Why is Home Insurance Important?
We believe that your home is more than just an investment, it is where you build a family and make memories. We want to make sure that you are covered when the unavoidable happens- like fire, storms, or theft- and can protect you if someone is injured while on your property and sues you for damages. The right home coverage works to ensure your home is back to the way it should be after the unexpected happens, and protects you in the event you are liable for injury. It gives you the peace of mind that you are covered when you and your family need it the most.
Have a question?
Browse our site for quick answers or contact our insurance agents and we will find you a solution.
Complete the Quick Quote form and one of our insurance agents will contact you within a business day to offer you solutions that will be taylored to your needs.
Our insurance experts are here to answer your questions and provide you with efficient solutions.
What affects your home insurance rates.
- Age of house
- Pools and Trampolines
- Home security and safety
- Home-based businesses
- and much more...
Home Insurance Terms
1Covered Property
Just like no two homes are the exact same, neither are any two policies. Coverage varies depending on the needs of you and your family. Here are some common coverages you will see on your policy:
Dwelling: This is where your family is built-in your home and any directly attached structures like the garage.
Other structures: These are structures like a detached garage or a gardening shed.
Personal property: This includes things like jewelry, clothing, appliances, and electronics.
Loss of use: We know not being able to stay in your house is never ideal, so we might even cover some expenses associated with having to live in a hotel.
2Open perils vs Named perils
We try to make things simple so you have a little less to worry about when something happens. We will either issue a named or open peril policy. A peril is simply the thing that causes the loss or damage, such as hail, fire, or flooding. A named peril policy tells you everything that is covered by your policy, and an open peril policy tells you everything that’s not.
3Replacement Cost
This is what the insurance company deems it will take to replace your house. This is not necessarily the amount it would be worth on the market, or what it is appraised for as it does not include land value.
For example, you could list your house on the market today for $200,000. If a fire burned it to the ground tomorrow, the insurance company could evaluate the replacement cost at $150,000. This likely means your land and other undamaged structures are worth around $50,000.
Why You Need Home Insurance
- Hazard insurance protects you against unintentional damage or destruction to your house.
- Liability insurance covers personal liability for accidents on your property.
- Mortgage companies require it.
- Additional living expenses.
- Medical Payments Coverage.
- Peace of mind.
Home Insurance Terms
1Exclusions
Exclusions are things that are not covered in your policy such as flood.
2Endorsements
Modifications, amendments, and attachments that change the contract of business. These have the potential to raise or lower your premium.
3Personal Liability Coverage
Personal liability coverage covers you in the event someone is injured while on your property and tries to sue you for damages you are liable for.
© 2016 Chuck Nash Insurance. All Rights Reserved
