Scranton Home Insurance
I’m sorry, that’s not covered.
Imagine your home is damaged. You call your insurance agent to report the claim. And then you hear the worst news possible, “I’m sorry. That’s not covered by your policy.” Now, you have a real problem.
The unfortunate truth is no insurance policy covers you for everything that could possibly happen to you or your property. However, with a little bit of understanding from us here at Joyce, Jackman & Bell Insurors, you can make sure you have the protection you want for your Scranton home…and make sure your insurance claims get paid.
Your home insurance policy protects you in six primary ways. You’ll find these listed on your policy’s Declarations page. Here’s what they mean to you.
The word dwelling in your homeowners insurance policy essentially refers to your home itself. It includes attached structures, as well … like an attached garage. The Dwelling Limit or amount of Insurance stated on your Declarations page indicates the most the insurance company will pay to replace your home if it’s destroyed by a covered claim. Is it enough?
Warning: Don’t make the mistake of thinking your Scranton, PA home is fully covered just because you have a home insurance policy! You must make sure your dwelling limit is enough to rebuild your home. How?
Contact Joyce, Jackman & Bell Insurors and one of our licensed agents can work up a replacement cost estimate that calculates the cost to rebuild your Scranton home. Be sure to adjust the amount of insurance for your dwelling appropriately. If you don’t you may not have enough insurance to replace your home if disaster strikes.
Note: Home Insurance policies include built-in protection above the stated dwelling limit usually a percentage of the dwelling just in case the estimate is too low. Joyce, Jackman & Bell Insurors will discuss this with you as an additional protection feature.
The most common Other Structures are sheds, detached garages, barns, pool houses, etc. These structures are not directly attached to your home.
Other Structures have their own protection limit – the most your company will pay to rebuild them – as stated on your Declarations page in your home insurance policy. This coverage limit will be significantly less than the dwelling limit…usually 10% of the dwelling.
For most people that’s plenty of insurance for other structures. But not for everyone. You need to know what it would cost to rebuild or replace those structures if they’re destroyed. Discuss it with a Joyce, Jackman & Bell Insurors licensed insurance agent. You can buy more protection for your other structures if you need it for your Scranton, PA home.
Your personal property is all your stuff – furniture, clothing, electronics, appliances. Your personal property also has its own insurance limit stated on your Declarations page in your home insurance policy. This amount is the most the insurance company will pay to replace your personal property.
Your personal property limit is usually 50% - 70% of your dwelling limit. However, you can increase this limit if you need more protection. Discuss your options with us here at Joyce, Jackman & Bell Insurors. We're here to help!
Now, there’s a very important question you must get answered. How is your property protected … on an actual cash value basis or a replacement cost basis? The difference is huge!
If your property is insured on a replacement cost basis the insurance company will replace your old stuff with new stuff. But if your property is protected on actual cash value basis, an allowance for depreciation is applied. Clearly, insuring your personal property on a replacement cost basis is much better protection than actual cash value. Sometimes it costs a bit more, but not always. Make sure you know how your homeowners insurance policy works and check the price both ways. Make the right decision for you.
Loss Of Use
If your Scranton, PA home is badly damaged you won’t be able to live in it while it’s being fixed or replaced. That means you may have to pay rent somewhere while you’re also paying your mortgage. The Loss of Use coverage on your homeowners insurance policy pays those additional expenses for you. Your Declarations page may state a dollar limit for this coverage, or it may state a time limit. If there is a dollar limit, this is the most the insurance company will pay for these expenses. If there’s a time limit, your insurance company will pay all covered expenses regardless of the amount but only for the specified period.
Your liability coverage pays if someone sues you for their injuries due to a covered claim. When we think of such accidents we most commonly think of injuries that occur on your property – someone slips and falls or a dog bite. However, the liability protection under your home policy extends beyond your Scranton property to your everyday life. For example, your home policy could also protect you if you knock someone over with a shopping cart at the grocery store.
Liability insurance is all about protecting your assets from someone who sues you. So, you should have at least as much liability insurance as your financial worth. However, more than that may be best, and you can discuss your needs and risks thoroughly with us here at Joyce, Jackman & Bell Insurors. Your current liability limit will be stated on your Declarations page.
Medical Payments To Others
This pays medical bills for a guest who is injured on your Scranton, PA property or in another covered claim. This protection is inexpensive, but could save you major hassles by preventing a lawsuit.
Just because you have a homeowners insurance policy that doesn’t mean your home is covered for everything.
Your home policy doesn’t cover you against every cause of loss. A standard home insurance policy excludes many causes of loss. That is, it does NOT protect you from certain perils – like earthquake, flood and sinkhole or mine subsidence, termite damage and many more. That means if your home is damaged by one of these excluded perils your policy will not respond. You have no insurance against them.
If you want insurance against some of these perils, flood and earthquake, you can buy it. However, some excluded perils are not insurable like insect damage. Be sure to discuss your policy exclusions with a licensed agent Joyce, Jackman & Bell Insurors and buy the protection you really need.
Don’t be caught by surprise after the damage is done. It’s too late to buy insurance then.
Joyce, Jackman & Bell Insurors offers you ways to save AND protect your home.
Joyce, Jackman & Bell Insurors offers many ways to save on your Scranton homeowners insurance, one being a discount if you buy other policies with the same insurance carrier, such as Auto Insurance, personal liability Umbrella Insurance and more.
Request your Scranton home insurance quote from Joyce, Jackman & Bell Insurors today!