Four basics about homeowner insurance

Home is where some of life’s most meaningful moments occur. That’s why it’s important to protect your house, and the memories inside, with the right insurance coverage. Whether you’re a new homeowner or an experienced one, the details of insurance policies aren’t always easy to understand. Here are four basics to help you understand the ins and outs of homeowner insurance.

1. If your house is your castle, then homeowner insurance is its drawbridge.

Just like a castle has a moat and drawbridge to keep it protected, you can put safety mechanisms in place to protect your house—like choosing the best homeowner insurance policy for your kingdom.

In general terms, insurance helps protect your home and personal property from being lost to occurrences such as fire, hail, lightning strike, frozen plumbing, weight of snow or ice, and much more. It’s important to remember though, not every disaster is covered. For example, floods and earthquakes are not usually covered under a homeowner policy. 

2. Every homeowner policy includes different types of coverage, so if the unexpected happens, you’re more likely to have peace of mind when you need it most. 

Here are a few examples of UFG homeowner policy coverages to put things in perspective.

• Dwelling: This coverage typically insures your home and structures attached to it, such as a porch or sometimes a garage.
• Other Structures: This applies to other structures on your property (not attached to your home) that are not used for business or rented to others, such as a shed or separate garage.
• Loss of Use: At UFG, our loss-of-use coverage steps in to help our policyholders cover the additional living expenses that can come when an insured home is damaged or rendered uninhabitable. .
• Personal Liability: If a person is hurt, or their property is damaged, because of an occurrence for which you are legally liable for, personal liability coverage may help. 
• Medical: If you’re not at legal fault for an injury to another, this coverage may help pay for medical expenses.
• Personal Property: This coverage insures personal property inside your home, such as clothes and furniture. It’s a good idea to inventory your belongings, just in case.
  • Home Inventory: Complete a home inventory before you need to file a claim. Not sure how to approach that task?
    

    Read this helpful post to create a home inventory. Your UFG agent can share a copy of our personal property inventory worksheet.

3. Polish up your policy by enhancing it.

Enhancement options are simply ways to take a homeowner policy up a notch, building a plan that’s best suited for your unique needs. UFG homeowner policy enhancements include:

• Value Plus Endorsement: Provides increased coverage limits for your personal property, such as jewelry, furs and silverware. There’s also extra coverage to help pay for losses associated with identity fraud expense, water backup, sump pump overflow, and coverage for refrigerated property.
• Scheduled Personal Property Coverage: If the cost of your valuables—such as jewelry, silverware and fine art—exceeds the special limits of your homeowner coverage, you may choose this option to provide more complete coverage (and no deductible applies).
• Homeowner Equipment Breakdown: Homes run on a lot of equipment, such as central air conditioning, ventilation systems and fans, boilers and water heaters, furnaces, well pumps, sump pumps, microwave ovens, and refrigerators. Home and extended warranties may offer a sense of security, but protection can be limited and expensive. UFG’s Homeowner Equipment Breakdown coverage pays for replacement equipment that is safer, more efficient and more eco-friendly.
• Personal Injury Coverage: Responsibility for damages awarded to others due to injuries, such as false arrest, libel, slander and invasion of privacy, may be paid for through this policy enhancement.
• Identity Theft Recovery Services: Provides services to help restore credit and identity records. Every UFG policy includes Identity Theft Recovery Services.

4. Remember, your best bet is to talk with an agent to fully understand the ins and outs of an existing or new homeowner insurance policy. 

A UFG agent would be glad to help you! Because, after all, it’s not just a home, it’s where your heart is. Talk to an agent today.

Disclaimer: Subject to applicable legal requirements, United Fire & Casualty Company and its subsidiaries and affiliates (UFG Insurance) are no longer renewing or writing new personal lines coverage for current or potential policyholders in most states. To accommodate obtaining replacement coverage, we have entered into a renewal rights agreement for most of our personal lines business. Read more here.