The replacement cost of your home is the starting point of your home insurance. Ask yourself the question: if the house were destroyed, how much will it cost to rebuild it? You don’t have to make the calculations: there are specialized software to do this for you.

We do recommend Dwelling Replacement Cost coverage when available (generally for homes built in the past 50 years), which provides additional limits as long as you remain insured to estimated replacement value each renewal.

Please note there are limitations in your policy for theft of jewelry, furs, silverware, etc. You can buy specific insurance under a Scheduled, or “Valuable Items” endorsement, which provides broader coverage and increases the insurance limits amounts as needed. As a rule of thumb, most people get specific coverage for items over €/£1000 in value. Up-to-date appraisals may be required for insurance under this kind of schedule.

A business from the home is not protected by the homeowner’s policy; businesses generally require commercial insurance. If you run any business from your home, coverage can be available as an inexpensive add-on to your home insurance policy or through our highly experienced commercial insurance group.

Note that any business use of a detached structure, such as a garage or barn nullifies insurance coverage on the structure, you need to “buy-back” coverage. This exclusion can leave you uninsured for outbuildings if you‘re using any for business. Coverage is readily available, but insurers need to know to add back and include in your insurance program.

Boats, snowmobiles, and ATVs also may need specific coverage if you own one or more of these, particularly if they are not specifically insured already. The homeowner’s policy gives very limited coverage for boat hulls, equipment and liability. (Though small craft usually have liability: always talk to us about these situations).

Check the amount of insurance showing on your Personal Property (Coverage “C”). The amount you have should be enough to replace your personal belongings today, including clothes, furniture, and so forth. A household inventory can determine proper values; a video does a great job identifying what you have. We recommend Replacement Cost on Contents to minimize the effect of depreciation on a claim.

Due to building code changes on all homes, get “Ordinance or Law” coverage. Most policies today include a small amount automatically, but it’s worth asking. If new building codes require updates or demolition on undamaged portions of your home, this endorsement will extend coverage to undamaged portions.

The homeowner’s policy does not include loss to your property due to Flood, or any groundwater seepage. Some homeowner’s policies include “sump pump failure coverage” as well. Let your insurer know if you may have an exposure to damage from groundwater, especially if you have a sump pump in place already.

 The high settlements being awarded by the courts today for personal injury suits demand that you consider buying a Personal Catastrophe Liability (excess) policy, or increasing your present Auto, Homeowners (& Boat, etc.) liability protection. If you have a home and other assets to protect, you should consider an excess policy if you do not already have one.

 Any dwelling left unoccupied for 60 days is considered vacant and fire coverage is cancelled. If you plan to move from your house, let your broker/insurer know ahead of time to make arrangements to continue coverage.

 Cost Savings Tips

You may wish to increase your deductible to take advantage of cost savings.

Save money and “insure only what you cannot afford to lose”. Loss-free credits can add up; if you have a small claim, call us for help in deciding whether to file a claim or not. A major cost saving technique is the Account Credit. Credits for both policies usually apply, and they’re meaningful.

This list is a guide to uncover some of the more common features of a homeowner’s policy and is not complete.