Your home is a very important investment, and our job is to help you protect it. With home insurance you can protect your home and your possessions inside of it. You’ve worked hard for what you have and it’s very crucial to have the proper protection to safeguard it. There are several options of what home insurance can cover on your property. Algate Advisors can help you make sure that everything will be taken care of and insured properly. Contact Algate Advisors today to see how to protect one of your biggest investments.
Common Home Insurance Questions
My refrigerator just broke and needs to be replaced. Does my homeowners policy cover broken appliances?
Typically a homeowners policy does not cover appliance repair. However, some policies will cover the loss of refrigerated or frozen items in the event of a power outage. Call Algate Advisors to find out if your policy has this coverage.
Is my engagement ring covered on the homeowners policy?
There is some jewelry coverage on most homeowners policies. It is minimal and many times it is subject to the deductible. If you have an expensive piece of jewelry, it is crucial that you schedule that item at its full replacement value. You may need to have it appraised, but it will be worth the expense. There is typically no deductible for scheduled items.
Is Indiana on an earthquake fault-line? Do I need to purchase earthquake insurance?
Yes, Indiana is a part of the New Madrid Seismic Zone and if you want coverage for an earthquake, you must add the earthquake endorsement to your policy. Keep in mind most earthquake insurance is subject to a minimum 5% deductible.
What are some endorsements or coverage items that should be added to every homeowners insurance policy?
Replacement cost coverage on dwelling and contents: This essential endorsement covers your property at the replacement cost value. For example. if your sofa that you purchased for $15 at a second-hand store, is damaged in a fire, you would get a brand new sofa of like kind instead of another $15 sofa (subject to any deductible on the policy).
Water/Sewer Backup coverage: If you have a basement with a sump pump, finished or unfinished, you should have this essential coverage on your policy. If your sump pump fails or sewage backs up into your basement, this endorsement will help with restoration and repairing or replacing things that were damaged by the water or sewage.
Identity Theft: This important endorsement can help cover the cost brought on by identity theft. Fraud services, loss of wages and legal fees are some of the expenses that are a result of identity theft.
Service Line coverage: This endorsement is a relatively new option on most homeowners policies. It is insurance against unexpected expenses related to the damage of power lines, phone or cable lines, or water or sewer pipes.
Are personal items that I take with me on vacation covered on my homeowners policy?
Yes, most homeowner insurance policies cover all your personal possessions no matter where you are. Not only is your property covered, the liability also covers you outside your home.
Learn more about the different types of Home Insurance: