Published in Clifton Park Neighbors Magazine – Winter, 2021

By Don Ferlazzo, Agent/Agency Owner

When people call our agency for home insurance quotes, we often find they are not familiar with all the coverages that are included in a homeowner’s policy. Sure, folks understand we’re going to insure the house itself, but there are many other coverages and benefits built into a policy aimed at protecting customers and their families. Here’s our guide to helping customers understand these coverages and how to select the appropriate limits:

Dwelling insurance covers your home itself. It’s the maximum amount your insurance company will pay to rebuild the house after a covered loss. The dwelling limit must be large enough to demolish the home, remove debris and then rebuild with new materials at current day labor rates, so it’s often higher than the market value of the home itself. Many customers are surprised to learn just how expensive it is to rebuild their home but it’s important to get the limit right or they may run out of money during the rebuilding process.

Other structures insurance covers any building or structure on your property that is not attached to the house, such as a fence, pool, barn or shed. The amount of coverage customers may build into their policy is flexible and its relatively inexpensive, too.

Personal property insurance covers your stuff, including all your belongings within the home such as furniture, electronics, clothing and kitchenware. Another coverage that’s very flexible and relatively inexpensive, we always work with our customers to ensure they have an appropriate limit in this category so they can replace all their belongings with brand-new stuff when disaster strikes.

Additional living expenses (a.k.a. loss of use insurance) gives your family extra money needed to live elsewhere if you are displaced due to a covered loss. It will cover the cost of a rental house, eating meals out, getting your laundry done and any other expenses above and beyond what you’d normally pay if you had been able to stay in your home. In addition to a coverage limit, there’s also a time limit in this category, so it’s imperative to ensure you have the right coverage here, as well.

Family liability insurance is often overlooked, but it’s also one of the most important categories of your homeowner’s insurance policy. This covers you if you’re found liable for injuries to others or damage to their property. One example is if your postal carrier slips on your front steps after a snowfall and gets injured. Another is if you’re burning leaves in your backyard and you accidentally set fire to your neighbor’s house. In any case, without family liability insurance built into your policy, you would be on the hook for related expenses or even a pricey lawsuit, so it’s important to select an appropriate limit of liability.

Some other coverages available are guest medical payments (which cover first aid for your guests), water backup (which covers water or sewage that enters the home through drains) and coverage for high-value items like jewelry or musical instruments. No matter who your insurance carrier is, it’s important to discuss all your options with your agent so he or she can make appropriate recommendations to protect you and your family properly.

If you would like to speak with an expert on insuring your home, your personal belongings and your liability, contact us today for a free quote at 518-978-4044 or don@foursurance.com. We look forward to speaking with you soon!