Why a Basic Homeowners Policy Isn’t Always Enough
Sometimes, a basic homeowners policy just isn’t enough. So as your career advances and your income increases, it’s important to keep your insurance protection up to date. This helps you avoid expensive gaps in coverage and prevents you from paying too much out of pocket in case of a claim. To be properly protected, you need a homeowners policy that grows with you.
That’s why we offer multiple homeowners policy options, specifically for customers who need higher levels of protection. You may benefit from additional coverage if any of the following apply to you:
The cost to completely rebuild your home is between $500,000 and $3 million.
You have a custom-built home.
Your home has marble countertops, custom cabinetry, high-end appliances or electronics, valuable collections of various kinds, or similar amenities.
You have substantial financial assets to protect.
You have additional or unique risk exposure.
We give you the flexibility to easily add affordable comprehensive coverage to your policy without confusing endorsements or other complications. These valuable options include:
Extended dwelling coverage. Full reconstruction costs are often different than market value, so your current homeowners policy may not accurately reflect the true costs of rebuilding your home. Extended dwelling coverage helps you rebuild if construction or permitting costs change and add up to more than your current policy limits. It may also pay for debris removal, contractor costs, construction fees and permits, architect's fees, and other expenses.
Building ordinance or law coverage. If your home needs to be rebuilt or repaired due to a covered loss, you’ll have to build according to current building codes. And since codes change, this could mean higher costs than expected to rebuild. Building ordinance policy, or law coverage, exists for just such scenarios — and it could save you thousands.
Replacement cost up-front coverage. This loss settlement option allows you to choose not to rebuild at the original location following a covered total loss. In this case, you’ll get a payout to apply to the purchase or construction of a new home in a new location.
Personal property replacement cost coverage. This helps cover the costs of replacing personal property, such as electronics, art, jewelry, and furniture, with no deduction for depreciation. So you’ll get the amount needed to buy an identical or comparable item rather than settling for something of lesser value.
Personal offense coverage. This offers you broad protection against a variety of lawsuits and damages related to libel, slander, defamation of character, invasion of privacy, and other offenses. This may include comments made on social media by either you or your children.
Is your homeowners policy up to date? If you’re unsure or if you’ve outgrown your current coverage, contact your Zeiler Insurance agent to discuss your situation and get the protection you truly need.
Dan Zeiler
dan@zeiler.com
708-597-5900 x134