We offer coverage for your
home, its contents, plus other valuable possessions. We also offer additional
endorsements so you can customize your coverage to fit your needs.
To understand more about homeowners insurance and how it can help you, please review the following topics:
Some background information
Homeowners insurance is basically designed to bring your home and possessions back to the same condition they were in before a loss occurred. There are several different types of homeowners policies offered by a wide variety of insurance companies and not all coverages are the same or are available in all states. You should speak with Lyndall Insurance about your specific coverage needs.
While reading through the information below, you should keep in mind a couple definitions: (a) Exclusions are situations where your policy does not provide coverage; and (b) Liability is something for which you are legally responsible.
Dwelling (referred to as
Coverage A in the policy)
Imagine your house on moving day...empty, waiting to be filled. This is the part referred to as Coverage A: your physical home (rooms, fireplaces, tile floors, carpeting, etc.) and the structures attached to it, such as an attached garage.
The amount of coverage assigned to your dwelling should reflect the amount it would cost to completely repair or rebuild your home should it suffer a covered loss. Usually this is determined by looking at the square footage of your home and multiplying it by a figure. However, if it's been a while since you last updated your policy coverage or if you are not sure that your dwelling is adequately covered, you can call Lyndall Insurance today.
Other structures (Coverage
Not all structures that exist on your property are actually attached to your house. Therefore, Coverage B offers insurance protection for other structures such as a detached garage, gazebo, or storage shed.
Personal property (Coverage
Your personal possessions such as furniture, clothing and appliances are covered. Certain types of possessions are excluded or have limited coverage. Please see personal property exclusions and limits of coverage for more specific information.
Loss of use (Coverage D)
The coverage is also called Additional Living Expense. Essentially, this pays for your housing and other living expenses (like meals and laundry) if a major loss makes your house uninhabitable and you have to move out temporarily while it's being repaired.
A homeowners insurance policy provides protection from the following perils:
Some policies also provide coverage for:
A homeowners policy does not provide coverage for the following perils:
Limits of liability
For basic homeowners policies, a specific minimum amount of coverage is required for each of the major property coverages, based on the primary amount of insurance selected.
For example, if your home is insured for $100,000 under Coverage A:
With a homeowners policy, a deductible applies to the property portion of the policy. A deductible is the amount you would have to pay out of your own pocket before the insurance coverage kicks in. Typical deductibles are $100, $250, $500 or higher and some policies have several deductibles. The higher the deductible you select, the lower your premium payment is.
There are a number of optional coverages (also called endorsements) which enhance your basic homeowners policy either by adding or removing certain coverages. Some of the more common add-on coverages include:
Personal property exclusions
and limits of coverage
Certain classes of property are specifically excluded from coverage because of the nature of what they are or because they are generally covered by other types of policies:
Certain classes of property have specialized limits of coverage:
There are several endorsements or separate policies that cover personal property items for higher limits of coverage. For example, Traveler's Home Business Protection provides expanded protection for home office equipment and additional protection for home-based businesses (in some states). A Valuable Items policy may be needed to protect your jewelry, furs or other treasured possessions.
Personal liability (Coverage
Provides coverage for bodily injury or property damage for which you are legally responsible. For example, let's say your dog bites someone, a guest falls down your front stairs, or your son throws a ball through your neighbor's window. You are legally responsible for these actions. Personal Liability helps to cover the associated costs of these related damages.
Most homeowner policies provide a minimum of $100,000 of liability protection. However, you can opt to increase this amount. Also Excess Liability Insurance 101 can help you determine whether the liability limits available on your homeowners policy are sufficient for your needs.
Medical payments (Coverage
Pays all reasonable and necessary medical expenses for a period of three years from the date of an accident to a person or persons injured while on your property. This coverage does not apply to the insured or regular residents of the insured's household.
Accidents do happen...and sometimes they happen to other people while at your home, or by a member of your household. This coverage helps to pay for the expenses created in the event that a physical injury to others is caused by you, residents of your household, or your pets.
If someone's property is accidentally damaged by you, members of your household, or your pets, your homeowners policy will help to repair or replace it.
Liability coverage exclusions
A homeowners policy does not provide coverage for:
Additional exclusions to Coverage E only:
Umbrella or excess liability
Umbrella or excess liability coverage provides liability coverage over and above what's covered by your auto, homeowners or other policy for personal liability and lawsuits. Such coverage can be purchased as an attachment to your policy or as a separate policy. Our Excess Liability Insurance 101 course provides much more information on this important protection. Or you can speak directly with an independent agent about your specific coverage needs.