For the majority of Indiana residents, the single largest investment we make is the purchase of our home and the personal belongings we have accumulated. For this reason, it is necessary to understand the basics of homeowner’s insurance so that we can adequately protect our investment with peace of mind.
Not all policies are created equally. For that reason, we must know what is actually being insured when we are considering our policy options. Before using Poe & Associates Inc.'s valuable rating tool, review the types of coverage listed here:
Dwelling coverage refers to the physical structure of the home, and the amount of coverage needed is based on how much it would cost to rebuild the home should an unexpected event such as fire, hail, theft or vandalism should occur. It is based on the value of the home and the percentage of coverage the homeowner wants to cover. It should be noted that this type of coverage should be tied to replacement costs which can fluctuate with changing construction and labor costs, so a periodic review is important.
Other structures coverage refers to other structures on the property that are not attached to the home such as storage sheds, fences, or detached garages that could be damaged.
Personal property coverage refers to personal belongings in the home including furniture, electronics, rugs, jewelry, clothing, and other items that could be lost due to theft or peril.
Liability coverage refers to the protection for damages and legal expenses should a resident be responsible for harming someone else or damaging someone else’s property.
Medical protection coverage refers to the protection offered to guests who may be accidentally injured while on the property and who require medical treatment.
As Indiana homeowners, we should consult with our agent annually to make sure we have appropriate coverage proportionate to the value of our home and assets, an appropriate deductible to our situation, and any additional coverage we may need for items such as expensive jewelry, art, or collections that may not be covered under policy. The agents at Poe & Associates, Inc. are available for consultation for homeowner’s insurance and other personal insurance needs. Please call or stop by today the office today.