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Please Analyze My Homeowner’s Policy
Posted By Jim On 10/11/2006 @ 7:52 am In Insurance,The Home | 15 Comments
About a year ago I signed up for a homeowner’s insurance policy with Travelers because Geico, my auto insurance company, didn’t offer homeowner’s insurance. If you call Geico, they’ll refer you to Travelers because they have some kind of partnership. Well, a year ago I did just that: I called Geico, was referred to Travelers, received a quote, and signed the policy. The price of the policy, $56.75 per month, was in line with what my friends, who owned homes in the area, were paying so I didn’t comparison shop. Now, a year later, without the business of actually closing on the home, I’ve decided I need to revisit my policy to ensure that its complete and correct for my needs.
My home’s appraisal value at the time of the purchase was $299,999.00 and the policy is for replacement cost. Replacement cost differs from actual cash value in that in the event of something bad, I am paid out the cost it would be to replace something. Actual cash value would pay out the cost of the item minus depreciation, it’s the worse of the two but comes with a lower premium.
Here are the details of my policy:
|Section I – Property Coverages||Limits of Liability||Premium|
|A – DWELLING||$226,000||$587.00|
|B – OTHER STRUCTURES||$22,600||INCL|
|C – PERSONAL PROPERTY||$158,200||INCL|
|D – LOSS OF USE||$67,800||INCL|
|Section II – Liability Coverages||Limits of Liability||Premium|
|E – PERSONAL LIABILITY (BODILY INJURY AND PROPERTY DAMAGE) EACH OCCURRENCE||$300,000||$16.00|
|F – MEDICAL PAYMENTS TO OTHERS – EACH PERSON||$2,000||INCL|
|Policy Forms and Endorsements||Limits of Liability||Premium|
|HO-3||Homeowners 3 Special Form|
|HA-300 MD||Special Provisions|
|HO-208||Water Back-Up and sump discharge or overflow||$25.00|
|HO-827||Limited Fungi, Other Microbes or Rot Remediation||$5,000|
|528064||Value Added Package||$70.00|
|52873||Additional Replacement Cost Protection Increased Amount – Maximum Additional Amount of Insurance 50%||$14.00|
Policy Deductible: $1000.00 All perils insurance against
In case of loss under section I, only that part of the loss over the stated deductible is covered.
Anyone have any thoughts?
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