UNDERSTANDING HOMEOWNERS INSURANCE

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1 UNDERSTANDING HOMEOWNERS INSURANCE Marjorie J. Hudson MCM Insurance Services, Inc. 31 Robbins StaDon Road, Suite C North HunDngdon, PA (VP) (V) (Fax)

2 How To Read Your Homeowners Policy? To qualify for homeowners insurance, you must own and live in that property. If you own a property, but rented to others you need to obtain DWELLING FIRE INSURANCE.

3 Homeowners insurance and Dwelling Fire insurance are two endrely separate policies. Homeowners insurance rates are generally lower than fire insurance. Homeowners tend to take beber care of their homes and take pride in owning their properdes.

4 DWELLING $200,000 OTHER STRUCTURES $ 20,000 PERSONAL PROPERTY $140,000 LOSS OF USE $ 40,000 PERSONAL LIABILITY $100,000 MEDICAL PAYMENTS $ 1,000 TO OTHERS DEDUCTIBLE $500

5 WHAT IS A DWELLING? YOUR HOUSE

6 OTHER STRUCTURES? DETACHED GARAGE SHED INGROUND POOL ABOVE GROUND POOL FENCE GAZEBO

7 PERSONAL PROPERTY FURNITURE (BEDROOM, DINING ROOM, LIVING ROOM, DEN) CLOTHES APPLIANCES DISHES, POTS, PANS, SILVERWARE TV, DVD, VCR, COMPUTERS, VP WASHER AND DRYER

8 LOSS OF USE LIVING TEMPORARILY AT ANOTHER LOCATION SUCH AS HOTEL, APARTMENT, MOBILE HOME WHILE YOUR DAMAGED HOUSE IS BEING REBUILT OR REPAIRED

9 PERSONAL LIABILITY PROPERTYPROTECTS YOU AGAINST LAWSUIT WHEN A GUEST, VISITOR OR CLAIMANT IS INJURED ON YOUR

10 MEDICAL PAYMENTS TO OTHERS PAYS FOR MEDICAL EXPENSES TO VICTIM WHO WAS INJURED THAT OCCURRED ON YOUR PROPERTY

11 TYPES OF HOMEOWNERS POLICIES HO- 1 BASIC FORM HO- 2 BROAD FORM HO- 3 SPECIAL FORM**** HO- 5 ALL RISK FORM **** THE BEST COVERAGE/HIGHLY RECOMMENDED

12 HO- 4 TENANTS POLICY THIS IS FOR POLICYHOLDERS WHO DO NOT OWN PROPERTIES, BUT RENT EITHER HOMES OR APARTMENTS. THIS POLICY WILL COVER PERSONAL BELONGINGS.

13 HOW TO READ A TENANTS POLICY? A. Dwelling B. Other Structures C. Personal Property $ 25,000 D. Loss of Use $ 5,000 E. Liability $100,000 F. Medical Payments $ 1,000 Replacement Cost on Contents

14 HO- 6 Condo Policy This policy is designed for people who own the condo or townhouse through the associa]on. The coverage protects policyholders personal belongings as well as the interior of the condo or townhouse.

15 RECOMMENDATIONS REPLACEMENT COST COVERAGE DWELLING REPLACEMENT COST COVERAGE CONTENTS SEWER BACKUP COVERAGE

16 DWELLING REPLACEMENT COST Many insurance companies require that homes be insured at 90 % to 100% of replacement cost to avoid deprecia]on in the event of a loss. IT IS HIGHLY RECOMMENDED TO INCLUDE THIS VALUABLE COVERAGE ON YOUR HOMEOWNERS POLICY.

17 CONTENTS REPLACEMENT COST COVERAGE YOU CAN INCLUDE THIS COVERAGE ON YOUR TENANTS OR CONDO POLICY. IT IS HIGHLY RECOMMENDED THAT YOU HAVE THIS VALUABLE PROTECTION.

18 CLAIMS HOW CLAIMS ARE SETTLED?

19 Dwelling Replacement Cost If your house is destroyed by fire or tornado, the policy will pay to REBUILD at the full replacement cost.

20 . If your house is insured for $200,000, the claim department typically does not give you a lump sum check for $200,000. Once you actually start rebuilding the house, you ll be given a check periodically un]l construc]on is completed. You will be paid in full.

21 ACTUAL CASH VALUE IF YOU CHOOSE NOT TO REBUILD YOUR HOUSE, THE INSURANCE COMPANY WILL PAY THE CLAIM ON AN ACTUAL CASH VALUE BASIS. THE ADJUSTER CALCULATES THE REPLACEMENT COST MINUS DEPRECIATION.

