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Property & Casualty Link

 


It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.

 

Home insurance, also commonly called hazard insurance or homeowner’s insurance (and often abbreviated in the US real estate industry as HO1), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.

 

 

 

Typical Home Insurance Coverage

 

Section I — Property Coverage’s

Coverage A – Dwelling
Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states that as long as the dwelling is insured to 80% of actual value, losses will be adjusted at replacement cost, up to the policy limits. This is in place to give a buffer against inflation. HO-4 (renters insurance) typically has no Coverage A, although it has additional coverages for improvements.

 

Coverage B – Other Structures
Covers other structure around the property that is not used for business, except as a private garage. Typically limited at 10% to 20% of the Coverage A, with additional amounts available by endorsement.

 

Coverage C – Personal Property
Covers personal property, with limits for the theft and loss of particular classes of items (e.g., $200 for money, banknotes, bullion, coins, medals, etc.). Typically 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choice.

 

Coverage D – Loss of Use/Additional Living Expenses
Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented, however only the rental income for the actual rent of the space, not services provided such as utilities.

 

Additional Coverage
Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord’s furnishing, and some building additions. These vary depending upon the form.

 

Exclusions
In an open perils policy, specific exclusions will be stated in this section. These generally include earth movement, water damage, power failure, neglect, war, nuclear hazard, septic tank backup expenses, intentional loss, and concurrent causation (for HO3). The concurrent causation exclusion excludes losses where both a covered and an excluded loss occur. In addition, the exclusion for building ordinance can mean that increased expenses due to local ordinances may not be covered. A 2013 survey of Americans found that 41% believed mold was covered, although it is typically not covered if the water damage occurs over a period of time, such as through a leaky pipe.

 

Floods
Flood damage is typically excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.

 

Section II-Liability Coverage

Coverage E – Personal Liability
Covers damages which the insured is legally liable for and provides a legal defense at the insurer’s own expense. About a third of the losses for this coverage are from dog bites.

Home Insurance

Home Insurance

Looking for home coverage?

 

Homeowners insurance provides financial protection against disasters.

 

A standard policy insures the home itself and its contents.

 

Homeowners insurance is a package policy. This means that it covers both damages to your property, and your liability or legal responsibility for any injuries and property damage that you or members of your family cause to other people. This includes damage caused by household pets.

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Your agent will go over your policy with you to make certain that you know exactly what’s included and what is not.

 

Basic Protection Covers:

  • Your Home
  • Other buildings or structures on your property
  • Your personal belongings – furniture, clothing, appliances, etc.
  • Additional living expenses
  • Your personal legal liability

 

Special features you may add to your policy for greater protection include:

  • Home Replacement Guarantee
  • Replacement Cost of Contents
  • Abrupt Collapse

 

No matter whether you live in a house, townhouse or condominium, you need an insurance policy that will protect your investment and provide you with the means to fix or replace your dwelling and your possessions.
We offer specialized coverage to help protect and restore your valuable assets in the event of a loss. An important factor in protecting your home or property is making sure your assets are insured to value.

 

Renters Insurance
Appartments

 

Protect the things your landlord won’t cover.

 

If you rent an apartment, house, condo, or even a dorm room, you may think you don’t need insurance. But if fire, theft, or vandalism damages your property, your landlord’s insurance policy will only cover the building itself, not your personal belongings.

You have probably invested a lot of time and money into your personal effects, and it’s up to you to take care of them. Having a Renters Insurance (or Tenants Insurance) policy can pay for the cost of replacing your belongings if they are damaged due to a covered accident, or if they’re stolen.

 

Depending on your policy, your insurance will pay to replace items using one of two methods: Actual Cash Value (ACV) or Replacement Cost.

With ACV coverage, your belongings are insured only for the amount in which they are currently worth, while Replacement Cost will pay for the expense of replacing the items with brand new ones.

 

Since guests probably come to your home from time to time, it’s advisable to add the optional “Liability Coverage” to your Renters Insurance policy. This will safeguard your assets from injury claims if someone becomes injured while at your home.If a fire or other damage makes your residence, your Renters Insurance may compensate you for the cost of renting a temporary place to live.

