What is personal property coverage on a homeowner’s insurance policy?
Homeowners Insurance Agency offers personal property coverage protects the items inside your home. Examples include: furniture, appliances, personal possessions, clothing, electronics and more.

What is replacement cost?
The cost to replace a damaged or destroyed item of property without deducting depreciation. This may be the basis of reimbursement for loss to a building, or by endorsement, to a personal property.

What is a replacement cost endorsement?
An endorsement that can be added to an HO-3 form to provide replacement cost on personal property. Some limitations may apply.

What is actual cash value?
Actual cash value will be the cost to replace an item of property at the time of loss, less an allowance for depreciation. Actual cash value is referred to as ACV, which is commonly used to determine the amount of reimbursement for a loss.

What is an umbrella insurance policy?
An umbrella form operates like a standalone policy, except it will often provide coverages not included in the underlying policies.

What does an umbrella insurance policy cover?
Additional coverage may include items such as: non-owned aircraft or watercraft; property in care, custody and control; personal injury; worldwide premises liability; limited pollution; professional and product recall.

Is flood covered under a homeowner’s insurance policy?
Flood damage is usually excluded from all property policies. Flood insurance can be purchased as a separate policy.

What is loss of use coverage on an insurance policy?
This provides coverage for the insured’s increased cost of living after a loss and rental value of any portion of the dwelling which is rented out.

What is a renter’s insurance policy?
A renter’s insurance policy provides reimbursement to cover a renter’s or tenant’s damaged or loss of possessions as a result of vandalism, theft or fire. This policy also covers a renter’s or tenant’s liability in the event that a visitor is injured on the premises.

What is other structures coverage?
This covers structure on the property separated from the dwelling by a clear space or connected to a dwelling by a fence, utility line, or related connections. Some examples include: tool shed, detached garage, swimming pool, gazebo or driveway.

What is a flood insurance policy?
Homeowners Insurance Agency offers flood insurance policies, which allow for financial reimbursement due to a temporary condition of part or complete inundation of two or more acres of normally dry land area or two or more properties.

Do I need a flood insurance policy?
If you are located in a flood zone your mortgage company will most likely require you to have this additional insurance. If you are not located in a flood zone you can still purchase flood insurance to protect yourself from the rising increases in numbers of natural disasters in recent years.

What is water back up and sump failure on an insurance policy?
This can help you repair water damage from overflowing drains and sewers and broken sump pumps. This basically covers damage that results from water moving from the ground up. This does not include flood coverage.

What is ordinance or law coverage on an insurance policy?
This endorsement is for loss by enforcement of building laws. Examples include: the value of undamaged portions of a building or structure that must be demolished, cost of demolition, and increased cost to rebuild in compliance with a revised building code.

What is fungi, wet or dry rot yeast or bacteria coverage on an insurance policy?
If damage from a covered named peril causes fungi, wet or dry rot yeast or bacteria damage, it is covered. The cost of testing for this will be provided only to the extent that there is a reason to believe that these items are present.

What is a preferred contractor endorsement on an insurance policy?
This endorsement saves you money on a premium by agreeing to use the insurance company list of approved vendors. This sometimes gives you a longer warranty on the repair work.

What is an independent insurance agency or agent?
These are agents or agencies that have the ability to provide a client with multiple insurance companies as an option instead of just one or two companies. This tends to give a client more choices and the ability to keep the same agent even if they want to change companies.

What is limited water buy back coverage on an insurance policy?
Some insurance companies exclude water damage on their policies on older homes. This option gives you the ability to get up to $10,000 in coverage for water damage claims.