party either on or off of the insured's premises as a result of the activities of the insured and others covered.

Understand the difference between market value and replacement cost

"Replacement cost" is the amount needed to rebuild your home to its pre-loss condition. The replacement cost of a home is NOT the market value of the home, its purchase price or the outstanding amount of any mortgage loan and does not include the value of the land. "Market value" is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home.

Before you insurance your home, we will help determine the appropriate amount of coverage you need. Any architectural details or unique building materials that may affect your estimated replacement cost are:

Some important things to consider when determining your coverage amount:

Some ways to save money on your home insurance:

Consider insuring your home and auto with the same insurance company. Our insurance companies are offering savings on both your auto and home when you insure both with the same company.

If you do not have your auto and home with our agency, contact us. We would be happy to offer you a risk free quote.

Consider raising your home insurance deductible. Our companies are offering considerable savings to your premium if you raise your deductible.

Request A Home Insurance Quote

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