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Suburban Family Home

Homeowners 

Buying a home is one of the biggest investments that you will ever make. The Lundgren Agency is here to help walk you thru all your coverages that will need to cover and protect that investment.

                   What Does Homeowner's Insurance Cover?

 

Buying a home is one of your biggest investments you will ever make.  The Lundgren Agency wants to make sure you have the correct coverage to protect your home and the possessions inside.  You've worked hard for your home and it's important to have the correct coverage to protect your investment and understand your coverages.  Together we make sure you and your family's home is protected and covered, so you can rest assured we got you covered. Here are a few standard coverages covered by a standard homeowners:

DWELLING

The most basic type of protection available covers your property.  This includes unforeseen events such as fires, storms, or vandalism that can cause substantial damage to your home, including foundation, walls, roof, garage, deck and other structure parts of your home.  Homeowners insurance will give you the financial means you need to protect your investment.  It may be a repair or you may have to rebuild your home, but carrying the right coverages allows you to rebuild or repair that home allowing you to protect your investment.

TIP: It is so important to get a Farmers Friendly Review every year as well as you make improvements that add value to your home. In the case building supplies increase, cost of a rebuild goes up or your home improvements add more value to your home, you want to have enough coverage to rebuild your home at the current appraised value and cover any new personal property you may have inquired.

Examples:

*  This is the coverage amount you have to rebuild your home incase it is damaged or destroyed in a Tornado, Fire or other 
    natural disasters listed in your policy. (please be sure to go over and make sure you understand your coverages before signing!).


*  Please know your STANDARD Homeowners does not cover Flood Insurance! That can be purchased separately if you are in a flood 
     zone.

*   Other Structures such as a cover storage shed, workshop shed or detached garages are covered in most.  Read Your policy   
     coverages.

PERSONAL PROPERTY

Your personal belongings carry a lot of history and are a collection of your hard work.  Getting your belongings covered and replaced at full replacement protects you and gives you piece of mind knowing you have coverage to replace those belongings if they are ever destroyed and make sure to get REPLACEMENT CASH VALUE (RCV) not Actual CASH VALUE (ACV)!   REPLACEMENT CASH VALUE gives you replacement of your items at todays cost.  ACTUAL CASH VALUE depreciates your personal belongings depending on their age.


Personal belongings need to include furniture, dishes, clothes, guns, TV's and any other personal items that could be stolen, damaged in a fire, or destroyed in a natural disaster like a Tornado. 
It is usually about 55-75 percent of your dwelling, sometimes more or less depending on what you have.  

We suggest going around and videoing your complete home with cabinets open and writing down serial numbers of all expensive guns, jewelry, and any other expensive collections.  When you are done videoing everything, upload it to an icloud, a flash drive, give to a trusted friend or keep in a fire proof safe.   Taking a complete inventory of your possessions and their value can help you choose the coverage you want, speed up the claims process and verify losses if needed for tax purposes. We provide you with a HOME INVENTORY Checklist in your Welcome package.

 

                            DON'T FORGET

​  * Walk around your house, going room to room and making a list of everything you own such as : furniture, electronics, appliances, tools and

     so forth. Be sure to record everyday items, too, like clothing, linens, dishes and athletic equipment. And don’t forget about any items

     you’ve stored away.

​ *  Include as many details as you can, including descriptions, serial numbers and purchase dates.

 *  Document everything and adding photos in the fireproof safe with the flash drive or icloud is even better.

 *  Keep anything you wrote down, receipts, serial numbers, appraisals, flash drives and pictures in a safe place, like a fireproof safe, with a        trusted friend, or online in digital cloud storage.

 *  Always update your inventory as you purchase new items.

 *  Don't forget the stuff in your storage sheds and storage buildings that you have belongings in.

       








 

Accidents happen, and if someone is injured on your property or you unintentionally cause damage to someone else’s property, you may be held legally responsible.  Homeowners insurance provides liability coverage, protecting your assets and covering legal expenses in case you are sued.

This also provides coverage that your child or a pet may do to someone else's property.  This is why having a minimum of $100,000 or more is important.  It helps cover legal cost to defend you and depending on the amount protect you from being sued. This includes in your home or on your property.

Examples:

* A cleaning lady falls down a flight of stairs while cleaning your home.

* Your pet bites a child. 

* You have a pool and someone gets hurt. (If you have a pool, an Umbrella Policy is a must to protect you- read more

   under Umbrella Policy).

PERSONAL LIABILITY

* Loss of Use (Additional Living Expenses)

This is what gives you financial protection incase in case part or all of your home is damaged and you need to go live somewhere temporary. This will cover your living expenses while your home is being repaired or rebuilt.


Examples:

Covers the extra cost of you and your family living somewhere else should your home become unlivable. Such as a fire, tornado 
   or any natural disaster.

* This would provide  money to cover hotels, landry and restaurant meals that go over and above regular living expenses, while 

   your home is being repaired or rebuilt


 

                                                 * What does Homeowners Insurance cover?

 

A standard homeowners insurance policy covers damage to your home and your property caused by various perils covered by the policy.  Typical home insurance policies cover damage caused by:

  • An aircraft, car or other vehicle 

  • Explosions 

  • Falling objects 

  • Fire and smoke 

  • Lightning strikes 

  • Theft 

  • Vandalism and malicious mischief 

  • Some types of water damage  

  • The weight of ice, snow and sleet 

  • Windstorms and hail

How much Homeowners Insurance do I need?

One way to estimate how much home insurance you might need: multiply the total square footage of your home by per-square-foot building costs in your area. (A local real estate agent, contractor or builders’ association should be able to give you a ballpark amount of local building costs.)  

In addition to estimating the cost to rebuild your home, consider how much it will cost to:

  • Replace your belongings 

  • Defray additional living expenses if you can’t live in your home 

  • Protect your financial assets if you are sued

Organized Kitchen Cabinet

How Can I Save Money on My Home Insurance?

One of the most cost-efficient things you can do is combine all your policies with the same insurer.

Modern Interior

Is Homeowners Insurance Required if I Own a Home?
Home insurance isn’t required by law, but there are other reasons to insure your home. 

Does Home Insurance Cover My Foundation?

Whether foundation repairs are covered depends on the source of the damage. Every part of your home, including the foundation, is subject to wear and tear over the years.

A home is a big investment, please call or come in and let us go over all your options and coverages available to protect that investment.  We want you to understand those coverages and really understand what they mean, so when you leave you have no worries your biggest investment and family are covered and protected no matter what.  We are always here to assist.

One of the biggest things we offer is you can call us 24/7 day or night- we have been to customers homes at 11:30pm for a tornado to get it tarped and covered til the morning with some of our contractors.  We have started filing claims at 1:30am for hail storms.  We even had one of our plumbers assist a customer when they had a pipe bust and flood their home Christmas Eve at 10:30pm.  We are always available. WE ARE MORE THAN JUST YOUR AGENTS!

One of the biggest things we offer is you can call us 24/7 day or night- we have been to customers homes at 11:30pm for a tornado to get it tarped and covered til the morning with some of our contractors.  We have started filing claims at 1:30am for hail storms.  We even had one of our plumbers assist a customer when they had a pipe bust and flood their home Christmas Eve at 10:30pm.  We are always available. WE ARE MORE THAN JUST YOUR AGENTS!

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