From the rooftop to the kitchen range, protect the financial investment you’ve made in your primary residence and vacation home with comprehensive homeowners plans from McMahon Insurance.
What should Homeowners Insurance include?
You want the best homeowners insurance in NJ, PA, and De. The average homeowners insurance policy insures the home itself and the things you keep in it. It is typically a package policy, which means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.
Your home purchase is an investment deserving the protection that only an experienced insurance professional can provide. Let us help you decide the best coverage that is right for you.
Property Protection:
- Dwelling: This offers protection as a result of damage to the structure of your home, including fixtures, plumbing and heating, due to a covered loss like fire or hail storm damage. You need enough coverage for the cost of rebuilding or repairing your home, less the cost of the land.
- Other structures: This includes coverage for detached structures, such as a garage, garden shed and fixtures attached to land such as a driveway, sidewalks, patio, fence and swimming pool.
- Personal property: This covers the contents and personal items in your home such as furniture, clothing and sporting goods. It also extends to your personal belongings anywhere in the world. To determine your property’s value, we’ll provide you with a home inventory checklist to help you quickly and easily itemize your belongings. We recommend insuring your personal property for its replacement cost value. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices.
- Loss of use: In the event that a covered loss forces you from your home, such as because of a fire, loss of use provides a safety net for additional expenses over and above your normal living expenses while you are unable to live in your home, up to the policy limit.
Liability Protection:
This portion of your policy covers against lawsuits for bodily injury or property damage that you or family members may cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy. It covers you whether you are at home or away.
In the event that a visitor is injured in your home, medical payments coverage allows the person to submit medical bills directly to your insurance company. The benefit is that expenses are paid to the injured person up to the policy limit without a liability claim being filed against you.
Additional Considerations:
- Disasters: Damage caused by many disasters is covered in a standard homeowners insurance policy, but floods, earthquakes and other specific types of occurrences are generally excluded. Since policies can vary widely, the best way to be sure about specific exclusions is to read your own policy.
- Vacant Property: If your home is left vacant due to a move or new construction, you are vulnerable to losses from vandalism and other mishaps. Please check with us to learn more about the coverage options available to protect your property.
The Big Picture:
It’s prudent to get enough insurance to do the following:
- Completely rebuild your house in the event it is destroyed by fire or other insured disaster
- Replace everything in the house
- Protect your liability in case someone is injured on your property and sues you
Consider additional coverages based on your unique risks such as the following:
- Special floaters for jewelry, collectibles and expensive items
- Extended or guaranteed replacement cost for the structure
- Sewer and drain back-ups
- An inflation-guard clause, which automatically adjusts annually to the construction costs in your area
- Umbrella liability coverage for a pool or other high-risk items
We work with the top home insurance companies to get you affordable homeowners insurance rates in NJ, PA, and DE. Being an independent agency, we can quote with multiple companies to provide you with the coverage you need with the service you deserve.
Q: What is homeowners insurance?
A: Homeowners insurance protects your home and your personal items. The typical homeowners policy has two main sections which:
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- Covers the property of the insured
- Provides personal liability coverage to the insured
Q: What do I need to know when purchasing homeowners insurance?
A: To avoid insufficient protection or overpaying for unneeded coverage, work with an experienced agency. With expert assistance, you’ll:
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- Determine the amount of personal property insurance and personal liability coverage that you need.
- Select any additional endorsements you want to add to your policy.
Q: What is actual cash value?
A: When “actual cash value” is used in a policy, a policy owner is entitled to the depreciated value of the damaged property.
Q: What is replacement cost?
A: When “replacement cost” coverage is used in a policy, a policy owner is reimbursed an amount necessary to replace the article with one of a similar type and quality at current prices.
Q: What if I collect antiques or have expensive jewelry? Are such items covered?
A: Yes, you have limited coverage for antiques, collectibles and jewelry under Coverage C of a homeowners policy. But we recommend you schedule these items on your policy, which provides broader coverage if they are lost, stolen or damaged. To do so, we will need an appraisal of your articles to get the items scheduled on your policy.
Q: Should I purchase earthquake coverage?
A: Direct damages due to earthquakes are not covered under the standard homeowners insurance policy. If you live in an area that is prone to earthquakes, you may want to consider adding an earthquake endorsement to your homeowners insurance policy. This endorsement will cover damages due to earthquakes, landslides, volcanic eruptions and other earth movements. While not common, earthquakes do occur in New Jersey and surrounding states, reports the U.S. Geological Survey.
Q: Should I purchase flood coverage?
A: If your property lies in a flood plain as determined by US Government Flood Maps and have a mortgage, you are required to carry flood insurance. But everyone should consider flood insurance because damage from rising water is excluded under homeowners insurance. What’s more, 25% of all flood losses happen outside the high risk flood areas each year in the United States. Contact McMahon Insurance for more information or a flood quote today.