For most people their home is their most valuable asset.

It is consequently imperative that you have the proper policy form and coverage limits in place. We'll help you understand the various homeowner forms and riders that can extend your policy to include valuable coverages not typically covered under a standard homeowners policy.

What is homeowners insurance and who should buy this type of coverage?

Almost anyone who owns or leases property has a need for this type of insurance. And many times, homeowners insurance is required by the lender as part of the requirements in obtaining a mortgage. The typical homeowners policy provides property coverage for the home and/or contents, loss of use of the property as well as personal liability coverage.

What factors should I consider when purchasing homeowners insurance?

Don't just buy insurance for the purchase price. Remember that includes the land and maybe the increased costs associated with being in a good school district.

Determine what level of liability protection is appropriate for your needs and exposures.

Determine if you also need any special upgrades. For example, do you want the personal property replacement cost endorsement or do you need extra coverage on jewelry or fine arts?

Make sure you are purchasing coverage from an A rated insurance company.

What can I do to lower the cost of my homeowners insurance?

Shop around and make sure each insurer is offering the same coverage.
Look for any discounts that you may qualify for.
Combined home and auto discount.
Deadbolt locks and Security System discounts.
Non-smoker discounts.
Increase your deductible.

What is the difference between an All Risks policy and a Named Perils policy?

The broadest standard contract is the HO-3, All Risk policy. This policy form covers losses to your home due to any peril, except those specifically excluded and 17 specific Named Perils for damage to your contents. Some companies have developed a broader specialty contract, H0-7. A Named Perils policy, H0-2 covers losses that are due to only those 17 specific perils listed in the policy.

What is the difference between actual cash value and replacement cost?

Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When actual cash value is used the policy owner is entitled to the depreciated value of the damaged property. Under the replacement cost coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.

Where and when is my personal property covered?

Coverage C, which provides named perils coverage, applies to all your personal property (except property that is specifically excluded) anywhere in the world.

Do I need earthquake coverage? How can I get it?

Direct damages due to earthquakes, landslides or earth movement are not covered under the standard homeowners insurance policy. However, unless you live in an area that is prone to earthquakes, you probably do not need this coverage. Part of Upstate New York is rated in an earthquake zone but is not currently active. You still may want to consider adding an earthquake endorsement to your homeowners insurance policy. This endorsement will cover damages due to earthquakes, landslides, volcanic eruptions and other earth movements. Call us for details.

Who pays for my legal defense costs if I am sued?

In the unfortunate event that you are sued, your homeowners policy will not only cover the cost of your legal defense, but your insurance company will also provide the legal counsel. This coverage is provided under the personal liability section of the homeowners policy.

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IMPORTANT RIDERS TO CONSIDER:

1. Guaranteed Replacement on Dwelling

This option can be added on homes built generally after 1950. In the event of a total or substantial loss, the company agrees to guarantee to rebuild your home even if it exceeds your policy limit.

2. Replacement Cost Coverage on Contents

This option changes the coverage on your contents from the standard actual cash value to full replacement up to the limit on the policy without regard to depreciation.

3. Personal Articles (Jewelry, Furs, Guns, Silver and Goldware, Fine Arts, Antiques, etc.)

Certain property is subject to special limits of insurance. The following property has limited theft coverage:

Jewelry, watches, furs, precious and semiprecious stones.
Silverware, silver-plated ware, goldware, gold-plated ware and pewter ware.
Firearms.

Coverage can be enhanced by scheduling items specifically:

Each individual item is scheduled or listed and a value is attached to that item. That value is the most that will be paid in the event of a total loss. However, if the limit of insurance is not enough, you can't go back to the homeowners policy for more coverage. The limit of insurance is usually established by an appraisal. Appraising valuables every few years is an excellent idea.

The following have limits for ALL causes of loss, not just theft:

money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum, coins and medals.
securities, accounts, deeds, evidences of debt, letters of credit, notes other than bank notes, manuscripts, passports, tickets and stamps.
watercraft, including their trailers, furnishings, equipment and outboard motors. (Purchase a boat insurance policy to provide the coverage)
trailers not used with watercraft. (Purchase an auto insurance policy to provide the coverage)

Business Property on the residence premises. (Can be increased by endorsement) (Not covered in Dwelling Fire policy) on business property off premises. (Can be increased by endorsement) (Not covered in Dwelling Fire policy) $1,000 for loss to electronic apparatus in a car. (This includes cellular phones. Can be increased by endorsement.) (Not covered in Dwelling Fire policy)

What's the difference between an Independent Agent, a Direct Writer or an 800# Writer and how does it affect my costs, service options?

An Independent Agent has contracts with multiple insurance companies. Based on the customer's many variables that go into the cost of insurance (driver age, county, varying credits available by different companies, driving record) the Independent agent shops the market of contracted companies and selects the best value for each particular client based on their circumstances. The agent can in the future change companies for the client if circumstances change to find them a better value. All the while the client is able to deal with the same people that they have become comfortable with over the years. In addition we take your claim information form you report it to the company and follow-up with advise through the process until you receive your settlement.

A Direct Writer is a company who has agents exclusively represent only their company. These agents are generally not able to take advantage of a change in your circumstances to improve your value and costs. They have generally one product and it must serve all. Claims are generally handle by the parent company's 800 # out of a central office and the claim is generally reported to someone who you do not know.

An 800 # Writer is a company accessed by an 800 # only. They have one central office. Coverage is offered using a template to recommend coverage so in many cases they use the same coverage to fit all, or simply give you "an apples for apples" comparison to your current insurance without the benefit of assessing your actual needs to determine your "correct" needs. Claims are reported to another 800 number again dealing with someone you have never met.

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Copyright © Bryant Asset Protection, 2008. All Rights Reserved
1280 New Scotland Road P.O. Box 219
Slingerlands, NY 12159
(518) 439-1141 or 800 439-6051