Home Insurance Coverages

Your Homeowners Insurance Policy is a package policy that contains several different types of coverage. These are separated into sections based on what is covered. Following is brief summary:

Coverage (A) - Dwelling Coverage

Dwelling Coverage provides property coverage for your house. It also provides coverage for attached structures, such as a porch or patio cover. Coverage A may also provide coverage for items that are permanently installed, or built-in.

Coverage (B) - Other Structures Coverage

While your Dwelling Coverage provides protection for your home, any detached structures are covered through Other Structures coverage. This section provides coverage for items such as detached garages, storage sheds, fences, patios, sidewalks and driveways. Detached structures that are used for business purposes are generally not covered.

Coverage (C) - Personal Property Coverage

Personal Property coverage is intended to provide protection for your personal home contents and other personal items owned by you and the family members who live with you. This coverage can be on either an actual cash value or replacement cost basis. There are frequently personal items that have special limits. There is limited coverage for business personal property. Please discuss with your Premier One agent if you operate a business from home as we can provide special coverage to protect that property.

Coverage (D)- Loss of Use Coverage

Loss of Use Coverage will provide coverage for living expenses over and above your normal expenses when you and your family are forced from your home due to a covered loss, This typically occurs when your home is uninhabitable or deemed unsafe, and during the time it takes to perform necessary repairs.

Coverage (E) - Personal Liability Coverage

Personal Liability coverage protects the insured against civil law claims that are brought against you on the basis of statutory liability provisions. These typically occur from your actions or those of your family members in the operation and maintenance of your property, but can extend to your non-business related actions away from the property.

Coverage (F) - Medical Payments Coverage

This coverage provides protection for medical expenses for persons accidentally injured while on your property. You do not need to be at fault to have coverage under Medical Payments. This coverage does not extend to you or for family members who live with you.

Endorsements There are several endorsements included in a typical homeowners package policy:

• Guaranteed Replacement Cost Coverage – If your home is insured to the correct value and this endorsement is included, the coverage will pay for the cost to rebuild your home.
• Extended Replacement Cost Coverage - insures your home for a specific amount. This coverage extends the amount of coverage listed on your policy to a factor of 120% to 150% of the insured amount.
• Inflation Guard - Increases the amount of your homeowners insurance to keep pace with inflation. Building costs consistently increase over time, and this coverage protects you from being underinsured at the time you need to file a claim.
• Scheduled Personal Property - This coverage allows you to protect certain types of property (e.g. jewelry, furs, and firearms) that frequently have specific limits in the personal property section of the policy. Scheduled personal property often has broader coverage than that which is contained in the standard homeowner's insurance policy.
• Secondary Residence - Provides coverage for a second home such as a summer vacation property.
• Theft Coverage Protection - This coverage broadens the theft coverage that is included in the standard homeowner's insurance policy. This coverage may provide protection for losses to personal property in your personal auto, watercraft, boat or trailer.
• Credit Card, Forgery, and Depositor's Coverage - With this coverage you can get protection against loss, theft, or unauthorized use of credit cars. It may also provide coverage for forgery.