Homeowners Insurance

Because everyone's needs are not the same, it is best to consult your agent to help assess your needs and find the insurance policy that is right for you.

FLOOD DAMAGE IS EXCLUDED ON ALL MISSOURI HOMEOWNER POLICIES

What is Homeowners insurance?
Homeowners insurance provides financial protection against MANY disasters. However, not all natural losses are covered by a homeowner policy.  A standard policy insures the home itself(Dwelling) and the things you keep in it(Personal Property/Contents).

Homeowners insurance is a package policy. This means in many situations it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family(residing in your home) cause to other people. This includes damage caused by household pets.  Intentional liability acts are typically excluded.

Depending on your policy, many disasters are covered; however,  there are exceptions. The most significant NOT COVERED are damage caused by floods, earthquakes and poor maintenance.  FLOOD damage is excluded on ALL Missouri homeowner policies.  A separate flood policy is available.  Earthquake coverage typically can be added(for an additional charge) on homes built after 1960, separate % deductible applies to EQ.  In a 9/2014 trade magazine(PIA Connection) an alarming statistic is that 93% of American Homeowners do NOT have earthquake insurance.    Maintenance-related problems are not covered and are the responsibility of each property owner.

Why do you need homeowners insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.

• If your home was destroyed by fire, windstorm or other covered natural disaster, you'd need money to repair or replace it.
• If a guest in your home is injured, liability protection and medical coverage help pay expenses.
• If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
• If you are still paying for your home, your lender will require insurance.

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.

Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.

• How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home's features and the valuable things you own so you can make an informed decision about coverage.)
• Does your policy provide a Replacement Type or Actual Cash Value?  If earthquake is included the deductible could be 20, 15 or 10% deductible.  Does policy have wind/hail deductible(e.g. 1%)?
• What discounts are available? (e.g auto/home package discount and alarm system.)
• ALL homeowner policies have limitations and exclusions.
• Many endorsements(add on) are available(for additional charge) to a home policy(e.g. Jewelry, Silverware, Identity Theft, Equipment Breakdown, In Home Business, Sewer Back Up, Earthquake and others.
• What's the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)   The most common claim on a homeowner policy is water damage from heavy rains into a basement.  Typically surface water, from a rain storm,  is NOT covered.