“Nationwide, more than two-thirds of homeowners are under insured”
Source: Insurance services firm MSB
Your home is likely your biggest investment and here at Liberty Financial Group we understand that there is no place as precious as your home. We can help you protect it with coverage that fits both your budget and priorities. Liberty Financial Group represents several homeowner insurance carriers giving you the advantage of shopping and comparing rates side by side. We want you to be educated and understand what your insurance coverage entails. Homeowners insurance is typically made up of four basic types of coverages.
Four Basic Types of Coverage
- Dwelling- Covers the value of the dwelling itself (not including the land)
- Other Structures- Covers other structures around the property which aren’t used for business, except as a private garage. Typically limited to 10% to 20% of the dwelling, with additional amounts available by endorsement.
- Personal Property- Personal property coverage pays (up to policy limits) for all personal property that is owned or used by the policyholder. It covers personal property regardless of the property’s location. For example, loss to contents in your personal vehicle at work would be covered by the personal property component of your homeowners insurance. Personal property coverage also covers property of guests in your home.
- Loss of Use- Loss of use coverage pays for losses that are incurred if your home becomes uninhabitable. It is limited to 20 percent of the home’s coverage. Benefits of this type of coverage cover living expenses that are incurred if you need to relocate temporarily until your home is repaired. This type of coverage also covers fair rental value of any structure in which a renter was leasing part of the home. Finally, this type of coverage covers losses in the case that a civil authority prohibits you from using the structure.
Homeowners insurance can help you with your peace of mind, knowing that in the event of a covered loss, your damaged home can be rebuilt and your destroyed belongings can be replaced. Without insurance you’ll be responsible for protecting your property, personal possessions and liability exposure. Liberty Financial Group is here to help you every step of the way with purchasing the right policy for your needs.