Experts in designing the proper insurance program for your home, condominium or apartment
For many individuals a “HOME” becomes an extension of who you are. All home insurance coverages, just like all of our clients are different. We at Herlihy Insurance Group first take the time to gather information regarding your home and your family. Once we have your information, we reach out to our multiple home insurance companies to find the right insurance package at the most comprehensive price for you and your home.
What does a typical home
insurance policy cover?
At Herlihy Insurance Group we start our home insurance review process by getting the details about your home and all of its features. We look at all of the details of your home itself. Our reason for doing this is that at loss time we want to make certain that you hear , “We’ve got that covered”.
It is extremely important that the limit of insurance you select for your home represents the actual “replacement value” of your home. If you were to have a covered claim, you want to be able to replace what was damaged.
A typical home insurance policy provides you with six basic coverage parts:
Home insurance customized to your needs
At Herlihy Insurance we believe that all of our clients deserve more than just the “basics”. By designing individual home insurance packages we get a good sense of what you value in your home and then we work with you to obtain the best coverage option for these things.
Ask yourself the following questions:
Do I have the proper home insurance?
Have I maximized my home insurance savings options?
Do I understand my policy coverage limitation that may affect me?
Let’s get your home insurance customized!
Here are a few home insurance coverage options that you should ask about.
Insure your home on a special risk form with replacement cost settlement provisions.In the event of a loss replacement cost coverage will allow you to repair or replace the damaged home without a deduction for depreciation. The coverage limit of insurance you select should represent the cost to rebuild your home in today’s costs. It is important to review your home insurance limit at least every three years. As the price of construction changes over time, so should the limit of insurance you select on your home.
Once you have determined this limit of insurance, take a look at these additional optional coverages
- Replacement Cost Coverage – Coverage type that replaces your damaged property without a deduction for depreciation
- Earthquake – Coverage for property damaged caused by sudden trembling or shaking of earth
- Home Systems Protection – Adds coverage for your home equipment that generates, transmits or utilizes energy. ( AC and Heating Systems) Varies by insurance company
- Service Line – Coverage for damage resulting from a service line failure. ( under ground piping , wiring that delivers water or power to home)
- Business things at your home – Home insurance policies do limit your business belongings at your home. You may add this business property coverage to your policy as needed.
- Special Risk Content Coverage – Broadened coverage for your personal property
- Your Valuable Items – Your valuable items like jewelry, furs, silver, art work and other collectibles may need specifically scheduled coverage.
- Back Up of Sewer and Water – Coverage for property damage caused by the Back Up of Sewer and Water
- Identity Theft Coverage – Includes such benefits as reimbursement of expenses related to your stolen identity and,an assigned case managerto assist. Varies by insurance company.
- Personal Injury – Coverage for potential damages related to libel, slander, wrongful eviction, or invasion or violation of privacy
- Flood – Coverage for property damage caused by flood. This is not included on a home policy.
Way to Save
Each of our personal insurance companies offer different premium saving options. When reviewing your home insurance always ask your insurance agent about the credits that are on your policy and if there are any other credit options for your home.
- Verify that you have adequate replacement cost coverage on your home. You can actually save money by insuring your home to 100% of its replacement value PLUS you then have the right coverage at claim.
- Maintain a favorable credit score. Home insurance companies do have different pricing tiers based on credit and insurance scores.
- Review your deductible savings. The higher your deductible the greater your savings. Ask for multiple deductible options such as $1000 or $2500.
- Account savings are available when you insure your home, car and umbrella with the same insurance agent.
- Install safety features at your home. Alarm credits are available for home with burglar and fire protection systems.
- Receive your policy electronically.
- Non smoker savings are available with many companies.
- Keep your home insurance record claims free by taking care of smaller claims. Loss free savings are significant and add up over the years.
- New home credits available for certain years of construction.
Frequently Asked Questions
How much insurance coverage should I buy on my home?
