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Your Homeowners Insurance

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Whether you already have insurance or are shopping for a new policy, there are many things to consider when looking for homeowners insurance.

Understanding Homeowner’s Insurance Options
If you’re a homeowner, your house needs to be insured for a minimum of 80 percent of its value (not counting the value of the land). You must be proactive and review your current homeowner's coverage at least annually to make sure that your insurance is sufficient to rebuild or repair your home after a disaster. So, what do you need to look for during the annual review of your homeowner’s policy? (read More...)

How much is your stuff worth...?

(I'll give you a hint - not as much as you might think.)

No, I am not saying the wonderful stuff in your house you have gathered arduously over the years isn't great.  I'm sure it is.  

I am talking about monetary value - for example, if you had to replace it.  

I know, there is coverage on your Homeowner's policy for personal property.  The coverage amount looks adequate...what's the problem?

None, really...but one thing to consider is that the Personal Property coverage on your Homeowner's policy is likely written on an Actual Cash Value basis.  

Yes, this means they pay you the depreciated value for all of your wonderful stuff if a claim occurs.  

For example, work clothes - pants, shirts, blouses - depreciate at 50% per year.  After two years, they are fully depreciated and would not be reimbursed as part of a claim if something happened.

Children's furniture depreciates at 20% per year - after three years, you would receive $320 to replace furniture you had paid $800 for just three years earlier.

No, I am not bringing this up to dampen the day or stress anyone out.  Just sharing information...and advice...

.Check into an endorsement on your Homeowners policy called Replacement Cost Contents.

If your Homeowners insurance is not through us, call your agent or insurance company to find out if you have it on your policy.  You might already.  If you don't,  inquire about getting it.

It is usually relatively inexpensive, and offers the peace of mind of knowing you will have a much easier time replacing all your wonderful stuff.

I would be more than happy to take a look at a policy dec sheet to tell you if you have the coverage or not - even if your policy is not with us.  

I hope this information was useful, and that you and yours have a safe and wonderful week.

Talk to you soon.

- David Tracy of Lighthouse Brokerage

Homeowners Insurance

By submitting the information below, you will be on your way to making sure your home is truly protected.  We will shop the market to find coverage that is tailored to fit your specific needs. ​

Or, feel free to contact us directly to discuss and review your options.

Lighthouse Brokerage