22 REPLACEMENT COST DEPRECIATION ACTUAL CASH VALUE

23 PARTIAL LOSS VS. TOTAL LOSS IT IS VERY IMPORTANT TO REMEMBER THAT REPLACEMENT COST IS NOT THE SAME AS MARKET VALUE. THE COST TO REBUILD THE HOME IS GENERALLY HIGHER THAN THE MARKET VALUE OF THAT SAME PROPERTY.

24 PARTIAL LOSS CLAIM ACTUALLY CARRIES X LOSS = SETTLEMENT SHOULD CARRY

25 PARTIAL LOSS CLAIM SCENARIO $100,000 (Actually Carries) $200,000 (Should Carry)

26 PARTIAL LOSS CLAIM SCENARIO $100,000 (Actually Carries) X $50,000 Loss $200,000 (Should Carry)

27 PARTIAL LOSS CLAIM SCENARIO $100,000 (Actually Carries) X $50,000 Loss $200,000 (Should Carry) $100,000 x $50,000 = $25,000 $300,000

28 PARTIAL LOSS CLAIM SCENARIO $100,000 x $50,000 = $25,000 $300,000 $25,000 - $500 deducdble = $24,500 seblement You pay the DIFFERENCE - $25,500

29 HOMEOWNERS APPLICATION QuesDons insurance companies normally ask regarding your property: Property address County ConstrucDon Type

30 HOMEOWNERS APPLICATION Property address County ConstrucDon Type Year Built Dwelling Type- one story, two story, bi- level, tri- level, etc.

31 HOMEOWNERS APPLICATION Year Built Dwelling Type- one story, two story, bi- level, tri- level, etc. Swimming Pool Trampoline Any Dogs what breed?

32 HOMEOWNERS APPLICATION Updates: HeaDng Plumbing Roof Any claim history

33 EXPECT CHANGES FROM INSURANCE COMPANIES PREMIUM WILL GO UP AFTER THE CLAIM IS PAID OUT SIMILAR TO AUTO INSURANCE WHEN APPLYING FOR NEW HOME INSURANCE WITH ANOTHER COMPANY, EXPECT INSPECTION.

34 EXPECT CHANGES FROM INSURANCE COMPANIES EXPECT HIGHER DEDUCTIBLES. MANY HAVE ALREADY RAISED DEDUCTIBLE TO $1,000 AND SOME ADDED $1,500 DEDUCTIBLE CLAUSE FOR HAIL DAMAGE DUE TO SEVERE WEATHER STORMS.

35 WHAT HOMEOWNERS INSURANCE DOES NOT COVER? FLOOD EARTHQUAKE MINE SUBSIDENCE WAR WEAR AND TEAR, DETERIORATION TERMITE RADIATION, NUCLEAR REACTION

36 WHAT HOMEOWNERS INSURANCE DOES NOT COVER? INTENTIONAL OR CRIMINAL ACTS SMOG, SMOKE FROM INDUSTRIAL OPERATIONS ELECTRICAL OR MECHANICAL BREAKDOWN, FAILURE, DEFECTS

37 WHAT HOMEOWNERS INSURANCE DOES NOT COVER? ELECTRICAL OR MECHANICAL BREAKDOWN, FAILURE, DEFECTS BIRDS, VERMIN, INSECTS, RODENTS OR ANIMALS KEPT OR OWNED BY COVERED PERSON

38 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: No]fy your insurance agent/company

39 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: NoDfy your insurance agent/company Get a wrihen es]mate from your contractor

40 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: NoDfy your insurance agent/company Get a wriben esdmate from your contractor Make temporary repairs to prevent addi]onal damages Pick your own contractor

41 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: NoDfy your insurance agent/company Get a wriben esdmate from your contractor Make temporary repairs to prevent addidonal damages Pick your own contractor

42 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: Get a wriben esdmate from your contractor Make temporary repairs to prevent addidonal damages Pick your own contractor Adjuster reviews es]mate with contractor

43 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: Make temporary repairs to prevent addi]onal damages

44 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: Make temporary repairs to prevent addidonal damages Pick your own contractor

45 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: Make temporary repairs to prevent addidonal damages Pick your own contractor Adjuster reviews es]mate with contractor

46 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: Make temporary repairs to prevent addidonal damages Pick your own contractor Adjuster reviews esdmate with contractor Adjuster pays the claim

47 HOW CLAIMS WORK? WHEN YOU HAVE A LOSS: Make temporary repairs to prevent addidonal damages Pick your own contractor Adjuster reviews esdmate with contractor Adjuster pays the claim You pay the deduc]ble to contractor

48

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