The first thing you do when you buy a home is purchase insurance to protect your investment. Not only is it a requirement of most mortgage lenders, but it can also safeguard your income and assets against unexpected loss. At River City Insurance Agency, we work closely with our clients to craft personalized home insurance policies that reduce vulnerability to hidden risks. Whether your garage catches fire or you are sued for a third-party injury, we can be by your side working to assure you are well protected against damages and loss.
Much of a homeowner’s insurance policy covers the costs associated with specific types of loss. These can vary depending on the type of policy you purchase, but the list often includes:
- Fire and smoke
- Wind and hail
- Theft and vandalism
- Fallen objects
- And more
Your policy language may detail the exact events for which you have coverage, or it may instead explain a broader protection for all losses except those specifically excluded by name. This coverage usually pertains to events affecting the structures on your property, your personal belongings, and your ability to receive compensation for temporary displacement.
If your insurance excludes a specific peril for which you want coverage, talk to an agent to find out if an endorsement or stand-alone coverage may be available.
Wisconsin Home Insurance Coverage
Homeowners insurance policies include multiple coverage types, each of which has its own limitations. It is important to understand the benefits of each coverage type to ensure you are adequately protected against loss. Your home insurance coverage may include protection for:
The first part of your home insurance policy likely covers the structural components of your property. This includes the primary structure of your home, as well as the other structures on your property like your detached garage, fences, or pool house. It does not, however, cover the value of your lot or land.
When insuring your property’s structure, consider the importance of insuring it for the full cost of cleaning up after a disaster, as well as rebuilding at current or future costs in the event of a total loss. This is often much more than the price you actually paid for your home, as inflation forces costs to rise over time. Ask your agent about automatic coverage increases that account for inflation.
The personal property section of your policy covers the items you own when they are damaged, stolen, or lost due to a covered event. This coverage typically extends to items outside your home, too, meaning you may be able to file a claim for stolen luggage when traveling or for items damaged in a storage unit fire.
It is important to account for all of your possessions when assessing your personal property coverage needs. A home inventory can help you itemize your belongings and better calculate their value and the cost to replace them. Many insurance companies will provide default personal property coverage limits equal to 50 percent of your structural coverage limit, but this may not be enough. Furthermore, certain items, such as fine jewelry and firearms may have coverage caps, making it essential that you schedule additional coverage for the loss of those items.
Personal property may be insured for either the full replacement cost or only the actual cash value of your items (ACV). The latter accounts for depreciation of your belongings, meaning you could spend more money beyond your deductible to replace your items with new ones after a covered loss. If your personal property coverage is based on ACV, talk to your agent about purchasing a replacement cost endorsement that increases your coverage.
Liability is a risk that all homeowners must contend with. Without adequate coverage, you could be personally responsible for paying a large judgment or settlement for third-party injuries or property damages, as well as legal fees associated with your defense. Homeowners insurance typically includes liability protection for these costs when you or a member of your household causes a covered injury or loss. We generally recommend high limits for your liability insurance, as any damages that exceed the value of your coverage may be yours to pay out of pocket.
Injuries on your premises are not always your fault, but medical payments coverage can still help pay for a guest’s necessary medical expenses after an incident occurs. This no-fault coverage pays benefits regardless of who is to blame for the injury. Although it is usually limited to just a few thousand dollars, it could be enough to pay an emergency room bill and potentially even avoid a lawsuit.
Temporary Living Expenses
Imagine pulling into your driveway only to discover a fire has completely destroyed your home. You know your home insurance will cover the cost to rebuild, but where will you sleep, do laundry, and prepare your family’s meals in the meantime? With temporary living expense coverage, your insurance can also help cover your extra expenses associated with finding a temporary place to live.
Affordable Wisconsin Home Insurance
At River City Insurance Agency, we believe that homeowners insurance should always be reliable and affordable. If you are searching for your next home or looking to upgrade the protection on your existing policy, we want to help you find the coverage you need. As an independent agency, we can shop and compare home insurance policies from many of the state’s leading insurers. We aim to find quality protection at the competitive and affordable prices you deserve. You may even qualify for extra discounts if you meet certain eligibility requirements. Examples include:
- Claims-free discounts
- New roof discounts
- Home security system discounts
- Multiple policy discounts
- And more