Lake City’s Insurance Specialist
We know insurance and we we help you customize your policy by reviewing your precise insurance needs and if necessary, adding individual endorsements that offer higher limits of protection
Homeowners insurance is designed to protect your investment in your home. In the case of disaster your homeowners’ insurance is intended to bring your home and your possessions to the same condition they were in before the event of loss struck.
The amount of coverage assigned to your home should reflect rebuilding expenses should it suffer a covered loss. This can be determined by the purchase price plus inflation. However, if it’s been a while since you purchased your home, you will do best by having Trevor Hickman Insurance review your unique needs to be sure that your dwelling is adequately covered.
Here are some brief definitions to help you understand homeowners insurance coverage.
Coverage A: your physical home (rooms, fireplaces, floorings, etc.) and the structures attached to it, such as an attached garage.
Not all structures that exist on your property are actually attached to your house, that’s where , Coverage B steps in.
Coverage B offers insurance protection for other structures detached from the home such as a storage shed, detached garage or even a gazebo .
Coverage C, your personal possessions such as furniture, clothing and appliances are covered under Coverage C. Certain types of possessions are excluded or have limited coverage. Trevor Hickman Insurance will help you determine your unique property exclusions and limits of coverage.
Coverage D or Loss of Use, this is also called Additional Living Expense. In the event of a major loss, and you are forced to live elsewhere while repairs are being made, this pays for your housing and other living expenses (like meals and laundry).
For basic homeowners policies, a specific minimum amount of coverage is required for each of the major property coverages, based on the primary amount of insurance selected.
Coverage A (Dwelling) = Primary limit
Coverage B (Other Structures) = 2% of Coverage A limit
Coverage C (Personal Property) = 50% of Coverage A limit
Coverage D (Loss of use) = 10% of Coverage A limit.For example, if your home is insured for $150,000 under Coverage A:
Coverage B liability limit is $3,000
Coverage C is $75,000
Coverage D is $15,000.
Personal liability (Coverage E)
Coverage E helps to cover the associated costs for bodily injury or property damage for which you are legally responsible. For example, let’s say your pet bites someone, someone slips and falls, or your son throws a ball through your neighbor’s beautiful stained glass window. You are legally responsible for these related damages.
At Trevor Hickman Insurance in Lake City, we can help you determine whether the liability limits available on your homeowners policy are sufficient for your needs. Of course, as an independent agent we area highly equipped for this evaluation.
Medical Payments (Coverage F)
Medical Payments covers reasonable and necessary medical expenses for a period of three years from the date of an accident to a person or persons injured while on your property. This coverage does not apply to the insured or regular residents of the insured’s household.
Umbrella coverage can be purchased as an attachment to your policy or as a separate policy. It provides liability coverage above and beyond the coverage you already carry with your auto, homeowners or other policies for personal liability and lawsuits.