Homeowners Insurance: Functions and Coverage Characteristics

Your house is one of your most important investments and a large chunk of your net worth. Protect your home and your belongings with a homeowners insurance policy. Public will help you find the right coverage at an affordable rate and be there for you every step of the way.

Functions: Estimate Replacement Cost and Create a Home Inventory

To find the right homeowners insurance policy you need to know two things:

To get an accurate estimate of your home replacement cost you will need to speak with your agent. We will ask questions about your house (materials, style, features etc.) and enter the information into our replacement cost software. The software factors in the cost of construction materials and the cost of labor in your area to determine the most accurate replacement cost estimate. To get an accurate estimate of the value of you personal belongings you will need to create a Home Inventory.

Request a Homeowners Insurance Quote online or call (847) 487-5700 to get your home replacement cost estimate from a licensed agent. Read on to learn more about what is covered on a homeowners insurance policy.

What Does My Homeowners Insurance Coverage Protect?

A homeowners insurance policy will cover damage to your home and personal property due to a named peril (listed below). Homeowners insurance also provides personal liability protection if, for example, your mother-in-law were to slip down the stairs and injury herself.

Each homeowners insurance policy can provide different protection, but in general each policy usually includes:

  • Damage to your house and any permanent structures (storage sheds, pools, boat houses, etc) on your property on an open peril basis. This means that you are protected from all damages unless the cause is specifically excluded on your policy.
  • Damage to your personal property due to causes listed on you policy (normally referred to as named perils, which are shown below).
  • Limited coverage for personal items stolen from your home, usually between $500-$2000.
  • Protection from exposure to personal liability costs that may arise from being a homeowner, like your mother-in-law slipping down the stairs.
  • Injuries to your household pets while inside your home.
  • Additional living expenses that may arise if you are temporarily unable to live in your house because of a covered loss like a fire.

Named Perils

Damage to you personal property and belongings inside your home is covered on your homeowners insurance policy if caused by the following:

  • Fire and Lightening
  • Windstorm and Hail
  • Frozen Plumbing
  • Weight of Snow and Ice
  • Damage to Building by Water Seepage from Roof
  • Accidental Overflow of Plumbing Fixtures
  • Glass Breakage
  • Sudden Smoke Damage
  • Falling Objects
  • Damage by Vehicle and Aircraft
  • Explosion
  • Legal Defense for Personal Liability
  • Liability, Medical, and Property Payments to Others
  • Damage to Building by Spillage of Chemicals
  • Theft
  • Vandalism
  • Riot and Civil Commotion

Protecting your home is important, but it can be a confusing process. Request a quote online or give one of our licensed agents a call at (847) 487-5700 and we will be happy to help find a policy that is right for you.

*The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.