Progressive Homeowners Insurance Coverage You Should Know!

If there is a disaster, most people simply cannot afford to rebuild their home and replace everything in it. A home insurance policy can protect your property, personal belongings, and you. Home is a place to unwind. So, when you come home and relax your guard, we step up. Providing protection when and where it is most needed. Progressive Homeowners is one of the dependable home insurance policies offered by John Perry Insurance.

Check that your home is insured for at least the full replacement cost. With the right home insurance coverage, you can rest assured that your property will be protected in the event of a disaster. Personal property insurance is your responsibility regardless of the type of home you own. If you live in a condominium, keep in mind that the condo association or cooperative will not pay for damage to your unit caused by an incident beyond your control, such as a pipe bursting or an electrical fire.

Standard homeowners insurance covers your home, other structures on your property, your belongings, personal liability, medical payments coverage for others, and even temporary living expenses while your home is being rebuilt or repaired as a result of a covered loss.

Estimate how much homeowners insurance coverage, contact John Perry Insurance for quotation.

It is critical to look after your home and loved ones. That is why we provide homeowners insurance on which you can rely. We offer homeowners insurance policies to fit your needs and budget, from dwelling coverage to personal property protection. Homeowners’ insurance policies cover:

Dwelling insurance (also known as Coverage A on a home or condo policy) protects your home and its contents, including an attached garage, countertops, flooring, and built-in appliances. If a covered peril damages your home, your policy’s dwelling coverage may pay to repair, rebuild, or replace the physical structure of your home. Every homeowners or condo policy includes dwelling coverage. Because your home is usually your most valuable asset, dwelling coverage is an important component of home insurance.

Detached garages, sheds, barns, unattached guest homes, fences, or any other detached structures are typically not covered under dwelling coverage. However, these structures may be covered by your homeowners insurance policy under “other structures” coverage.

Coverage B, also known as other structures insurance coverage, is the part of your homeowners policy that protects structures on your property not physically connected to your home, such as a detached garage, storage shed, or gazebo. Your other structures coverage limit is typically set at 10% of your policy’s dwelling coverage, but this can vary by insurer.

Homeowners insurance and financial standing

If you own a home and have a mortgage, your lienholder (the bank who is invested in your loan) will likely require you to carry insurance on your home. We often partner with banks to allow members to combine their insurance payments and monthly mortgage bill. This is called escrow. John Perry Insurance agent will be happy to review the details with you.

Other structures coverage on your homeowners insurance policy protects against damage to gazebos, detached garages, guest houses, sheds, and even fences.

Other structures includes property that’s set apart from the main dwelling by a distinct space or connected only by a fence. Attached garages and attached decks are covered under your policy’s dwelling coverage, while a detached structure such as a storage shed in the backyard falls under other structures coverage.

Although the amount can vary depending on your policy, your Coverage B limit is typically set at 10% of the limit for your policy’s Coverage A, also known as dwelling coverage. For example, if your dwelling limit is $400,000, your other structures insurance coverage would be $40,000.

If your Coverage B amount wouldn’t sufficiently pay to repair or replace your other structures, you may be able to increase it, depending on your insurer, by adding more coverage or an endorsement to your policy.

Personal property coverage — also known as contents coverage on a home policy — helps cover the cost of your personal items if they are destroyed, damaged, or stolen due to a covered loss or peril. Personal property includes things like furniture, clothing, electronics, and kitchenware.

Personal property coverage may protect your belongings against fire, theft, and other covered perils outlined in your policy. There are two types of loss settlements for your personal property: replacement cost and actual cash value. Replacement costs cover the item as new at the time of the claim. Actual cash value means the replacement cost of the item minus depreciation. Learn how insurance covers fire damage and how insurance may cover theft.

The amount of personal property coverage that you can select may vary based on the type of property insurance you have:

Your homeowners insurance policy will typically include some percentage – such as 50% — of your dwelling coverage for personal property coverage. For example, if your policy’s dwelling limit is $200,000, you’ll have $100,000 in personal property insurance coverage. Your policy may offer an option to increase or decrease the limit to fit your needs.

Many renters insurance policies provide personal property coverage options that typically range from $10,000 to $500,000.

On a condo insurance policy, personal property coverage options typically range between $0 and $500,000.

Contents insurance may cover your belongings if they’re destroyed or damaged by named perils covered under your insurance policy. Some carriers even offer an endorsement that changes the coverage for personal property from named peril to open peril or all risk. This means there would be coverage for a loss unless the policy specifically excludes it. See how much home insurance coverage you may need by using our home insurance calculator.

Your personal property typically won’t be covered if flood water is what damaged it. You’ll likely need to purchase a separate flood insurance policy to cover your personal belongings.

Covers increase in living expenses

Loss of use coverage covers expenses above what you’d normally pay, up to your policy’s limits, if your home is damaged from a covered loss and you can’t stay there while it’s being repaired or rebuilt.

Example: There’s a fire in your home, and you can’t stay there for two weeks while it is being repaired. If you spend $1,000 eating out, loss of use may cover the food bill beyond what you normally spend, and your rent/hotel expenses. Make sure you keep your receipts.

Covers lawsuits against you

Personal liability coverage protects you financially if you are responsible for someone’s injuries or damage to their property.

Example: A delivery person falls because of a loose railing at your house and sues you for their medical bills, lost wages, and damaged merchandise. Personal liability may cover you.

Covers injuries on your property

Medical payments to others coverage may pay for medical expenses if someone is injured due to a covered occurrence.

Example: Your child’s friend breaks her arm at your house, and their parents ask you to pay the medical bill. Medical payments may cover the medical costs.

Home insurance policies won’t cover floods (if you live in a flood plain, your lender will likely require this insurance) earthquakes, landslides, mudslides or sinkholes.

General wear and tear typically won’t be covered by your policy, like if your roof is old and simply needs to be replaced. However, a roof damaged in a storm and heavy winds may be covered, up to your dwelling coverage limit minus any applicable deductible.

At John Perry Insurance, our mission is to find the insurance policy that best suits your needs. If you are looking for a dependable insurance company in Florida, contact any of the numbers below: 863-777-4966 (Clewiston), 863-588-7336 (Labelle), or 863-824-5393 (Okeechobee).