Insurance protects the things that are most valuable in life. Few things require more of an investment than your home. At Giuffre Insurance, help can help you find insurance that safeguards your home’s structure and your personal belongings, as well as help protect against litigation that could threaten your family’s financial future.
Hazards and Perils
Many things can threaten your home and the things inside it. When you purchase Wisconsin homeowners insurance, your policy may include coverage for a wide range of perils, such as:
- Smoke
- Fire
- Explosion
- Lightning
- Hail
- Wind
- Fallen objects
- Theft
- Vandalism
- And more
Some policies only extend coverage for the specific named loss events outlined in the policy. Others may offer broad protection for nearly any loss with the exception of those which are explicitly excluded in the policy. For example, homeowners insurance does not generally cover water discharge, sewer backup, or flooding. However, we here at Giuffre Insurance can show you how it may be possible to protect your home and belongings against these types of damages with home insurance endorsements and a stand-alone flood insurance policy.
Understanding Your Policy
Although the details of your home insurance may vary depending on which type of policy you choose and your coverage issuer, a typical Wisconsin homeowners insurance policy will include several different types of protection. These may include coverage for:
Structural Damages
Structural damage coverage is probably what you think of first when you think about homeowners insurance. This is usually the first coverage outline on a policy, as it pertains to the repair or rebuilding of your home after damage due to a covered event. You may notice that the coverage of the structural damage in your policy is separated into two different sections – Coverage A and Coverage B. The first outlines the coverage limits available for the primary structure, whereas Coverage B outlines the coverage limits available to ‘other structures’ on the property, such as a fence or a detached garage.
Be sure to talk with your agent about loss valuation coverage in your policy. We typically recommend insuring your house for its replacement value; that is, the cost to clean up damaged materials and rebuild your home after a loss.
Personal Belongings
If a fire destroys your home, it will destroy everything inside it, too. Personal belongings coverage outlines the available compensation for damages to your possessions, including your:
- Furniture
- Kitchenware
- Décor
- TVs, computers, and other electronics
- Textiles
- Apparel
- And more
The cumulative value of these items can easily total tens of thousands of dollars. Having the right limits means you can shoulder less of a financial burden in the event of a total loss.
Like structural coverage, we recommend insuring your personal belongings for their full replacement value – not the actual cash value that comes standard in a typical home insurance policy. Replacement value coverage reimburses you for the cost of buying new items to replace your damaged ones. Actual cash value, on the other hand, only compensates you for the depreciated value of your belongings.
Your personal belongings coverage may be set to 50 percent of your home’s structural coverage limit by default. However, we recommend taking inventory of your home to assess your actual coverage needs and identify any deficiencies. For example, you may have $10,000 worth of fine jewelry, but your policy limits may only cover up to $1,500 of losses. In this scenario, you would need to talk to your agent about scheduling additional coverage to protect your high-value belongings better.
Liability
Liability insurance is coverage for third-party damages if you are sued or found negligent for their injuries or other losses. This coverage can help pay for your legal fees and court costs, and it can also cover judgments and penalties against you up to the limits of your coverage. If your liability limits are too low, you risk paying for excess damages out of your own savings and income.
Medical Payments
Like liability coverage, medical payments can provide payment to a third-party for injuries sustained on your property. However, this coverage is a no-fault benefit, meaning it pays benefits regardless of who is ultimately at-fault for the injury. Although medical payments coverage is usually limited to just a few thousand dollars and does not absolve you of potential liability, it may be enough to pay for a pricey emergency room bill and perhaps even deter a lawsuit.
Temporary Displacement
When you are unable to live in your own home due to a covered event, displacement coverage can help pay for your temporary living expenses, including the cost of hotel charges or perhaps even renting an apartment until your home can be restored or rebuilt.
Affordable Wisconsin Home Insurance
Why pay more for your homeowner’s insurance than you have to? With an independent agent, you can get quality home insurance coverage without expensive premiums. When you choose Giuffre Insurance, you get personalized service with coverage that is customized to fit your needs and reduce your risk vulnerabilities. We then shop and compare rates from multiple insurers on the coverage you need and apply any discounts you may qualify for, such as home security discounts or savings for purchasing your auto insurance from the same carrier.
If you own your own home in Wisconsin or you are in the market to buy a new home in the near future, let Giuffre Insurance take care of your coverage needs. Contact our office today to request your free quotes. We look forward to serving you soon.
