Features to look out for in home insurance policies
In this blog, we will talk about the features to look out for in home insurance policies. Homestead Insurance Agency provides home insurance in North Royalton, Middleburg Heights, Medina, OH, Valley City, OH, Hinckley, OH, Fairlawn, and surrounding areas.
- Building Coverage
This covers the physical structure of your home—walls, roof, floors, and built-in fixtures—against risks like fire, storms, or vandalism. Check the rebuild cost is adequate and whether the policy offers “new-for-old” replacement or deducts for depreciation.
- Contents Coverage
Protects personal belongings inside the home, such as furniture, electronics, and clothing. Look for clear limits per item and overall coverage caps. Some policies require separate declarations for high-value items like jewellery or artwork.
- Personal Liability Protection
Covers legal costs and compensation if you accidentally cause injury to someone or damage their property. This can extend to incidents both inside and outside your home.
- Additional Living Expenses (ALE)
Pays for temporary accommodation, meals, and other extra costs if your home becomes uninhabitable due to an insured event. Review the maximum amount and duration of coverage.
- Named Perils vs. All-Risk
Named perils cover only the risks listed in the policy. All-risk (or comprehensive) coverage protects against all causes except those specifically excluded. The latter offers broader protection but may cost more.
- Deductibles
The amount you pay before insurance kicks in. Higher deductibles lower premiums, but ensure they remain affordable in case of a claim.
- Exclusions and Limitations
Pay close attention to what’s not covered—common exclusions include flood, earthquake, wear and tear, and pest damage. Some exclusions can be added as optional riders.
- Optional Add-Ons
Consider extras like accidental damage cover, home office protection, or extended coverage for valuable collections.
- Claim Process and Support
Check if the insurer offers 24/7 claims assistance, online tracking, and a reputation for prompt payouts.
- Inflation Protection
Some policies automatically adjust coverage amounts to reflect rising rebuild and replacement costs.
If you would like to discuss your specific situation or have questions, please don’t hesitate to contact us.
