Homeowners Insurance – What will be insured?
West Hollywood homeowners insurance coverage is available by your local independent agent at EZ Center Insurance Services.
Section I of the homeowner’s policy insures your home and any structures on your property that are not attached to the main dwelling. This is referred to as appurtenant structures on your policy. It covers detached garages, swimming pools, storage sheds for our personal use.
Coverage on your home is provided on a replacement cost basis against the perils of fire and the extensive damage caused by smoke and water after a fire ensues. The homeowner’s policy also covers you in the event of damage by windstorm, vehicle damage, explosion and even hail and falling aircraft.
Homeowners Insurance Coverage in West Hollywood
Coverage is provided for your personal property described as contents usual to a home and includes theft. Certain items of personal property such as jewelry, watches or furs can be subject to a limit of coverage that is less than the replacement cost of the valuable item. These valuable items can be scheduled on your homeowner’s policy in the form of a Personal Article Floater.
Should a loss occur and you are not able to reside in your home a homeowner’s Insurance policy will pay for your increased cost of living expenses for temporary housing. This is referred to as additional living expenses on your policy.
Section I coverage of the policy does have a deductible that applies to claims you file. The larger the deductible the bigger credit you will receive on the annual premium however make sure if you select a large deductible that you can actually access those funds.
Types of Homeowners insurance policies
Two types of homeowner’s policies are available to the consumer. The standard homeowner’s policy is an HO3 form. The policy provides coverage for named perils only meaning it will only react to a claim if the cause of loss is a peril specifically named as a covered peril in the policy. This form does not automatically provide replacement cost coverage for the contents of the home.
The HO5 form is an open perils policy meaning it will cover any loss unless it is listed as a specific exclusion in the policy. Such specific exclusions would be for loss caused by earthquake and flood which are perils specifically excluded in the policy.
Owning a home is a big responsibility. Section II of your homeowner’s policy insures against liability for bodily injury or property damage. Your homeowner’s insurance policy protects you in the event any person is hurt while on your property. It also protects you against property damage you or your family member is liable for. Home ownership can lead to large unfortunate liability claims involving serious injury or even death. A good rule of thumb is to buy enough liability insurance to cover the combined asset of your home and personal property and then buy more! You do not want to buy $100,000 in liability coverage if the total value of your home and the contents in it are worth $500,000.
Talk to your independent agent at EZ Center Insurance Services about how you can obtain this type of coverage.