hello I’m Jeff Gordon I’m going to talk to you today on a white board
presentation on homeowners insurance and tell you why you need a homeowner’s
insurance policy and what is in yours if you already have one
homeowners insurance policy is for a home owner
it’s not appropriate for houses being rented to others or investment property
so I’m going that it’s if you own the house and live in it and it can include
a secondary property if you have a house on the Cape or up north or something
like that
there are six parts to your homeowners policy and it all begins with the
dwelling amount which is called coverage a senior policy there’s a coverage a
dwelling should be the replacement or the rebuild cost that is god forbid the
house gets hit by lightning and burns to the ground
how big is the check have to be to rebuild that house and that is this
number right here it should be this number
the next part is other structures do you have a barn you have a garage
you have a shed swimming pool all these are considered other structures the
default for other structures is ten percent of coverage a so if you have a
dwelling with the value of say four hundred thousand dollars your other
structures automatically at forty thousand dollars for free if you need
more you can buy it if you don’t there’s no credit for taking it off it’s built
in for free
the next thing for personal is personal property
this typically is fifty percent of the dwelling amount and to use George Carlin
this is your stuff this is everything that if you were to move you would take
with you
it includes rugs grace close all your electronic toys and all of that stuff
typically its fifty percent some companies offer up to seventy percent of
no extra charge
loss of use is if your house is made unusable uninhabitable
while it’s being fixed one two percent typically of this amount so again the
previous example four hundred thousand twenty percent of four hundred thousand
eighty thousand eight thousand dollars would be available for you to live
elsewhere so that you can send your laundry out eat your meals out and
in a hotel if you need to the next coverage he is a liability coverage
this is if you get sued if your dog bites and neighbor if you drive your
cutting down a tree with your chain saw for the first time in the lands on your
neighbor’s car
this is for those types of things where you’ve been negligent and someone Sue’s
you limits of 300,000 or , but more commonly today 500,000 or even a million
are what most people choose
and then finally medical payments usually a much smaller number sometimes
thousand dollars up to up to his highest $5,000 medical payments is for a guest
who comes on your print on your process who may be heard on your premises
they fall off the back deck that trip on the front porch on a nice one
this amount is payable without you having to be shown liable for negligent
think of it as goodwill coverage if someone is hurt on your property you can
say to them
it’s okay take the take the ambulance to the to the emergency room or you know we
can cover your medical deductible if you have one it is
full coverage and it’s going to use to keep you from getting into this
situation that in a nutshell is how homeowners policy works
look to Gordon insurance at a Gordon . com for more information on homeowners
insurance and find the best fit for you