Have you ever received a letter or been offered a quote by an insurance agent claiming to “save you hundreds”, only to find that the cheapest price came with stripped down coverages? Everyone here at Pyron Group Insurance strives to ensure that our customers’ assets are truly protected. There are some important coverages for homeowners insurance we recommend to anyone.
Our goal is not to sell you the cheapest insurance policy, but to provide professional advice around the confusing and sometimes misleading world of homeowners insurance. We’re here to advise and partner with our customers.
We like to go over these key homeowners coverages with our customers to ensure there’s a real understanding of how significantly they affect your level of protection. Take a look at your own homeowners policy to check on these coverages.
Your homeowners insurance should adequately cover your home, most likely your biggest asset.
These coverages are key:
- Replacement Cost on Your Home – Replacement cost provides adequate coverage in the event you have to rebuild your home from scratch while taking into consideration inflation, the price of labor, and the cost of brand new materials. Replacement cost does not mean simply market value or actual cash value.
- Replacement Cost on Contents – This covers the replacement cost of your belongings. Think of your appliances, furnishings, electronics, and your wardrobe. Spend just a few minutes adding things up and you’ll likely find that the cost adds up quickly. We think it’s important to have replacement cost coverage on your contents.
- Increased Liability – Most people are underinsured for personal liability. If your child’s friend is injured while playing in your yard, and the parents think you are liable, your homeowners policy would provide the protection you need, up to your limits, for the legal fees and medical expenses. This coverage comes in increments of $100,000, $300,000, and $500,000, and are usually only a few dollars more each month for every $100,000’s of coverage.
- Personal Injury – This coverage provides protection against slander and libel and can cover everyone who is a “named insured” on your policy including your spouse and children. It seems that everyone is on social media today. Others may not always agree with your comments and opinions. You need to be protected.
- Service Line coverage – Service line coverage offers protection to cover the cost to repair damaged exterior underground service lines. Most homeowners are unaware that they may be responsible for exterior underground utility piping, lines and wiring connecting their home to the utility source and that the standard homeowners policy provides no coverage.
- Water Backup coverage – This protection helps pay for water damage resulting from a backed up drain or sump pump. It can help cover the cost of removing water and replacing flooring in the event of an unexpected backup.
- ID Theft – This coverage helps reimburse victims for money spent on reclaiming their financial identities, repairing their credit report, and covers legal help.
- Reasonable Deductibles – Check to make sure your current deductibles are affordable. Some policies include a $1,000 deductible, but with 1%,2%, and 5% Wind/Hail deductibles, which would be an expensive out-of-pocket cost in the event of a wind/hail claim.
We would love to work with you to make sure you’re adequately covered. Even if we’re not your insurance agency, give us a shout if we can help answer any questions on homeowners insurance or explain any of these coverages. We would love to help.
“Zac was amazing! …he did it in less than 3 hours. I never expected to get my insurance changed over that easy and can’t say enough how nice he was! I will never leave just because he was so awesome and helpful and it was a big job I gave him! Would give him 20 on a 1-10 scale. Thank you so much Zac.”
– Michael N. | Brandon, MS