Your house is more than just a structure, it’s your home – a place where you create memories to last a lifetime. Protect those memories with the right coverage from the team at Santa Fe Insurance. We know each home, like each of our customers, is unique and requires coverage to reflect that.
Home Insurance Coverage Options
- Dwelling -Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states that as long as the dwelling is insured to 80% of actual value, losses will be adjusted at replacement cost, up to the policy limits. This is in place to give a buffer against inflation.
- Other Structures – Covers other structure around the property that are not used for business, except as a private garage.
- Personal Property – Covers personal property, with limits for the theft and loss of particular classes of items (e.g., $200 for money, banknotes, coins, medals, etc.)
- Loss of Use/Additional Living Expenses – Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented, however only the rental income for the actual rent of the space not services provided such as utilities.
- Additional Coverage’s – Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord’s furnishing, and some building additions. These vary depending upon the form.
- Exclusions – In an open perils policy, specific exclusions will be stated in this section. These generally include earth movement, water damage, power failure, neglect, war, nuclear hazard, septic tank back-up expenses, intentional loss, and concurrent causation.
- Floods – Flood damage is typically excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy.
- Personal Liability – Covers damages which the insured is legally liable for and provides a legal defense at the insurer’s own expense.
Give us an opportunity to help you protect this most valuable asset in your life. Get in touch with a professional at Santa Fe today.
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