Homeowners Insurance - Coverage For The Unexpected

“One size does not fit all” when it comes to homeowners insurance

There are factors and variables that need to be determined to find the best fit for you, such as:

  • Houses being floodedLocation of your property, 
  • Age of the property,
  • Is there an in-home business?
  • Do you rent any part of your home?

Proposals are based on customers needs. It is important for the agent to meet with you and understand what the your needs are.

Typical coverage on a Homeowner's policy is $100,000 to $300,000. (Many homeowners want "Excess Liability" or "Umbrella" coverage to further protect their assets.

Personal property is usually considered to be 70% of the value of the home.

Flood Coverage

Flood coverage is separate from a homeowners insurance policy. Flood damage is typically excluded from homeowners' insurance policies.

Flood insurance is available from the National Flood Insurance Program, a program run by the federal government. Most communities have qualified for the program that provides coverage for surface flooding only. Structural and contents protection are offered, and there is generally a $500 deductible.

Sewer Back-Up

This endorsement provides protection for direct loss caused by water that backs up through sewers, drains or sump pump wells. Just as flood insurance excludes coverage for sewer back-up, this endorsement excludes any coverage for damage due to flooding. Coverage is subject to a deductible.

Wind Coverage

Part of homeowners; covered peril. Some companies will have a higher deductible for wind depending on location of property. Property in a coastal area often have a higher deductible.

Earthquake Coverage

Earthquake Coverage is available with the premium determined by the structure of your home or building.  Because it will better withstand an earthquake, a frame structure is less to insure than a masonry one. A substantial deductible (often a percentage of the amount of insurance that applies to the destroyed or damaged property) is in effect.

For clarification of your current policy or information regarding the above coverages, please contact us. We welcome the opportunity to evaluate your present needs and to discuss possible insurance improvements for you and your family.

For more information, contact Insurance Management Associates at 410-266-8888 or by e-mail.



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