What effects my home insurance rates?  
Do most policies cover flood, sewer backup or earthquake?  
What limitations are on jewelry, cameras, furs, silver, fine arts, guns etc.?  
How much should I insure my home for?  
What is the "Dwelling" coverage?
What is the "Other Structures" or "Related Private Structures" coverage?
What is the "Personal Property" coverage?
What is "Personal Property Replacement Cost"?
What is "Loss Of Use"?
What is "Personal Liability"?
What is "Medical Payments"?
What special coverages or "endorsements" should I consider?

What effects my Home insurance rates?  
The age of your home, where it is, how close is the nearest fire department and fire hydrant, and whether your home is brick or frame all affect your cost. Another major factor is your deductible. The deductible is the amount of money you have to pay out of your pocket if there's a claim. Increasing your deductible from $100 to $250 or $500 will save you money.  Being in Coldwater, Celina, St Henry, Maria Stein, Fort Recovery, or anywhere in Mercer County and Auglaize County, is definitely a good thing.

Your "credit score" also effects your homeowner raters.  Most companies now order a credit report (in addition to the driving record) for the applicant as part of the underwriting process.  Studies indicate that a consumer's financial responsibility score is a good predictor of future loss experience;  the higher the credit score the better the risk, thereby allowing the consumer to qualify for better rates. The insurance company (or the agent) does not receive the actual credit report and does not receive any specific credit information.  The agent or company receives only the score and primary credit indicators.

Do most homeowner insurance policies cover flood, sewer backup or earthquake?  
Most standard homeowners policies don't cover flood, sewer backup, and earthquake. In most cases you must add these coverages to your policy. Flood losses are damaged caused by surface water. This coverage is only available through the Federal flood program and is usually very expensive. Backup of Sewers and Drains (water backing up the drainage system into a basement) can usually be added to your homeowner policy. If you have a finished basement be sure you have this coverage. Earthquake is usually very inexpensive and can be added to any homeowner policy.  It is interesting that floods and earthquakes are much more common than you think in Coldwater, Celina, St Henry, Maria Stein, Fort Recovery, or anywhere in Mercer County and Auglaize County.

What limitations are on jewelry, cameras, furs, silver, fine arts, guns etc. in a home insurance policy?  
Coverage for jewelry, cameras, furs, silver, fine arts and other valuables is limited in the basic homeowner policy. The amount of coverage varies from one insurance company to another. For example, some companies give you $3,000 for theft of jewelry, some limit it to $1,000. The standard policy limits fine arts (like Precious Moments) to $1,000 and doesn't cover simple breakage. If you have valuable items like these you should consider scheduling the items on your policy.

How much should I insure my home for?  
Your home needs to be insured for 100% of its current replacement value (what it would cost to rebuild you home if it were completely destroyed). Over 99% of all claims are for partial damage. If your home is not insured for at least 100% of its replacement value, most policies will not pay the full cost of repairing the damage. Replacement value is how much it would cost to totally rebuild your home. If you aren't sure you have enough insurance on your home be sure to contact us immediately.

What is the "Dwelling" coverage in the home insurance policy?
This is the amount of insurance on the home itself. This amount applies to the structure only, your belongings in the home are covered under the Personal Property section. If your home is insured for at least 80% of its current REPLACEMENT VALUE, this coverage provides full cost to repair or replace (Up to policy limits).

What is the "Other Structures" or "Related Private Structures" coverage in the home insurance policy?
This covers structures on your property, but not attached to you home. For example; a storage shed, privacy fence etc.

What is the "Personal Property" coverage in the home insurance policy?
This covers your personal belongings on your property such as furniture, clothing etc. Some items such as cash, jewelry, and collectibles, have special limitations. If you have some of these valuable items, consider scheduling them.

What is "Personal Property Replacement Cost" in the home insurance policy?
This pays you the actual replacement cost for your personal property damaged due to a covered loss. Property must actually be replaced to receive this coverage. An example is a 5 year old couch that is ruined in a fire. Without this coverage you are paid what a 5 year old couch is worth. With this coverage you would be paid whatever it cost you to replace the couch with a new one of like kind and quality.

What is "Loss Of Use" in the home insurance policy?
Let's imagine your home is destroyed by a tornado. Where would you live until it is repaired? Most people need to rent an apartment. This coverage pays the extra expenses incurred because you can't live in your house (the cost of renting an apartment).

What is "Personal Liability" in the home insurance policy?
Protects you from personal injury and property damage claims made by others for accidents on your property.

What is "Medical Payments" in the home insurance policy?
Pays medical expenses for someone, other than you or a family member, who is injured on your property. You do not have to be negligent to use this coverage. For example: A friend sprains his ankle playing basketball at your house. You didn't do anything wrong, but you may feel the obligation to pay for the X-rays.

Endorsements are coverages that are not in the standard policy, but can usually be added. This is not a complete list. Many companies have individual endorsements that can be of great value to you. This list just covers the most commonly used endorsements.

What special coverages or "endorsements" should I consider?

Backup Of Sewers And Drains - This is coverage for damage done to your home and personal property due to water backing up through the drains or sewer system of your home. If you have a finished basement this is a very important coverage. Every company provides this coverage in different limits and different costs.

Earthquake - This provides coverage for damage due to an earthquake. The coverage is usually very inexpensive. There is a separate deductible for earthquake damage. Usually the deductible is between 2% and 5% of the policy limit for each coverage.

Home Replacement Value - This guarantees that the company will pay whatever it costs to restore or replace your home. There are certain requirements that must be met to obtain this coverage. This is not available for all homes.

Scheduled Personal Property - This provides special form coverage for specifically listed items, often with no deductible. It is usually used for jewelry, furs, cameras, musical instruments, silverware, fine arts, stamp collections, rare coins, and baseball cards. All of these items have limited coverage under the standard policy. If you have a sizable amount of any of these you should consider scheduling them.

HO-5 Special Form Personal Property - On a standard homeowner policy your personal property is covered if it is damaged by a specific peril listed in the policy. This endorsement broadens the personal property coverage to include all perils unless they are specifically excluded. For example; imagine you spill paint on a new sofa. Under the standard form it is not covered. With this endorsement it would be. Or let's say you scorch your table with a hot skillet. Under the standard form it is not covered. With this special form it is.

Mortgage Life Insurance - This is usually a separate policy designed to pay off the mortgage on your home if you should pass away. Statistics prove that you are more likely to lose your home due to death than to fire.