If you're like most homeowners, your home is your most valuable asset, and should be protected as such. When your home is damaged or destroyed, you need your claim settled by an insurance company that understands the importance of the place you call home.
BOREALIS Insurance can help you find the best homeowners insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and competitive pricing.
It's important to understand that no two homeowner's insurance policies are created equal. Different insurance companies offer different levels of coverage, different endorsements and riders, and have different conditions and limitations. If you’re not using an independent agent like us, it can be hard, if not impossible to tell the difference between two homeowner's insurance policies.
Homeowners insurance policies differ by which losses are covered, which coverages you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that covers losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.
Common Homeowners Insurance Coverages
These are some common coverages you typically see on a policy:
- Dwelling — this is the portion of your policy that covers the actual structure (main house). The cost to replace your home can fluctuate from time to time based on the cost of raw material and labor, and of course, supply and demand.
- We'll run a replacement cost analysis on your home to see how much it would actually cost if the worst happened and you had to rebuild.
- Other Structures — this covers any structure on your property that is not permanently attached to your house, like fencing, driveways, sidewalks, and detached buildings like sheds and garages. Usually this coverage is 10% of whatever your Dwelling limit is but can be increased if you need more coverage.
- Personal Property — this covers all of your personal belongings like clothing, furniture, electronics, and appliances. Basically, anything that would fall out of your house if you turned it upside down and shook out the contents.
- Loss of Use — this covers your living expenses if you need to live somewhere else temporarily because your primary home is uninhabitable due to a loss.
- Medical Expense — this covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off your property. It does not cover health care costs for you or other members of your household.
- Family/Personal Liability — Personal Liability Coverage applies if someone is injured or their property is damaged, and you are to blame. The coverage generally applies anywhere in the world. When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued. In some situations, an Umbrella policy may be necessary to provide extra coverage.
- Scheduled Personal Property — there are some situations where you might want special coverage for valuables, or collectibles like jewelry, guns, collectibles, rugs, etc.