The standard Homeowner's policy covers the following:- The physical structure of your home, permanent structure on
your property, and your personal property. - Personal liability exposures that arise from being a homeowner.
- Additional costs that you may incur as a result of covered loss,
such as fire to your home that causes your home to be
uninhabitable.
The perils you are insured against depend on the contract form that you purchase. Most homeowner policies are written under the HO-3 contract form. Form numbers are standardized in the insurance industry, no matter the insurance provider. The contract form numbers are usually the same. The HO3 contract form provides coverage for the following: - Broad coverage for your dwelling. Damage to your dwelling from
most causes is covered unless it is specifically excluded. - Damage to your personal property for "named perils" only. This
means that your personal property is covered only against the
perils specified in the contract. - Limited coverage for jewelry that is stolen, usually $500 to
$2,000, depending on your state of residence. Also, most
Homeowner's policies provide no coverage for jewelry that
is lost.
Endorsements to Homeowner's Policies You can purchase many optional coverage's under endorsements to your Homeowner's policy. Coverage's include, but are not limited, to the following: - Endorsement for jewelry can provide the following:
- Offers additional coverage under your policy to cover your
jewelry up to the limit that you select. - Increases the perils insured against-for example, a misplaced
piece of jewelry, or a stone that falls out of a setting. - Requires no deductible for losses under the endorsement.
- Endorsements for other classes of personal property include the
same kind of coverage offered by the jewelry endorsement
and may be used to cover items such as the following:
- Furs
- Firearms
- Gold/silverware
Other Optional Coverage Other optional coverage may be added to your Homeowner's policy. Please call us at 1-800-348-2767 to discuss these coverage's. Your home is one of your biggest financial investments. Your insurance program is your best way to protect that investment. We encourage you to review your policy and call your insurer if you have questions about your coverage.
These are general policy descriptions to help you understand the different types of coverage's. They do not refer to any specific contract of insurance, and they do not modify any definitions expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverage's.
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