Homeowners Insurance
Homeowners Insurance: Protect Your Home and Possessions with We Insure– Compare Rates and Coverage from Top-Rated Companies!
Safeguard your most valuable asset with We Insure John Douglas. At We Insure, we recognize the significance of protecting your home and possessions. Our services include rates and coverage from top-rated companies, enabling you to compare and secure the best protection for your needs; we do the insurance shopping for you!
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Safeguard your most valuable asset with We Insure John Douglas. At We Insure, we recognize the significance of protecting your home and possessions. Our services include rates and coverage from top-rated companies, enabling you to compare and secure the best protection for your needs; we do the insurance shopping for you!
Tailored Homeowners Insurance Coverage:
Protecting What Matters Most
Dwelling
Dwelling coverage, also known as main structure coverage, is a crucial component of your home insurance policy. It provides financial protection for the physical structure of your home, including walls, floors, roof, windows, and support beams. If any of these elements are damaged due to a covered incident, dwelling coverage can help pay for the repair or rebuilding costs. Dwelling coverage typically protects against a range of perils such as fire, windstorms, and theft. However, it’s important to note that it generally does not cover damage caused by floods. For flood protection, you may need to purchase a separate flood insurance policy. It’s important to review your policy to understand the specifics of what is covered and any limits that may apply.
Personal Liability
Liability insurance provides coverage for your financial loss if you are sued and found legally responsible for injuries or damages to someone else or their property. This coverage can help pay for legal defense costs, court judgments, and settlements up to the limits of your policy. It’s an essential part of your homeowner’s insurance policy, helping to protect you from the financial consequences of unexpected accident of incidents for which you may be held liable.
Structures
Other structures coverage is an essential part of your homeowner’s insurance policy, providing protection for structures on your property that are not attached to your main home. This includes items such as fences, sheds, detached garages, and even guest houses. If any of these structures are damaged or destroyed by a covered peril, other structures coverage can help cover the cost of repairs or rebuilding. It’s important to review your policy to understand the limits and exclusions that may apply to other structures coverage.
When it comes to dwelling insurance, it’s essential to understand that not all policies are created equal. The type of payout you’ll receive for damage to your home itself depends on whether you have actual cash value coverage or replacement cost coverage.
Actual cash value coverage typically considers depreciation when determining the payout for a claim. This means that the insurance company will factor in the age and condition of the damaged items when calculating the payout.
On the other hand, replacement cost coverage generally provides reimbursement for the full cost of replacing the damage items with new ones of similar kind and quality, without deducting for depreciation. It’s crucial to review your policy carefully and understand the type of coverage you have to ensure you’re adequately protected in the event of a claim.
Personal Property
Personal property insurance, is an essential component of your homeowner’s insurance policy. It provides protection for your belongings-the items that make your house a home. This coverage typically includes:
- Furniture
- Clothing
- Electronics (such as TVs, laptops, cameras, etc.)
- Jewelry
- Recreational gear
In the event of a covered loss, such as theft or damage due to a covered peril, personal property insurance helps cover the cost of repairing or replacing your belongings. It’s important to note that personal property insurance typically insures these items for their actual cash value, which take depreciation into account. Your policy may have specific limitation for certain types of personal property.
Loss of use
Loss of use coverage in your home insurance policy is designed to help you manage the additional living expenses that arise when your home becomes uninhabitable due to a covered loss. For example, if your home is damaged by a fire and you need to stay elsewhere while repairs are being made, loss of use coverage can help cover costs such as:
- Renting a temporary place to stay
- Buying groceries
- Dining out or ordering takeout
- Doing laundry
This coverage typically lasts up to 12 months or until your home is repaired and deemed inhabitable again, whichever comes first. Loss of use coverage provides financial support during a challenging time, helping you maintain your normal standard of living despite the disruption to your home.
Frequently Asked Questions
About Homeowners’ Insurance
All homeowners need home insurance. New homeowners must have homeowners’ insurance in place to close on their house if they have a mortgage lender. Even if you’ve paid off your mortgage, you still need insurance because you never know who might get hurt on your property, and losses due to fire or other perils can be expensive.
Ensure you have enough homeowner’s insurance to cover rebuilding your home to the latest building codes, along with the ample protection for your personal belonging and additional living expenses. Consult your insurance agent for tailored advice on the ideal coverage amounts for your unique situation and requirements.
Actual Cash Value is the cost of replacing damaged property with comparable new property, minus depreciation (decrease in value due to wear, tear and time). For example, a 10-year-old chair will be replaced at its current value – not what it would cost to purchase new – because of a decade of depreciation.
An additional insured is a person that enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. They must have an insurable interest, and often do not live in the home. It applies where the original named insured person needs to provide insurance coverage to additional individual(s). These individuals may have their interests covered under the policy contract by endorsement, if qualified.
A co-applicant is an individual(s) who is listed on the title to the property to be insured, and who also permanently resides at the location. These individuals may have their interests covered under the policy contact by endorsement, if qualified.
A deductible is the amount of the loss that you take responsibility for as a policyholder.
Depreciation is a decrease in an insured item’s value due to age and deterioration. For example, a 4-year-old computer will be worth less than what it cost new.
An endorsement is an addition to the basic policy contract. Some endorsements are amendments to the policy contract and others are optional to personalize a policy, usually for an additional premium.
Exclusions are conditions that are not covered by the insurance policy contract.
A home inventory is a record of your personal possessions in your home. This could include written information, photos or a videotape of your belongings. We recommend you maintain a complete inventory of your household contents in a safe, secure place – and regularly update it.
A hurricane deductible is the amount of the loss – in this case, caused by a qualifying hurricane event — that you take responsibility for as a policyholder. People’s Trust offers a wide range of options compared to most other Florida carriers. Higher deductibles (for example, 5 percent or 10 percent) may be available and may result in an overall premium reduction.
Named perils are the specific perils, or the cause of loss, that are covered under the insurance policy.
Replacement cost is the amount needed to replace damaged property without deducting for depreciation. This amount is limited by the dollar amount stated on the declarations page of the policy or as otherwise stated in the policy.