Page 37 - HBIA POH19
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A homeowner’s policy helps you repair, replace and keep your home.
You can repair minor damage when it occurs, replace your home in a total loss and keep it in the event of
a signi cant  nancial disaster. The  rst is the obvious one, property risk. Our property is at risk from weather, crime, and negligence, among other things like market and obsolescence. This is the repair and replace components of our coverage. Your home is a large asset and you spend a substantial amount of your monthly income and time in. It’s worth protecting and it should be done right. Critical areas of coverage include:
• Dwelling Coverage – This is the coverage for your main living structure to be replaced. It’s critical this coverage be reviewed regularly due to changes in building costs and remodels/improvements you make over time as a homeowner;
• Dwelling Extension – coverage to protect the detached structures in your life, like sheds and detached garages. She-sheds too...critical... very important;
• Personal Property Coverage – this is contents protection protecting all of the items inside your home. Most policies limit special items like jewelry, guns, collectibles, etc;
• Loss of Use – coverage for when your home is unlivable due to a loss and you have to stay in a hotel, other home or the in-laws. It includes additional living expenses like eating out.
The secondary area a homeowner’s policy covers is casualty risk, which includes litigation and liability coverage. Your casualty risk includes protecting you and your family’s assets from litigation related to negligent acts committed by you and results in damage or harm to others. This is part of the keep your home concept:
• Liability Coverage – protects you from negligence including things like slip and falls, dog bites, and
starting wild land  res.
• Medical Payments – protects you from liability claims by paying for medical expenses incurred by your guests on the property when they trip in the yard or fall down the stairs, regardless of fault.
Remember you are di erent than your neighbor and you’re both di erent than the family living across town. Your homes are di erent, your jobs are di erent, your families are di erent. Your coverage therefore should be unique as well. The policy you bought protects
you, and in many ways is the same as the neighbor’s policy. Crucial di erences include coverage amounts, endorsements, and the company behind the policy. The premium is di erent too, but I would argue your premium is the least important part of a homeowner’s policy. If the company I hired is there when the  re department is there and I have the coverage I need and want, I discussed it and planned ahead for this day; every penny of my premium was worth it, regardless of how many pennies I paid. We buy stu  based on value, not price. We’ll pay more for a better this or bigger that, so price is only critical if I’m not getting a value.
The most important thing in a homeowner’s policy is you. You make decisions, you pay premiums, and you select your coverage. You decide who you’re going to give your hard-earned money to every year and you are the one who decides who will help you in your time of need.
I know your homeowner’s insurance policy is something you don’t use very often, and if you do, it will be critically important you planned the coverage in advance. Take a moment, ask some questions, and make sure the company and the coverage will do what you want them to do. And remember to enjoy your home, but don’t forget the most important thing... those who live in the home.
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