Today’s homeowner policies offer a wide variety of coverages, including protection for your dwelling, detached structures, and personal property.  Policies may also include protection for liability claims brought against you or your family members.  Be aware too, that exclusions and limitations also exist within a homeowner policy.  As a result, we recommend that you consult with a insurance professional, like the ones at Koenig Insurance, to assist in recognizing your coverage needs, and offering solutions to satisfy them.

Homeowner Policies:

• HO-1 Basic / Standard Policy
• HO-2 Broad Form
• HO-3 Special Form (Dwelling Only)
• HO-4 Renters Policy
• HO-5 Special Form (Dwelling & Contents)
• HO-6 Condo Policy
• HO-8 Modified Home Policy (Market Value)

Homeowners policies are designed to cover 1-2 family dwellings used primarily as private residences. Non-owner occupied dwellings may also be insured as well, but usually require a different type of policy (Dwelling Fire).  Both homeowner and dwelling fire policies are available through the numerous carriers offered by Koenig Insurance. For more information or to obtain a quote please CONTACT US at 419-738-2108.  One of our advisors would be happy to sit down to explain the various policy types, and determine which best fits your needs.

Definitions:

Below are some of the most commonly used terms and coverages available in a homeowners insurance policy.  We invite you to read over these to help educate yourself on what you are purchasing, and also understand why you need these coverages.

• Homeowners Insurance:  Insurance that combines liability and hazard insurance.  Is required by most mortgage lenders.
• Basic Home Coverages:   Listed below are the six main parts to a homeowners policy.  All of these limits are a standard percentage of the dwelling value but may be increased for additional premium.

1. Dwelling:  Coverage provided for the dwelling (house) itself and structures attached to the dwelling.  This is not market value for your home, but the amount that it would cost to rebuild the structure in the event of a loss.

2. Other Structures:  A basic amount of insurance, usually equal to 10% of the dwelling limit, that is included for other structures (out buildings, detached garages, sheds, etc…)

3. Personal Property:  Coverage for the insured’s personal property (furniture, clothing, tools, etc…).  Personal property coverage will be no less than 50% of the dwelling amount, but is generally higher with most carriers.

4. Loss Of Use:  The part of the homeowners policy that will pay for additional living expenses related to maintaining the normal standard of living if the insured premises becomes uninhabitable due to a covered loss.

5. Personal Liability:  Coverage designed to respond if a claim is made or a suit is brought against an insured for damages due to bodily injury or property damage.

6. Medical Payments:  Coverage for necessary medical expenses for other’s injuries incurred on an insured location.  This includes but is not limited to chiropractor, physician, physical therapy, etc… .

• Replacement Cost:  An optional coverage that replaces personal property with new like, kind, and quality at the current price without any deduction for depreciation.
• Backup Of Sewers & Drains:  An optional coverage that protects against damage from the back up of water through sewers, drains, or sump pump overflow.  This does NOT provide any coverage for flood!
• Earthquake Coverage:  Optional coverage that covers the dwelling, other structures and personal property from an earthquake.  Deductible for earthquake coverage is usually 5-10% of the dwelling value.
• Identity Theft:  An optional coverage that helps cover the expenses incurred by an insured as a direct result of identity theft.  This coverage helps cover cost to restore your identity, it does NOT pay for debt resulting from ID theft.