What is the proper insurance coverage for my home and belongings in Ohio?
Your home is a significant investment and a valuable asset to your family. If you live in an apartment or own a condominium you also need protection for your owned property. Selecting the correct Homeowners insurance is an important decision and the professionals at Greene County Insurance, Xenia, Ohio are here to counsel you thru selecting the proper coverage.
HOW DO KNOW IF I AM ELIGIBLE FOR A HOMEOWNERS (HO) POLICY?
To be eligible for a homeowner’s policy you must reside in the home/dwelling. In addition insurance companies may require that the replacement cost of your home to exceed a specified limit of insurance such as $50,000 to be eligible. Consult your agent as to these requirements.
– If you own 1-4 family dwelling where you reside in 1 of the units
– If you live in an apartment
– If you own a condominium unit
WHAT COVERAGES ARE INCLUDED IN A HO’S POLICY?
A homeowner’s policy is a “package” policy which means it includes both Property and Liability coverage protecting you for your home activities. If you have a Homeowners policy, your policy includes the following major coverages/forms:
Declaration Page – Shows you the following information:
Address – Location insured
Limits of Insurance that are paid for you because you paid a premium:
• Coverage A – Dwelling – Home Replacement cost not Market Value
• Coverage B – Detached Structures – Your shed out back
• Coverage C – Personal Property – Stuff in your home
• Coverage D – Loss of Use – Your home catches on fire and you have to move to Residence Inn for 3 months while your home is restored
• Coverage E – Personal Liability – If someone gets hurt on your premises or you run over an old lady at the grocery
• Coverage F – Medical Payments – If you physically hurt someone this coverage takes care of immediate medical costs – Duct Tape Them Up!
• All forms that apply to the policy – PLEASE READ CAREFULLY
NOTE: Greene County insurance agents will assist you in determining the limits fitting your needs and explain conditions and company requirements.
WHAT HOMEOWNERS (HO) FORMS FIT YOUR NEEDS?
The following HO’s forms are available based on occupancy:
HO 2, HO 3 and HO 5
1-4 family dwelling you own and reside
WHAT IS THE DIFFERNCE
• Liability coverage is the same with all HO forms!
• All Conditions are the same for all HO forms
• The Difference is the Property Perils Covered Causes of Loss
• HO-2 – Named Perils described in the policy – Long list that starts with Fire thru Volcanic Action – Your insurance agent can explain
• HO-3 – Open Perils for Dwelling and Detached structures
-Named Perils for Contents(HO-2 perils)
-Adds the Perils of– Collapse, Weight of Ice and Snow, Falling Objects, Water Damage due to certain causes
• HO-5 – All Perils are covered unless excluded
Most companies also provide Fungus, Wet Rot @ $15,000 by endorsement
NOTE: A Named Perils policy requires You (the insured) to prove the property loss is covered by the named peril.
The HO-5 is Open Perils and the insurance company must prove the loss is not covered (Important)
• HO 4
If you live in an apartment
Provides HO-3 Property coverage for your contents
• HO 6
If you own a condominium
Provides HO-3 Property coverage for your contents +
Improvement and Betterments you make to your condo
Example: You purchase a Condo then you want to make upgrades to the unit that are permanently
Contact Greene County Insurance, Xenia, Ohio for a review of your insurance situation. You should review your insurance portfolio at least every 3 years.