Home Insurance

First of all, there is Coverage for the Structure (Dwelling) – The primary aspect of the home policy. This covers damage to your home from fires, storms and other disasters (although there is always exclusions – like flood, earthquake, war or nuclear accidents etc. Some of these coverages you can “buy back”). Replacement cost is of utmost importance, so that you can replace and reconstruct with same materials of what you have.

It’s prudent to insure your home for 100 percent of what it would cost to rebuild it. If destruction is total, as in the case when a home burns to the ground, you will then have adequate funds to rebuild it from scratch. We as your agent run a Replacement Cost Estimator when quoting your home to ensure you have proper coverage.

A good basic policy will insure your home against major disasters and it will cover Other Structures on your property, like a detached garage or shed. Avoid cheap insurance policies that only cover you at just 10 percent of the value of the structure of your home. The low-priced policy can leave the buyer in dire straits financially if there is a claim that doesn’t cover replacement cost.

Then there is Coverage for Contents (Personal Property)– at Gordon Tower Insurance, we will make sure your home policy covers the cost of replacing all your personal belongings if they are destroyed in a fire or other insured disaster. Coverage for Contents will also cover personal belongings that are stolen if your home is broken into by a burglar.

The standard contents coverage limit is equal to 50 percent of the value of the structure of your home. So if we have determined that it will cost $300,000 to replace your home, then you could have about $150,000 of insurance coverage on your family’s personal belongings.

If you felt unsure as to whether this was enough coverage, you can make a detailed list of the contents of your home, including furniture, clothing, art, tools, appliances and musical instruments. It’s also a good idea to take photos of all your valuables and save them on a flash drive in a fireproof box. In the event of a major claim and you are under duress, this would be exceedingly valuable.

All of the carriers we represent also provide off-premises coverage, which means your belongings will be covered even when you are not at home. If your expensive camera is stolen while you’re on vacation, a claim can be filed for you to be reimbursed. Some companies limit the amount to 10 percent of the total coverage you have on your possessions.

Then there is the most important aspect of your home owner’s insurance policy – the Personal Liability Protection – covers you in three distinct important ways. Liability protection covers damage to other people’s property. If your child accidentally throws a ball through your neighbor’s window, your home owners insurance policy will cover the cost of the damages. Liability protections also covers personal liability. In the event that someone sues you or the courts find that you are legally responsible for someone else’s injury or property damage, your policy pays for both the cost of defending you in court and any damages paid out, up to the limit of your policy.

This is extremely important as these numbers can get huge if someone is hospitalized because your dog bites them in your own backyard. This portion of your policy covers medical expenses for injuries suffered by others. If a friend or neighbor falls down your stair and is injured in your home, he or she can submit medical bills to your insurance company.

Most homeowner policies provide a minimum of $100,000 of liability protection. But some experts recommend that you purchase at least $300,000 in protection or more, depending on your assets. We can also provide you with an Umbrella Policy to cover all your assets across all your policies, including auto, boat or rental properties.

Another important piece of your home policy is reimbursement for additional living expenses in the event you need to leave your home while it is being repaired, Loss of Use Should a pipe burse or any other insured calamity destroy part of your home and force you to leave temporarily, your policy will cover your expenses up to a certain amount. In general, this coverage includes hotel bills, restaurant meals and rental car bills. Many policies provide coverage equal to about 20 percent of the coverage on your house.

In addition to your main coverages on your home policy, you may need to buy additional riders. For instance, if you have expensive artwork or jewelry that needs to be itemized, you may need to purchase a separate umbrella policy to cover them. General coverage for jewelry, for example, is limited to about $2,000 on standard policies.

If you live in a flood zone, you’ll need Flood Insurance. Federal flood insurance is available to communities that participate in the National Flood Insurance Program. We can help you navigate through these waters also and get you a flood policy.

We also give you breaks on your home policy when you have your cars or other insurance policies insured with us, by giving you a multi-policy discount. Check us out online and look at our great customer reviews! Most of our business comes from referrals, because our clients trust us and know we do a great job for them. They are very satisfied with the service they have received from Gordon Tower Insurance Agency. All of the carriers we use have great ratings from prominent firms like Standard & Poors. And remember, it’s not all about the bottom line. If your present insurance carrier takes months to process your claim or is in financial trouble, a price break may not be worth it.

Call us today! 216/663-7777!