Generally, Homeowner insurance covers damage from incidents such as fire, theft, and vandalism to your house, other structures like a garage or shed, and your personal belongings. It covers living expenses if your house becomes temporarily unusable, and liability in case you or a member of your household injures someone or damages their property.
Most homeowner policies provide coverage that does not apply to animals, birds, fish, automobiles and business property; for loss or damage caused by flood, surface water, water which backs up through sewers or drains, earth movement, nuclear war, etc. Personal Liability and Medical Payment coverage generally will not apply to the operation, ownership, use, etc. of any aircraft, automobile, recreational motor vehicle, water craft powered by more than 50 horsepower motor; bodily injury or physical damage caused by an intentional act of the insured. It must be noted that this is not an all-inclusive list of exclusions or perils which are not covered. Additionally, some of these perils may be optional coverages available on your homeowner policy. A complete review of your policy is the only way to determine what property is covered and what perils are insured against. Your Independent Agent can further help you discern if the coverage you have is right for you.
Since the replacement cost of your house can be affected by inflation, costs of labor and building materials, and any renovations you may make to your home, you should always review your coverage periodically with your agent.
If you own a condominium or rent a home or condo, then there are different types of policies for your insurance needs. Please consult with your agent.
Condominium insurance usually covers unit owners for things within the unit, including, but not limited to drywall, flooring, fixtures, plumbing, electrical, and personal belongings. It also provides additional living expenses if you are temporarily unable to live in your home because of a loss caused by a covered peril. The condo policy also covers you for lawsuits or liability claims if you are responsible for injury to other people or damage to their property. You should know what your Condo Association’s policy covers (and does not cover) to understand exactly what your policy covers. These are all subject to specific exclusions and applicable deductibles.
Standard homeowner policies do not provide coverage for flood. Flood policies are available through the National Flood Insurance Program and some private insurers. Floods can occur nearly anywhere and are not restricted to rising tidal water levels. If you live in an area prone to flooding, either due to coastal proximity, poor drainage or any other reason, you should consider purchasing a flood insurance policy through your local Independent Agent.
Renters insurance covers your personal property and liability exposure in the case of damages that are covered by the policy. These damages typically include fire, theft, water damage and vandalism, to name a few. Additionally, in the case where your unit becomes unlivable due to a covered loss, your renters policy will cover additional living expenses incurred as a result of your displacement.
Landlords typically do not cover a renter’s personal property and many landlords will require or advise renters in their lease agreement to obtain renters insurance.
An up-to-date inventory of your home’s contents can help to expedite claim settlement following a loss. With a complete home inventory, your insurance company can verify property easier, which makes settling your claims easier.
Start your home inventory by making a list of your possessions, noting make and model and including sales receipts, purchase contracts and appraisals where available. A video recorded walk-through of your home is an efficient way to quickly inventory many of your belongings. Remember to describe contents as you walk through. Save photos and documents to your computer and make sure you put all of your records into a safe deposit box.
Call your agent immediately. If your agent is not available, call your insurance company directly. Document the loss by taking notes, if necessary, take photos or a video of the damage for documentation and follow any instructions the insurance company gives you. Make any temporary repairs necessary to protect your property from further damage. For example, board up windows or cover any holes in the roof. Arrange for your insurance company to inspect the damaged property as soon as possible. For Automobile accidents, call the police to the scene of an accident to document the facts. Get all the necessary information from all parties involved such as name, phone numbers, and insurance company.Report a Claim
Your deductible is the portion of any claim payment that you agree to pay for out of pocket. If you file a claim and the insurance company determines that it is a covered loss and intends to pay for the loss, they will take the deductible amount or deductible percentage in your policy and deduct it from the claim payment. For example, if you have a $500 deductible amount and your insurance company has determined that you have an insured loss worth $5,000 you would receive a claim check for $4,500. If you have a deductible percentage, then the company would calculate the deductible amount using this percentage figure and deduct the calculated deductible amount.
If you’re in an automobile accident, regardless of who is at fault, collision insurance provides protection to replace or repair your vehicle, subject to a deductible.
In the event of hail damage or a tree limb falling on your car (risks not involving an automobile collision), this coverage insures you. Comprehensive coverage pays to repair your vehicle, subject to a separate deductible.
Bodily injury liability provides coverage in case you cause an accident in which another person (or people) is hurt. It covers the damages that you’re legally responsible for, and provides a legal defense if someone sues you for damages.
Property Damage covers you if your car damages someone else’s property. Usually this means damage to someone else’s car, but it could be any property. If you were to accidentally hit someone’s fence, or run into a light post, this coverage would pay to replace it or repair the damage for which you are legally responsible.
PIP Coverage benefits pay for appropriate and reasonable treatment and expenses necessarily incurred because of an auto accident resulting from the operation or use of a motor vehicle. Basic personal injury protection coverage is mandatory. The law requires a Personal Injury Protection limit of at least $10,000 coverage. PIP benefits are paid regardless of who was at fault in the auto accident. Basic PIP benefits have an aggregate limit of $10,000 per person, per accident.
Uninsured Motorists coverage pays you, your resident relatives and passengers in the insured automobile for monetary damages resulting from bodily injury or death caused by an uninsured motorist. If you are injured in an accident caused by someone who does not have insurance, you may be entitled to recover damages for bodily injury under the Uninsured Motorist Coverage of your policy
Underinsured Motorists Coverage provides coverage for persons insured under the policy who are legally entitled to recover damages because of bodily injury from owners or operators of underinsured motor vehicles. Even if the at-fault driver is insured, it is not uncommon that the at-fault driver will not have enough liability coverage to pay for all the damages you have suffered. Underinsured Motorists Coverage may pay for the remainder of your damages (up to your policy limits).
Ocean Harbor policies are sold locally through Independent Agents. These agents are in your communities and neighborhoods and understand your insurance needs. Contact your local independent agent to see if they are appointed by Ocean Harbor.