What does Homeowners Insurance cover?
Homeowners insurance may cover losses to covered property caused by:*
- Weather: Storms, fire, wind, hail, lightning, freezing of a plumbing system, weight of ice, snow or sleet
- Non-weather: Theft, vandalism, riots, aircraft and vehicles
- Accidental Direct Physical Loss: Water from plumbing, tearing/bulging of heating or cooling systems, artificially generated electrical current
* Please refer to your actual policy for a complete list of covered property and covered losses.
What’s not covered by Homeowners Insurance?
Homeowners insurance may not cover:*
- If the insured intentionally causes harm to property or person
- Business pursuits or professional services. Learn more about business owners policies.
- Ownership, operation, or maintenance of aircraft, motor vehicles and some watercraft
* Please refer to your actual policy for a complete list of losses not insured and policy exclusions.
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Make Sure that Your Home is Insured for at Least 100% of its Estimated Replacement Cost
To determine your amount of homeowners insurance coverage:
- Get an estimate of the replacement cost of your home.
- Select the home insurance coverage amount that best fits your needs.
We recommend that you purchase an amount of coverage at least equal to the estimated replacement cost. But the choice is yours. Determining your home’s estimated replacement cost is important because this will ultimately determine which policy options are available to you. Since it is impossible to predict today what the exact cost will be to replace your home in the future, it’s important to have enough coverage to account for unforeseen circumstances.
Market Value vs. Replacement Cost
Market value is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home. Replacement cost for this purpose is the rebuilding cost necessary to replace the entire home.
Replacement cost IS NOT:
- The market value of the home.
- The home’s purchase price or the cost of the land.
- The outstanding amount of any mortgage loan.
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