Keeping Your Home and Property Safe

We shop your home insurance with multiple companies to find the best policy for you and your budget.

home insurance

Home Insurance

Home insurance protects your most valuable assets.  Your home, along with personal possessions and other personal property.  So, you want to be certain that it’s well protected. In addition, mortgage lenders require proof of home insurance before they’ll fund a loan. Your home insurance policy helps to ensure that when an unexpected event occurs, you’re not left unprotected. Home insurance provides three types of coverage

  • Dwelling – Provides the funds to repair or completely rebuild your home if you have a loss.
  • Personal Property – Pays when your personal possessions or the contents of your home are damaged or stolen.
  • Liability – Handles your legal expenses for lawsuits and claims brought against you for bodily injury, property damage or personal injury liability for which you are legally liable.  It can also provide legal defense costs in the event you are sued for a covered event.  (Increased liability coverage may be available by adding umbrella liability insurance.)
Chances are, your home is your largest and most important investment. Home insurance coverage helps protect you from financial loss if something unexpected such as fire, windstorm, vandalism or other covered loss happens to your home.  With Phillips Stafford Insurance Group you can choose the home insurance coverage that best fits your needs and budget. Not sure what you need? Contact Us and we can help determine which options are custom tailor a home insurance policy for your needs.

  • Replacement Cost – Pays the full amount to repair or replace the damaged area of the home, up to the insured amount, without regard to depreciation. Depending on the home insurance carrier you choose you must insure the home for at least 80-100% of its replacement cost. The replacement cost must be indicated on the policy.
  • Guaranteed Replacement Cost – Many home insurance carriers will offer to cover your home for 125% or more of the home’s insured value if repairs or replacement is necessary. This coverage helps if a disaster causes widespread damage resulting in higher than normal labor costs and material costs when replacing your home. It might also be used to hedge against inflating costs of building materials and add a slight cushion for extra piece of mind. This coverage is usually very affordable.
  • Actual Cash Value (ACV) – This basic home insurance reimburses you for covered losses to your home up to its current value – the age, condition and worth of your home are taken into account when settling losses.  For example, a 20-year life roof that is 10 years old would be depreciated by 50%.  So if damage is done to the roof, the home insurance company would pay 50% of the cost to repair or replace the roof.  This is bare-bones coverage usually reserved for vacant homes or homes under-going a remodel.

 

Optional coverages

  • Water Backup coverage – Water back-up provides coverage in the event of a back-up of a sewer system, drainage system or sub-pump. A back-up means that there is an accumulation caused by a stoppage in the flow; something that prevents water from continuing down its path, so it is forced to reverse direction and go back the other way.  Some consumers get this confused with flooding or overflow, but those are due to the boundaries of the structure holding the water being exceeded and creating a rising body of water.  Flooding is covered differently with a flood insurance policy.
  • ID Theft Coverage – Identity theft occurs when your personal data (such as your social security number or credit card) is used without your permission to commit fraud.  Identity Theft Protection can cover certain expenses needed to restore your identity, and usually includes a no cost credit monitoring that keeps track of inquires and changes made to your credit report.
  • Equipment Breakdown – This unique coverage is similar to a home warranty that extends to many of your essential home systems and personal property. It’s homeowners appliance insurance that provides protection in the event of an unexpected mechanical or electrical breakdown not caused by normal wear and tear or corrosion.  Coverages can vary by insurance carrier
  • Scheduled Personal Property – Home insurance policies automatically cover most of your personal possessions, but some items have dollar limits on what will be replaced.  If you have an expensive piece of jewelry, an extensive gun collection, or even a special camera or guitar, it’s best to schedule it.  Often times there is no deductible for scheduled items as well.

Condo Insurance

Condo and Town Home Insurance

Condominium associations typically carry insurance to cover condo buildings, commonly owned property and liability insurance for the association. But as a condo owner, you will need to have your own coverage to protect your personal belongings and the components of your condominium which you are personally responsible to repair or replace when covered losses occur. This generally includes everything in your condo from wall studs to drywall, carpet, fixtures, and other interior items. The right condo insurance policy will work hand-in-hand with your condominium association’s insurance policy.

First, review your owner’s agreement to help you determine your liabilities so we can help you purchase the coverage you need.

Second, determine the value of your personal property by using Phillips Stafford Insurance Group’s free personal inventory kit.

