Will Your Homeowner Policy Be There When You Need It Most?

Presented by:Careasa Greer Agency

2 out of 3 Homes Are Underinsured

• The latest survey shows that the typical homeowner is underinsured by 27%!

• Equate this into real dollars– $100,000 home is underinsured by $27,000– $200,000 home is underinsured by $54,000– $250,000 home is underinsured by $67,500– $300,000 home is underinsured by $81,000Remember these figures . . .

Insuring your Home at 100% of Reconstruction Costs

Why insure at 100% of Reconstruction Costs?

• You protect your ability to rebuild your home to its original luster.

• Failure to maintain appropriate insurance coverage will cause you to have to bear extensive out-of-pocket costs.

• Would you rather pay out in accordance to the previous figures listed or would you rather rest assure that your home is covered?

Breakdown of the HO Policy

• Dwelling Coverage – (protects the house/structure)• Separate Structures (detached garage, storage shed)• Loss of Use ($ available when you home is uninhabitable)• Guest Medical (when visitors get hurt on your property)• Liability (payable to a 3rd party when you are deemed

liable for their loss or injury)• Building and Ordinance (allows the home to be rebuilt in

accordance to the codes)• Keep in mind – LAND IS NOT INCLUDED IN COVERAGE!

Optional Endorsements/Coverages

• Residence Glass – (we include these automatically on every policy). Allows you to replace broken glass (windows) without paying a full deductible.

• Identity Theft Shield – provides an affordable means for you to monitor your credit report, receive credit alerts, public records monitoring, travel document replacement, disaster document replacement and 3rd party claims management service that will complete all the legwork in restoring your identity for a fraction of the cost you would pay the 3 major credit bureaus and other ID Theft services.

• Variety of other services available to make your homeowner policy work specifically for you and your family!

Rebuilding Your Home

What goes into the rebuilding process? Consider This . . . • Your policy will pay for the cost

of rebuilding your home – as long as you have sufficient coverage.

• Debris removal and repairs. Remember, it cost more to rebuild a home than to build one from the ground up because of the costs associated with debris removal and repairs that must be made before rebuilding the structure.

NEVER . . . .

. . . insure your home at property tax value!

. . . insure your home at purchase price!

. . . insure your home at retail value?

More than likely if you use any of these three factors to build an insurance plan for your home – your home is UNDERINSURED!

ALWAYS!• Schedule an annual review with your agent to go over items that

may have changed in your house. (Additional family members, remodel of your home, discounts you should have on your policy, etc.)

• Take advantage of multi-line discounts by having all of your policies at one place.

• If you plan to become a homeowner, currently own a Renters policy – it is easily convertible to a homeowner policy and you will receive discounts for having continuous coverage.

• Maximize the coverage available through your base policy.• Consider adding an Umbrella to your policy to cover any outstanding

liability you may incur from underlying automobile, homeowner, boat and motorcycle policies. ($1 mill, $2mill, $4 mill, $5mill, etc.)

How Do I Protect One of My Greatest Investments?Thinking about making some major modifications to your home? Contact your insurance agent to update your homeowner policy to take into consideration the modifications you recently made to your home.

Did you know an estimated 75% of all remodelers fail to update their insurance coverage to reflect those improvements? Failure to insure your home properly can result in the failure to rebuild your home after a catastrophic loss.

Ready to Close?

RentersHomeownersTownhomesCondosRental Property/LandlordVacant HomesVacation Homes, etc. We have a policy for every

type of home your need to cover!

Know these factors are considered when determining the total premium for your new home . . .

Type of home being insured (brick, vinyl siding, townhome, etc.)Special features of the home – trey ceilings, cathedral ceilings, hardwood floors, tile floors, winding staircases, central vacuuming systems, etc. Square footage, the number of stories of the home, attached or detached garage, enclosed or walk-out basement?CREDIT! Yes, credit plays a major factor in the calculation of your premiums. The better your credit rating, the better your insurance premium rate!