 

Our agents are dedicated to helping you to get the proper coverage at an affordable rate.

 

 

Flood Insurance
Did you know that most homeowners’ insurance policies do not cover floods?
In fact, what is a flood?
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A flood is a general and temporary condition where two or more acres of normally dry land, or two or more properties, are inundated by water or mud-flow.
Flood insurance applies to rising water, not falling water, which is a common misconception.
Floods can result from many environmental conditions, including hurricanes, overtopped levees, outdated or clogged drainage systems, and rapid accumulation of rainfall.
Flood water damage is devastating to a home and its contents. Homeowners insurance does not normally cover damage caused by flooding. This is important to know; most people don’t learn this until it’s too late.
Flooding erodes the land because of the rapid movement of water following a severe storm, flash flood, or abnormal tide surge. The definition of flood losses includes this erosion, and also include damage caused by mudflows.

 

Floods cause massive destruction to everything in their wake. Most people are unaware of the incredible force that a few inches of rain may create. This can result in thousands of dollars in damage repair and restoration costs.
Flood insurance provides financial protection for the destruction and financial devastation caused by floods. Although it may not seem as necessary as homeowners insurance, you will need additional flood insurance coverage to keep your home safe and your possessions secure.
Regardless of where your property is located, you may be affected by severe rainstorms, heavy snow melts, storm surges, blocked storm drainage systems, etc. We have the expertise to assist you with this most valuable Flood Insurance coverage.
Always review your specific policy to determine exactly what is covered.
So many property owners are not prepared for the severe financial damages they would suffer in the event of a catastrophic flood. Some believe that their homeowner’s insurance will protect them, only discovering after the fact that there is no coverage. Others don’t think it will happen to them.
We can help protect your home and valuable assets with flood insurance. As independent agents, we’ll shop the market for you to obtain a policy that’s affordable. We’ll also help you select the policy that’s right for you and for the area in which you live.
It is crucial to review your flood insurance coverage annually, as flood zone mappings change from year to year. Making sure that correct coverage is in place is imperative in the event of a flood.

 

Contact us for more information at . 661-422-6059

 

 

Condominium Insurance

 

A condo is a great alternative to living in an apartment or a house and can offer more space, more living area, and more amenities. But since a condo is a special kind of residence, it requires its own unique type of insurance policy.
condominum
Condominium Associations have strictly written agreements about your duties as an owner. Your condominium insurance policy covers your personal property and any additions, alterations, and improvements you make to your unit that is your responsibility, based on the condo association agreement.

 

Condominium insurance protects your belongings and mitigates any liability.

 

Condo insurance already provides coverage for your personal property and much more. For a few more dollars, you can elect to carry “Full Value Personal Property” coverage, which ensures that you are reimbursed the full replacement cost value of anything that was damaged, without factoring in depreciation.

 

Be sure to consult your HOA agreement to determine what the Association policy covers, and what you are responsible for.

 

 

If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.
Optional “Loss Assessment Coverage” is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to move from your home in the event of any damages that are covered by your policy.

 

Your condo insurance policy protects you and your family members against bodily injury, property damage liability claims, and any litigation that may result, subject to the limits you select.

 

In addition, you can select “Medical Payments Coverage” which will pay for medical expenses incurred by a visitor who is injured at your residence, no matter who is to blame. You choose the limit.

 

Many people supplement their condo insurance coverage with “Personal Umbrella Liability Insurance” for even greater protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about our “Valuable Articles” option which provides broader coverage and no deductible in the event of a covered loss.

 

With Palmdale Insurance Professionals, you can extend your protection past that of what your condo community provides. It helps pay for the replacement of your personal belongings while offering basic liability to cover bodily injury or property damage.
Condo Owners Insurance covers any damage done to the inside of your unit. For any interior damage, your insurance may be used to pay for the expense of fixing or replacing items like drywall, flooring, light fixtures, and more.