In selecting an appropriate amount of coverage, be sure to avoid the most common consumer mistake — insuring your home for what it costs to sell (the market value), rather than what it costs to replace. Homeowner policies are designed to cover the cost of reconstructing your home should it ever be destroyed. Therefore, you should select an amount of insurance that represents the replacement value of your home. Look for a company that assists you in the valuation of your home. Additionally, look for a company that provides a payment basis called “extended replacement cost”. This payment basis helps you rebuild your home even if it exceeds the amount of insurance on your policy.
How much personal liability coverage is enough?
Ask yourself how much you have to lose if you are sued. The amount of personal excess liability coverage you choose depends upon your individual requirements. Review your assets: your home, other personal belongings and investments. Select a limit that provides adequate financial protection and be certain that your insurance company can provide this limit. Also, because the cost of litigation can be very expensive, look for additional coverage for defense costs.
How do I decide which items to separately schedule on my home insurance policy?
Most home insurance policies cover personal belongings up to a specified dollar limit. If you have any single jewelry items valued at $3000 or more than $3000 worth of jewelry, we suggest you add scheduled coverage. You may also want scheduled coverage for other valuable items such as electronics, collectibles of any type and fine art.
Does my policy cover flood and earthquake damage?
Your policy does not provide coverage for flood or earthquake damage. If you are interested in reviewing the coverage options for this, please contact us.
If I work out of my home are my inventory and business property covered?
Yes, but within certain limits. Both are covered as personal property used for business purposes. While these items are in your home the coverage limit would be approximately $2500. When these business items are away from your home the limit decreases to $250. There is NO coverage for any business property stored in your garage or other structure. Business Liability is not included.
Do I need Service Line Coverage?
Home Insurance companies are now offering Service Line Coverage for repairs to underground pipes and wiring that bring services such as water, power, data communication into your home if the damage was caused by a covered peril. This additional coverage will also pay for resulting damage to driveways, walks.
Why should I consider Backup of Water and Sewer coverage?
Most home insurance policies exclude water damage from water that backs up through sewers or drains. Although many of our clients have sump pumps in the event that these fail or lose power we suggest that you consider including Backup of Water and Sewer coverage.
Do we need separate insurance on our boat, ATV, Jet Ski, Snowmobile?
Yes, you would need to add additional coverage to your home policy if you own and use these types of recreational things.
My home is now owned in the name of a trust do I need to update my policy?
Yes, it is required that the name of the property owner be listed as the named insured on this policy.
Why is Ordinance of Law coverage important?
If your city or town has upgraded any building codes, you will need this additional coverage on your home to cover the costs of these revised building codes.
My mortgagee info is no longer accurate. How do I update this?
Just give us a call or send an email and we can take care of this. This is extremely important if your home policy premium is being paid by your mortgage company.
Why do I need a Personal Umbrella Policy if I have a home insurance policy?
A Personal Umbrella Policy provides you with additional liability protection over both your home and car insurance policies. With rising medical costs and liability awards this additional coverage is needed and the cost is minimal (starts at $180 per year)
Is my child's property (including his/her computer hardware) covered while he/she is away at college?
As long as your child is covered under your insurance policy as a member of your household, his/her personal property, including the computer, would be covered. Insurance companies cover children away at school differently so check with your insurer to see if your college student is covered by your policy.
Is my jewelry fully covered by my homeowners policy?
Most people don’t realize that many homeowners’ policies offer only $1,000 in coverage for jewelry. Given that this limit is generally less than the cost of an average engagement ring, it is doubtful that most customers will have enough coverage for their jewelry. The solution is to purchase a Valuable Articles Policy so you can insure specific jewelry items. Tips on selecting a valuable articles policy: (1) look for a policy that doesn’t mandate that you replace an item to receive the full value of the settlement, and (2) select a company that makes it easy to insure your jewelry by requiring appraisals only on high value items.
