643 Insurance is your best defense for Homeowners & Renters Insurance Coverage

Do I really need Homeowners Insurance?

Don’t leave your biggest investments to chance! If you have a mortgage on your home, a Homeowners Insurance policy is required by the lender to make sure that the house, which is the asset that is securing the loan with your financial institution, is covered in the case of a total loss such as a fire, flood, or other damage. 

If there is not a mortgage on the home, first off, congratulations! In this case, there is no “requirement” to have Homeowners Insurance, but you most likely will still want coverage to save you from lawsuits and financial loss should the worst happen at your property. Homeowners insurance is a critical insurance policy that covers a variety of different areas of risk for residential property owners.

Ready to have options when it comes to your homeowners and renters insurance?

Our team is ready to go to bat for you to find the best insurance options possible from our large selection of carriers. Independent is always better!

Learn More About What Can Be Covered On

A Homeowners Insurance Policy

Most homeowners insurance policies cover the following scenarios:

Dwelling (Coverage A): Dwelling coverage is important in the event of a covered loss to pay for the cost to repair or rebuild. Your “dwelling” is considered the main structure of the home and anything that is attached to the structure, like an attached garage, an attached shed, an attached breezeway, attached cabinets, flooring, plumbing, roof, etc. What about unattached structures, are they covered, you might wonder? Other Structures coverage will discuss these instances.

Remember, Dwelling Coverage or Coverage A should be high enough to replace the home if there is a total loss. It doesn’t necessarily need to be as high as “market value” of your home, as your location will still be there if the house burns down. What you need to consider is the cost of building a similar new home. Don’t have too little coverage because if the worst were to happen, and you are under insured, you would need to pay out of pocket to make up the difference.

Other Structures (Coverage B): Any structure not physically attached to the main dwelling such as a detached garage or gazebo, casita/guest house, barn, etc., are types of structures that are covered under “Other Structures” coverage. For most insurance carriers, the coverage is a flat percentage of the main dwelling coverage, usually about 10%. Be sure you tell your insurance agent about all such structures on your property.

Personal Property (Coverage C): What about all your belongings in the home? Is that covered? It is with Personal Property Coverage. There are two types of coverages you can get for your personal property with a homeowner’s policy.

  1. Actual Cash Value (ACV), which is the depreciated value or market value of your personal property. 
  2. Or Replacement Cost, which replaces your belongings with a “like” item.
If you have expensive jewelry, it is a good idea to “schedule” them on your policy. What does that even mean, you may wonder? Your jewelry will generally be covered in case of a fire, but if it is stolen, your coverage may not be enough to replace loved pieces. You can list or “schedule” them on your homeowners policy and be sure they will be protected whether because of a total home loss or theft is the culprit.  You would need to have a recent appraisal of your jewelry but this is well worth it to be fully protected.

Loss of Use (Coverage D): What happens when your house is uninhabitable because of repairs or rebuilding? Also known as Additional Living Expenses Insurance, this Loss of Use coverage will help pay for additional costs you might incur for reasonable housing or living expenses over and above what you normally spend. 

Liability (Coverage E): Did someone fall or hurt themselves while at your property? Liability (Coverage E) will protect you or other residents of your home who may be responsible for bodily injury and property damage sustained by others. However, this does not cover intentional acts.

This is generally inexpensive coverage to be well protected. If you are ever sued for an injury sustained while at your property, you will be so glad you paid the small difference in price to have higher liability limits on your property.

Medical Payments (Coverage F): Medical Payments provide coverage to pay for medical bills and expenses for those who get injured while on your property. This does not apply to residents of the covered property.

Ready to have options when it comes to your homeowners and renters insurance?

Our team is ready to go to bat for you to find the best insurance options possible from our large selection of carriers. Independent is always better!

Homeowners Insurance Carriers We Respresent

Mercury Insurance Company
Homeowners of America
American Modern