Third, for special items like jewelry, valuable art or antiques you may want to get an appraisal. Most home insurance companies require an appraisal for anything worth more than $5,000.

Fourth, add liability insurance coverage in case someone is injured while visiting your home or you accidentally injure someone or damage their property while away from your home. (Increased liability coverage may be available by adding umbrella liability insurance.)

Here are some options you have for insuring your property:

  • Replacement cost coverage provides the full amount of what it would cost to replace damaged items. Even if the item has depreciated in value, you will receive the amount of money it would cost to purchase a new, similar item. Limitations may apply to items that are worn out, obsolete or have special value.
  • Actual cash value coverage reimburses you for what the damaged item is worth, not the cost of a replacement item. For example, if your 10-year-old television is damaged beyond repair by a covered loss, you would receive the amount of money a 10-year-old television is worth, which might be much less than the cost to replace the television with a new one.
  • ID Theft Coverage – Identity theft occurs when your personal data (such as your social security number or credit card) is used without your permission to commit fraud.  Identity Theft Protection can cover certain expenses needed to restore your identity, and usually includes a no cost credit monitoring that keeps track of inquires and changes made to your credit report.
  • Equipment Breakdown – This unique coverage is similar to a home warranty that extends to many of your essential home systems and personal property. It’s homeowners appliance insurance that provides protection in the event of an unexpected mechanical or electrical breakdown not caused by normal wear and tear or corrosion.  Coverages can vary by insurance carrier
  • Scheduled Personal Property – Home insurance policies automatically cover your personal possessions, but some items have dollar limits on what will be replaced.  If you have an expensive piece of jewelry, an extensive gun collection, or even a special camera or guitar, it’s best to schedule it.  Often times there is no deductible for scheduled items as well.

renters insurance

Renters Insurance

Even though you may not own the building, you own what’s in it! Renters insurance can help repair or replace your property if ever stolen or damaged.  Renters insurance also includes an often forgotten component, personal liability insurance.  Without liability coverage you are exposed to possibly expensive lawsuits and damage cause by mistakes or negligence.

Because you choose to rent instead of buying a home doesn’t mean you have nothing to protect. Renters insurance covers losses to your personal property if you rent a house, duplex or apartment. It also provides protection if you are ever found liable for injuries or property damage, or have legal defense costs. Insuring your property with a Renters coverage policy protects you from having to start from scratch if you experience a covered loss.

First, determine the value of your personal property by using Phillips Stafford Insurance Group’s free personal inventory kit.

Second, for special items like jewelry, valuable art or antiques you may want to get an appraisal. Most companies require an appraisal for anything worth more than $5,000.

Third, add liability insurance coverage in case someone is injured while visiting your home or you accidentally injure someone or damage their property while away from your home. (Increased liability coverage may be available by adding umbrella liability insurance.)

Here are some options you have for insuring your property:

  • Replacement cost coverage provides the full amount of what it would cost to replace damaged items. Even if the item has depreciated in value, you will receive the amount of money it would cost to purchase a new, similar item. Limitations may apply to items that are worn out, obsolete or have special value.
  • Actual cash value coverage reimburses you for what the damaged item is worth, not the cost of a replacement item. For example, if your 10-year-old television is damaged beyond repair by a covered loss, you would receive the amount of money a 10-year-old television is worth, which might be much less than the cost to replace the television with a new one.
  • ID Theft Coverage – Identity theft occurs when your personal data (such as your social security number or credit card) is used without your permission to commit fraud.  Identity Theft Protection can cover certain expenses needed to restore your identity, and usually includes a no cost credit monitoring that keeps track of inquires and changes made to your credit report.
  • Equipment Breakdown – This unique coverage is similar to a home warranty that extends to many of your essential home systems and personal property. It’s homeowners appliance insurance that provides protection in the event of an unexpected mechanical or electrical breakdown not caused by normal wear and tear or corrosion.  Coverages can vary by insurance carrier
  • Scheduled Personal Property – Home insurance policies automatically cover your personal possessions, but some items have dollar limits on what will be replaced.  If you have an expensive piece of jewelry, an extensive gun collection, or even a special camera or guitar, it’s best to schedule it.  Often times there is no deductible for scheduled items as well.

The cost of your home insurance premium depends on the coverage you need and any discounts available to you. By insuring your personal property in combination with vehicle, liability and other insurance needs with the same insurance company, you might be able to save money and get other benefits.