Q. Is the present amount of dwelling coverage on my homeowner policy sufficient?
A. If your policy’s value is large enough for you to rebuild your house if a total loss occurred, then you are properly insured. The replacement cost of your dwelling will vary over a given period of time because of changes in material, labor costs, and inflation. It is best to review your insurance periodically with your agent to make sure you are adequately covered.
Q. Are there any items in my home not covered by my homeowner policy?
A. Most items are covered for loss or damage as a result of specified perils or subject to stated limits. Take jewelry, for example. In the case of a jewelry theft, in most instances, the company will reimburse you up to $1,500. However, loss or damage resulting from losing a bracelet or dropping a vase, for example, would not be covered unless that item was specifically insured, also known as scheduled. There are also limits on such things as money, securities, watercraft, trailers, furs and guns. Please check your policy for the specific coverage limits. Please contact your agent if you have any questions.
Q. If my pets cause damage to my personal belongings, what coverage do I have?
A. There is no coverage under the homeowners policy for loss or damage to personal belongings by a pet or other domestic animals.
Q. If there is a windstorm and the trees in my yard are damaged, what coverage do I have for the trees?
A. There is no coverage under the homeowner policy for windstorm damage to trees or other shrubs.
Q. Does the deductible apply to all of my property claims and if so, do I only have one deductible per year?
A. The deductible applies to all property claims and one deductible is applied to each separate property claim.
Q. Can you define "replacement cost" and "actual cash value"?
A. Replacement cost is the amount of money you would have to spend to replace your home with another of like kind and quality on the same site where your home was destroyed. Actual cash value (ACV) is the replacement cost less depreciation. To determine the actual cash value, the general condition, repair, and character of your home are taken into consideration. Replacement cost and actual cash value are generally used in reference to the home and personal property.