Did you know that 7% of all homeowners file a claim each year due to a loss*? Is your home properly insured? Protect the value and equity of one of your single largest investments by insuring it adequately.
Homeowners insurance can provide:
Property Protection: Helps replace or rebuild a home in the event of a total loss.
Asset Protection: Covers you against liability claims.
Personal Property Protection: Covers valuable possessions inside your home including furniture, art, jewelry, etc.
Primary aspects of homeowners insurance claims include:
Homeowners insurance can be very important in the event of a home damage or total loss. It is imperative that you select a policy that will help you cover the cost of rebuilding your home. Consider the following when selecting the value of your home policy:
– Current upgrades or additions
– Current rebuilding costs in your area
– Age of your home since cost of rebuilding an older home can be even greater than rebuilding of a newer home
Given the rising cost of real estate and increase in rebuilding cost, it may be important for you to cover your home at 150% or more above the home’s current value. In many cases, carriers only offer policy options up to 125% above value whereas McLean Insurance works with several carriers that offer higher limits. Our homeowners insurance experts are available at 703-790-5770 to help you determine appropriate coverage for your property.
In today’s world, it is not uncommon to see million dollar lawsuits for slips, falls, dog bites, etc. Therefore, asset protection can be an important component of a homeowners insurance policy.
Also, the explosion of social media sites such as Facebook, Twitter, etc. has allowed consumers to share their views easily but sharing their viewpoints, likes and dislikes with ease has also increased liability risk. Libel and slander related lawsuits are becoming a common place in our society and unfortunately consumers are learning (the hard way) that their current homeowners policy only offers liability coverage for bodily injury and property damage. It does not cover for instances where there is no physical injury to the other party.
At Mclean Insurance we recommend protecting yourself and/or your family from such a risk by:
(1) Adding a personal injury endorsement to your homeowners insurance policy. This endorsement expands the definition of bodily injury to include libel or slander; defamation of character; false arrest, detention or imprisonment; invasion of privacy; wrongful entry or eviction; humiliation; or malicious prosecution. Please note that there are normally policy exceptions for intentionally causing harm.
(2) By purchasing an umbrella policy that also includes personal injury endorsement. The umbrella policy will also add additional liability limits, generally $1-$2 million dollars, above the limits of the underlying homeowners insurance policy.
Each of the above listed options extends to family members regardless of age. Check with your Mclean Insurance expert to determine if the liability limits on your policy are sufficient or if you should protect yourself by purchasing additional insurance.
Personal Property Protection
It is important to make sure that your personal property is adequately insured especially in the case of an unforeseen damage or theft. At Mclean Insurance, we highly recommend having a home inventory. It can be an easy as creating a list on a piece of paper or even documenting the household items with a video camera. We also recommend that you keep this list in a safe place away from the home. Here’s a free service from Insurance Information Institute that can help you with your home’s inventory quickly and easily. Click the button below to begin.
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