The reconstruction value of your home is determined by each insurance provider's replacement cost estimator. There are many factors to consider including the age, square footage, location, and style of your home.
Coverage for structures other than your primary home is generally calculated as 10% of your dwelling replacement cost and includes your detached garage, pole barn, shed, or fence.
Typically, coverage for your personal property is 50% of your dwelling replacement cost. This coverage includes all of your belongings such as appliances, furniture, clothes, shoes, and personal effects. Personal property coverage can be paid out based on depreciated value, (also called actual cash value,) or full replacement cost value. There is additional coverage available for items that are considered collectibles like jewelry, firearms, art, or furs.
If your home is under repairs from an insurance claim, additional living expense coverage will reimburse you for the cost of living until you can return to your home.
Most carriers have two deductibles. One covers wind and hail claims, and one covers everything else. The higher your deductible, the less you pay for your policy up front.
Liability coverage includes bodily injury and property damage sustained by non-residents on your property. These are incidents for which you are held legally responsible and include pain and suffering.
Medical payments cover small claims when a non-resident is injured on your property. Medical payments claims are covered regardless of fault. Typically, this coverage ranges from $1,000 to $5,000 per incident.
This coverage is included automatically in home policies and is calculated as a percentage of your Coverage A. In the event your home would have to be rebuilt, it covers any additional cost to bring your home up to current building codes.
Water backup covers damage to your home and personal property against damage caused by sewer, sump, and drain backup.
This coverage replaces your personal property at its replacement cost without consideration for depreciated value.
Covers you for up to 10k if there is a malfunction in utility pipes or wires coming into your home for water, gas, electric, etc.
Covers appliances (like your furnace) against breakdown caused by power surges, electrical shorts, or mechanical breakdowns.
This coverage is generally for condo owners and would protect you in the event your homeowner association’s master policy came after the building’s residents for a major claim made to a common area.
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