The single most investment most people have is their home and personal property. Making sure that you have the right coverage at the best price guarantee that you will be able to replace your investments . We represent a local company that is fast and fair when you need help.
The day of the famous “Inauguration Day Storm” Caroline McNeilly woke up to find four large Douglas Firs on her two-story home. Her husband was away on business. She was panicked and all alone. She called me for help and we immediately contacted the PEMCO Claim Department. It was extremely important that the home was secured as the tree damage had opened a gaping hole in her ceiling.
Even as the storm continued, PEMCO contacted a crane service to lift the large trees off her roof. With skill the large crane was able to lift each tree off without further damage. A licensed contractor was there to secure a tarp over the roof just in time as a heavy rain started.
In a short time after the storm the repairs were completed and a new roof was again protecting her family and possessions. All the work is guaranteed.
We see this claim as an example why it is so important to insure with a local company.
Homeowners insurance used to be called fire insurance, but that name doesn’t give this insurance policy full credit–a homeowner’s policy covers so much more than just losses resulting from fires.
There are two types of coverage for your possessions: actual cash value and replacement cost coverage.
- Under actual cash value, the insurance will cover the cost of replacing the property minus an allowance for depreciation. If you have, say, older furniture, that allowance could be quite significant. Unless your policy specifically says it provides replacement cost coverage, the coverage is for actual cash value.
- Under replacement cost coverage, the insurance company will cover the cost of replacing property that is damaged or stolen, up to a maximum dollar amount. Replacement cost is better for you, the homeowner.
To insure your Washington home appropriately, you want to make sure that you have enough coverage to rebuild your home in case it gets completely destroyed. That means the limit on your policy should be equal to the cost to replace your home. The replacement value is calculated on a “cost per square foot” basis: take the square footage of your house and multiply it by the average square foot building rate in your area. Your insurance agent will be able to help you calculate the replacement value.
Unfortunately, there are certain exceptions to the coverage on your homeowner’s policy. These exceptions generally include loss due to flooding, earthquake, landslide and certain other perils. If you live in a flood or earthquake prone area, or on a hillside, you might wish to consider buying additional protection for these perils.
There are other limitations in the homeowner’s insurance policy: Although there is coverage for the contents in your home, this coverage is limited for certain valuables, including jewelry, art, and computer equipment. As a rule of thumb, if you have a collection or an individual item worth at least $500, you should consider additional coverage options by buying a personal property endorsement or “floater”. A “floater” is attached to your homeowner’s policy and provides the additional coverage you need. The higher the value of the items you’d like to insure, the more the added-on coverage will cost.
Washington Homeowner’s Policies Cover*
- Your residence
- Detached structures (garages, workshops, fences, dog kennels, garden sheds etc…)
- Your belongings (including when you’re away from home.)
- Living expenses
- Personal liability
- Medical expenses
* Except for dwelling and structures, a renter’s policy has very similar benefits and starts as low as $120 per year!