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Homeowners insurance is the second of the two crucial building blocks of a Personal Insurance Protection Package. It needs to be constructed correctly in conjunction with a great plan and a qualified counselor like Fraleigh and Rakow so that your coverage will be available and adequate at the time of loss.

“You will know the true cost of your insurance at the time of a loss”

Greg Rakow, CIC

Homeowner insurance consists of several separate but important segments:

In the most simple terms:

Dwelling Coverage – This is the base coverage that is the amount that you and your insurance company agree that the home can be rebuilt for.

Appurtenant Structures – This is coverage for any other structures on your property with certain limitations.

Personal Property – This is the coverage that will be accessed to replace all of your personal belongings.

Loss of Use – This is the coverage that will pay the expenses that you incur from the inability to use your home due to a covered loss.

Personal Liability – This is arguably the most important coverage afforded by a homeowners policy.  This coverage protects you from lawsuits brought by a third party for almost any reason. Like in an auto policy it provides coverage for both attorney fees and compensatory damages.

Co-insurance – This is one of the most feared terms in insurance because it determines how much money you will get from the settlement of a Property Loss. The reason it is so feared is that it is applied to the loss AFTER the loss occurs.  It can be described in the most basic term by this equation:

(did have / should have had) x amount of loss = Amount of payment

Example: Did have = 100,000

Should have had = 200,000

Loss = 50,000

(100,000 / 200,000) x 50,000 = 25,000

Optional Coverage offered by Fraleigh and Rakow

Guaranteed Replacement Cost

Replacement Cost Contents

Identity Fraud

Water Back-up

Ordinance or Law

Valuable Items Coverage

Come in or call or email Fraleigh and Rakow for further education on the intricacies of your insurance plan and more importantly your needs.