Homeowners Insurance

The Homeowners Insurance policy will cover against fire, wind, theft and many other perils to the structure itself and the contents.  Liability is also included in this policy.  The insurance you purchase must meet your specific needs.  It is vital that you have an explanation of coverage options so you are able to make informed choices.  Mid-State prides itself on being a valuable resource for you and your family.

A Brief Explanation of the Homeowners Policy

Basic Policy Coverages

The basic homeowners policy covers your home, garage, shed or other structures on your property.  Generally, other structures are insured for 10% of the value of the home.  The contents of your home, as well as personal belongings used, owned, worn, or carried by you or members of your household are also covered.  Coverage for personal property is limited to specific monetary amounts such as $200 for money, $1,000 on watercraft, and $1,000 on jewelry.

Exclusions

Most catastrophes are covered by your basic homeowners policy, however, flood and earthquake damage are not.  A separate policy is required.  There may also be exclusions in your policy such as neglect.  For example, if you neglect to repair a leaky roof, you may not be covered.  Another exclusion that can be costly is the "Ordinance or Law" exclusion.  Building codes that drive up the cost of rebuilding or repairing may not be covered by your insurance policy.  Coverage to include ordinance or law requirements can be added to your homeowners policy and may save you money in the long run.

Additional Coverages

You may elect to increase these coverages or purchase replacement cost coverage for the building and/or contents.  You may also purchase coverage for specific items such as an engagement ring or original artwork.