How would you best describe your home? Are you living in a century-old farmhouse that’s been in your family for generations? Or did you recently build in a brand-new subdivision? Each home is different from the rest, and because of this, each home has its own exposures for risk. The homeowners insurance policy for the neighbor’s property may not be the right fit for yours, so how do you know what your home needs? Check out three common home types we experience and what you should do to ensure you and your family are protected.
How Should I Cover My…
Historic Home?
Because old homes were built using different materials and methods compared to modern homes, protecting them can be especially challenging for both homeowners and carriers. The first step for homeowners should be securing an accurate evaluation of the property, including an appraisal of the cost of outbuildings like detached garages and sheds.
When speaking with an insurance agent, homeowners should ask for coverage enhancements such as a guaranteed replacement cost, which will cover the full cost of rebuilding and restoring the home regardless of the policy limit. Any additional valuables should be itemized and appraised with a fine arts floater.
Newly Built Home?
While homes are under construction, contractors should carry coverages such as builders’ risk insurance. Meanwhile, homeowners should ensure all contractors working on the home are licensed, bonded, and fully insured. Depending on the contract between the homeowner and the contractor, the homeowner may be responsible for purchasing builders’ risk insurance or other supplementary policies. To know for sure what coverages you’re responsible for as a homeowner, speak directly to both the contractor and your insurance agent.
Waterfront Home?
Especially on coastlines and surrounding areas, homes are susceptible to storm damage and high winds. In addition, homes built on the banks of lakes or rivers may require additional coverage for structures like docks. Because of the higher risk for storm and water damage, owners of waterfront homes may discover their premiums are much higher with separate, higher deductibles for wind damage.
Rising waters may also raise homeowners’ anxiety for potential flooding. But as many homeowners, agents, and carriers will point out, floods are often not covered by typical homeowners insurance policies. Therefore, homeowners should request a quote for flood insurance from their agents. Homeowners should consult their insurance agents to see which additional coverages would be needed to protect from unique damages to their home as well as any additional, smaller structures on the property.
No matter what your dream home looks like, the Unland team can find the right coverage for it. Learn more about homeowners insurance options and call (309) 642-6855 for more information or to speak with an agent.
The Unland team can help find the D&O policy that best fits your organization and provides the coverage you need to protect your leadership and employees. Learn more about our professional liability options or call (309) 347-2177 for more information.