Homeowners Insurance

Homeowners insurance provides financial protection in the event that your home or its contents are damaged. It also provides protection if you or a family member are held legally responsible (liable) for the injuries to others or damage to their property. It's also required by most mortgage lenders.

There are different types of insurance policies that cover your home. They range from a basic policy, to those that will provide a much broader ranger of protection. Not all policies and coverages are available in all states.

What's covered and what's not

Most homeowners insurance policies will cover damage caused by such perils as fire, windstorms, hail, lightning, theft or vandalism. There are other homeowners policies that cover additional perils as well. Typically, floods and earthquakes are excluded. It's important to talk to your agent or Travelers representative to learn what your policy may and may not cover. And for those perils that are not covered, there may be supplemental insurance you can purchase.

What most standard homeowners policies provide

• Dwelling coverage. Pays to repair or rebuild your home - including electrical wiring, plumbing, and heating and air conditioning - if damaged by a covered cause of loss. It's important to buy enough dwelling coverage to cover the cost to rebuild. 

           Other structures coverage. Pays for damages to detached structures like garages, sheds, fences and cottages on your     property.

• Personal property coverage. Reimburses you for the personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothes, sporting goods and electronics.
• Loss of use coverage. Pays your additional housing and living expenses if you must move out of your home temporarily while it's being restored.
• Liability insurance. Helps protect your assets and cover your defense costs in the event of a lawsuit because you or your family members are responsible for causing injuries or damage to other people or their property.
• Additional home coverages. There are a number of additional coverages you can add on to your homeowners policy to help you meet your insurance needs.

Choose liability policy limits and deductibles that fit you. 

How much home insurance should you buy?

The amount of insurance you buy (your coverage limit) starts with your dwelling coverage. Work with your agent or Travelers representative to determine how much you should purchase to cover your needs; it should be enough to pay to fully rebuild your home in the event you suffer a total loss. And remember: replacement cost at current prices could be higher than the actual market value of your home.

The limits of coverage for the other standard coverages in your homeowners policy are figured as percentages of your dwelling limit. For example, if you decide on a $300,000 limit for your dwelling, your other limits on a standard policy will typically be as follows:

You can increase any of these limits. Talk to us to learn more.

Likewise with your personal liability and medical payments. You choose the limit of coverage for your personal liability. Policies typically have a $100,000 minimum limit on personal liability, but you can choose a higher limit. Similarly, policies typically have a $1,000 minimum limit for medical payments coverage, with higher limits available for purchase. Your agent or Travelers representative can help.

A word about your deductible

A deductible is the amount you would pay out of your own pocket before the insurance coverage takes over. The amount you choose for your insurance deductible depends on how much you're prepared to pay if you have a covered loss. For instance, if you choose a $1,500 deductible, then you'll pay the first $1,500 of a claim. There is no deductible for personal liability.

There are many exclusions in the policy and many of them have exceptions. It's important that you read your policy to learn what is covered and not covered. You can also talk to us about how to get a fuller understanding of what is covered or not.

Be confident in your insurance choices. Contact Andrew Benet today. We'll work with you to develop a homeowners insurance policy that fits your needs and your budget.