PI-015 (R 07/2024) 2
Contents
Why You Need Homeowners Insurance ...................................................................................................................................................................... 3
Basic Coverages Included in Homeowners Policies ................................................................................................................................................ 4
Dwelling and Personal Property Coverage ............................................................................................................................................................ 4
Personal Property Floater ............................................................................................................................................................................................. 4
Personal Liability Coverage .......................................................................................................................................................................................... 4
Medical Payments Coverage ....................................................................................................................................................................................... 4
Additional Living Expenses ........................................................................................................................................................................................... 5
Additional Coverages .......................................................................................................................................................................................................... 5
Debris Removal ................................................................................................................................................................................................................. 5
Trees, Plants, and Shrubs .............................................................................................................................................................................................. 5
Credit Card Coverage ..................................................................................................................................................................................................... 5
Common Exclusions ........................................................................................................................................................................................................ 5
Insurance Policy Forms ....................................................................................................................................................................................................... 6
Types of Policies ............................................................................................................................................................................................................... 6
Renters Insurance............................................................................................................................................................................................................. 7
Condominium Insurance ............................................................................................................................................................................................... 7
Other Types of Policies ....................................................................................................................................................................................................... 7
Mobile Homeowners Policy ......................................................................................................................................................................................... 7
Home Business .................................................................................................................................................................................................................. 8
Home-Sharing ................................................................................................................................................................................................................... 8
Farm or Ranch Policies ................................................................................................................................................................................................... 9
Flood Insurance ................................................................................................................................................................................................................ 9
Sewer Backup .................................................................................................................................................................................................................. 10
Umbrella Liability Insurance ....................................................................................................................................................................................... 10
Cost of Insurance ................................................................................................................................................................................................................ 10
Buying the Correct Amount of Coverage .................................................................................................................................................................. 11
Typical Coverages .......................................................................................................................................................................................................... 11
Buying Enough Coverage ........................................................................................................................................................................................... 11
Optional Coverages you May Wish to Consider ............................................................................................................................................... 12
Reducing the Cost of Your Homeowners Coverage ............................................................................................................................................. 13
Deductibles ....................................................................................................................................................................................................................... 13
Discounts ........................................................................................................................................................................................................................... 13
Inventory List......................................................................................................................................................................................................................... 14
If You Have a Loss ............................................................................................................................................................................................................... 14
Loss Chart ............................................................................................................................................................................................................................... 16
Some Tips on Loss Prevention ....................................................................................................................................................................................... 17