Homeowners’ Insurance Policy (HO-3)

When you combine your homeowners’ policy with your auto policy, you would be eligible for a number of discounts (click below)

 

Coverage A: The Dwelling

This section provides property insurance on an owner-occupied dwelling used for residential purposes. It provides protection against loss to any attached structure and also covers materials and supplies located on or next to the residence premises used to construct, alter or repair the dwelling.

 

Coverage B: Other Structures

This section provides coverage for all detached structures on the premises. Examples of detached structures include the following:

• Garage
• Storage Shed
• Cabana
• Swimming Pool
• Fence

An automatic coverage limit of 10% of Coverage “A” is provided for Other Structures. Higher limits are available if needed.

Coverage C: Personal Property

Personal property includes furniture, clothing, and household goods. It’s important to know that personal property is covered anywhere in the world. Whether at your residence, in storage, or in transit during a move, your personal property is covered. It’s a good idea to take an inventory of all personal belongings to help us determine your coverage limit.

 

“Personal Property Replacement Cost”
Policies generally settle losses on an Actual Cash Value (ACV) basis. This ACV basis factors in depreciation when determining the value of your personal property which would reduce the amount of your claim settlement

To better protect the policyholder, we always recommend adding “Personal Property Replacement Cost” to your policy. This endorsement will cover personal property on a replacement cost basis and no depreciation will be factored in. Your personal property will be replaced brand new in the event of a claim.

 

“Scheduled Personal Property”
This property endorsement allows an insured to individually list pieces of property that possess a higher value than that which is covered by the basic policy. The following are the most common classes of scheduled personal property:

• Jewelry
• Furs
• Cameras
• Golf Equipment
• Fine arts
• Stamps
• Coins
• Musical instruments
• Silverware

 

*We must obtain a recent appraisal in order to properly “schedule” these types of items on your policy. Once scheduled, these items are covered anywhere in the world and are not affected by your deductible.

Coverage D: Loss of Use
This coverage section will pay the insured for additional living expenses while living at another location if the apartment is unlivable due to a covered peril. For example, it would cover hotel fees incurred by the insured while their apartment is being repaired due to a covered claim.

Coverage E: Personal Liability

Personal Liability protects an insured if a legal suit is brought against him or her as a result of legal responsibility for bodily injury or property damage. This coverage protects an insured if another person is injured on any insured location. It would also protect the insured, spouse and family who are legally responsible for Bodily Injury or Property Damage to others arising out of personal, non-business activities.

 

“Personal Umbrella”
To better protect the policyholder, we always recommend adding a “Personal Umbrella,” which provides additional or excess liability coverage above and beyond your personal liability limit on your policy. It also provides broader protection not always provided by the primary or underlying policy. It will drop down to provide coverage as if it were a primary policy for certain exposures that are not protected by the underlying policy (ie Personal Injury). Additional defense costs are also provided by many umbrella policies.

Coverage F: Medical Payments

Coverage “F” states that the insurer will pay the necessary medical expenses incurred within 3 years of an accident causing bodily injury to others arising from an insured location or as a result of the personal activities of any insured.

Medical expenses include, but are not limited to reasonable costs incurred for bodily injury that requires: medical, surgical, nursing, x-rays, ambulance charges, prosthetic devices and funeral costs.

Daniel N. O’Rourke Insurance Agency, Inc. Is fully licensed to sell property insurance of all types in Massachusetts, New Hampshire, Maine and Rhode Island.