Mountain View Insurance – Home Insurance
Oftentimes a home is the largest asset a family has which means it is very important to make sure the insurance coverage is appropriate. Our goal at Mountain View Insurance Solutions is to protect, preserve, and grow our client’s assets and in this section we will focus on the protection options for your home.
Home Insurance – Dwelling Coverage
This coverage is referred to as “Coverage A” in the insurance industry. You will easily be able to find this coverage on your homeowners insurance declarations page and what it denotes is the amount the insurance carrier is insuring the home for in the case of a loss. This is the upper limit the insurance company is willing to pay you in the case of a total loss.
Actual Cash Value versus Replacement Cost
It is very important to know whether your policy allows for Actual Cash Value or Replacement Cost in the case of a loss. Actual Cash Value is the depreciated amount the home is worth in the case of a loss. This is not preferable for the insured. Replacement Cost coverage would replace the home up to the Coverage A limit and not factor in the depreciated value. This is the preferable way to insure your home. Speak with your insurance professional to discuss these options. Extremely important.
Home Insurance – Personal Property Coverage
Personal Property Coverage in the homeowners insurance policy is for the things you own inside your home. This is referred to as “Coverage C” within the declarations page of the policy. The amount of coverage is usually computed through a base percentage of Coverage A. It is also very important to note the different limitations of specific item categories within the insurance.
Typical Limitations of Personal Property Coverage
We have compiled a short list of item categories that have limitations within the Personal Property Coverage in a homeowners insurance policy. It is important to understand these coverage limitations because there are other options to properly insurance these categories through a valuable item policy.
- Money & Coins
- Securities & Stamps
- Jewelry
- Furs
- Silverware
- Firearms
Home Insurance – Loss of Use
If your home sustains a covered loss that make your unable to live in the home then the loss of use coverage kicks in. The loss of use coverage is usually a percentage of Coverage A and will pay for you to live in a hotel or something similar to your current living situation while the home is being repaired
Home Insurance – Additional Coverages
There are many other coverage options to consider when purchasing homeowners insurance. We’ve included this short list for you to reference.
- Lock Replacement
- Debris Removal
- Tree Removal
- Fire Department Charges
- Food Spoilage Coverage
- Rebuilding to Code Coverage
- Water Back Up of Sewer and Drains
- Identity Fraud Coverage