Need Homeowners Insurance?
If you’re like most homeowners, your home is one of your most valuable asset, and should be protected as such. When your home is damaged or destroyed, you need your claim settled by an insurance company that understands the importance of the place you call home.
Vault Insurance & Risk Management can help you find the best homeowners insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and competitive pricing.
Regardless of where you live, homeowners insurance is one of the most important insurance policies you could ever own.
It’s important to understand that no two homeowners insurance policies are created equal though. Different insurance companies offer different levels of coverage, different endorsements, and have different conditions and limitations. We are happy to customize your coverage to meet your needs and risk profile.
Note: if you are looking for homeowners insurance for a rental property, or home that is un-occupied, you cannot use traditional homeowners insurance. You need a “specialty dwelling” policy which we can also help you with.
Common Homeowners Insurance Coverages
Every home is unique, and therefore requires a carefully crafted policy. Homeowners insurance policies differ by which losses are covered, which coverages you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that covers losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.
These are some common coverages you typically see on a policy:
Dwelling — this is the portion of your policy that covers the actual structure (main house). The cost to replace your home can fluctuate from time to time based on the cost of raw material and labor, and of course, supply and demand.
A replacement cost analysis will be conducted on your residence, taking into consideration factors such as its square footage, architectural style, and other relevant details, to determine the actual cost of rebuilding in the event of a worst-case scenario.
Other Structures — this covers any structure on your property that is not permanently attached to your house, like fencing, gazebos, and detached buildings like sheds and garages. Typically, this coverage amounts to 10% of the Dwelling limit, however, it can be boosted to accommodate additional coverage if necessary.
Personal Property —This coverage encompasses all of your personal possessions including garments, furnishings, electronics, and appliances. Essentially, everything that would spill out of your home if you were to turn it upside down and give it a good shake.
Loss of Use —This coverage provides financial support for your temporary living expenses in the event that your primary residence becomes uninhabitable as a result of a covered loss, requiring you to reside elsewhere.
Service line coverage- covers against unexpected expenses related to the damage of service lines on your property, such as power lines, phone and cable lines, water and sewer pipes and more. It covers the potentially costly expenses of excavation and repair of underground wiring and piping.
Equipment breakdown – may cover electrical or mechanical breakdowns of your home equipment, but only when the sudden loss is due to uncontrollable circumstances such as electrical damage due to artificially generated electrical surges and motor burnouts or ruptures caused by centrifugal force. Normal wear and tear, and damage from neglect and poor maintenance, are not covered by equipment breakdown coverage.
Water backup – if you have damage to your property caused by a clogged sewer line, failed sump pump and backed up drains. It may also covers mold damage to your home caused by water or sewer backup.
Medical Expense —This coverage provides financial protection for medical expenses incurred by guests who are hurt on your property and, in specified circumstances, for individuals injured off your property. However, it does not extend to health care expenses for you or other members of your household.
Family/Personal Liability — personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world. When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued. In some situations, an Umbrella policy may be necessary to provide extra coverage.
Scheduled Personal Property — there are some situations where you might want special coverage for valuables, or collectibles like jewelry, guns, collectibles, rugs, etc..
How to get started with your homeowners quote:
It is simple! Get a free, no-obligation quote from us by filling out the required information in the form below. After completing the form, you have the option to upload your current declaration pages. This way, we can verify that you have not missed any crucial coverage. If you’d rather speak with us directly, feel free to give us a call. We strive to simplify the process for you.