Homeowner’s Insurance

Homeowners insurance is an insurance policy that offers four essential types of coverage:  coverage for the home structure, your personal belongings, liability coverage, and additional living expenses if you can’t live in your home due to a covered claim.

A good homeowners policy will insure your home to be rebuilt.  The market value of your home isn’t a consideration in the replacement cost of the home; only the age, size, floor plan, and other home details go into your replacement cost calculation.  If your home isn’t insured to value (typically 80%), your homeowners policy could have reduced coverage when you need it the most, which is why it’s important to do a good job when placing coverage.  A good homeowners policy will offer extended replacement typically of an additional 25% to 50% to help give you peace of mind come claim time.  Other companies will offer blanket coverage, guaranteed replacement, or a package policy with one deductible.  Your personal belongings are typically covered between 50-75% of the value of your home policy.  It’s important to pay attention to sublimits on items like jewelry and guns where you should consider scheduling coverage on those items.

Liability protection covers you against lawsuits for bodily injury or property damage that you, family members, or even a pet causes to other people.  Your liability coverage pays both the cost of defending you and any court awards up to our policy limit.  Additional liability coverage can be purchased through an umbrella or excess liability policy.

Additional living expense pays the additional costs of living away from home when you can’t occupy your home due to a covered claim.  Common expenses covered include hotel bills, restaurant meals, and other increased expenses due to being unable to occupy your home.  Limits vary from 20% of your home’s replacement cost to actual loss sustained up to 12 or 24 months.

In the Midwest, homeowners rates vary by wide amounts due to inconsistent performance from hit or miss storms and particularly large hail claims.  Rates can literally vary by $1000 between insurers depending on how competitive an insurer is at a point in time.   An independent agent can show you a cross section of market rates when you get a quote.

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Prime Insurance Agency
5 Victory Ln., Ste. 102
Liberty, MO 64068

816-479-0595 Local
816-479-0285 Fax

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