Home insurance coverage helps provide financial protection if your home is damaged or destroyed by a covered event. It also helps protect your legal liability for third-party injuries and property damage.

Contact Elliott-Hartman Agency in Waterloo, Iowa, to get homeowners insurance from a reputable insurance company to meet your needs.

How Much Home Insurance Should I Have?

When purchasing home insurance, consult your mortgage lender to ensure that your policy meets their requirements. Talk with your agent to ensure that your policy provides enough coverage to replace your home and possessions after a covered disaster.

Two main types of home insurance loss settlement options provide different amounts of coverage.

·        Actual cash value (ACV) coverage helps cover the costs of rebuilding your home according to the property’s current value. Your insurer calculates ACV by subtracting depreciation from the amount of money it would take to purchase your property today.

·        Replacement cash value (RCV) coverage helps cover the costs of rebuilding your home according to the amount of money it would cost today. RCV does not subtract depreciation.

Home insurance also helps pay for your legal liability if you or your family is sued for third-party property damage or bodily injury. Consider the value of your family’s assets and how your home insurance can help protect those assets from a liability lawsuit.

What Does Homeowners Insurance Cover?

In general, a standard homeowners insurance policy may provide the following coverages:

·        Dwelling coverage may help rebuild or replace your home after a covered incident or accident.

·        Personal liability coverage may help pay for costs associated with your legal liability for property damage and third-party injuries.

·        Personal property coverage may help pay to replace or repair your possessions if they are destroyed or damaged due to a covered event.

·        Other structures coverage may help pay to rebuild or replace detached structures on your property, including a garage, shed or gazebo.

·        Additional living expenses coverage may help pay for your living expenses if you must move out of your home to allow for covered repairs.

Other coverages, such as flood insurance, may also be appropriate. Your agent can help you get a flood insurance policy through the National Flood Insurance Program or a private insurer. Flood damage is not covered under a standard home insurance policy.

How Home Insurance Deductibles Work

Your homeowners insurance deductible is the amount you must pay toward your homeowners claim before the insurer starts paying for damages.

Talk with your agent to get help with a homeowners insurance deductible that works with your financial situation.

How to Get Homeowners Insurance

Contact Elliot-Hartman Agency today to get started building your home insurance policy. Your agent can help you get multiple quotes for the best possible rate.