‘‘ IF YOU HAVE DONE ANY RENOVATIONS OR ADDITIONS , YOUR CURRENT COVERAGE MAY NOT BE SUFFICIENT TO REBUILD YOUR HOME .’’
BY : MEGHAN FEAGANS PRIVATE CLIENT SPECIALIST
BY : DIANE FREDERICK , CISR PRIVATE CLIENT SPECIALIST if an accident or damage occurs during the building process , you have protection in place to recoup the cost .
What If I Buy An Ebike ?
Some insurance carriers will add ebike coverage to an auto policy . If they won ’ t , you will need a separate policy to cover loss or damage , and liability . Liability insurance is not required to ride an ebike and is not typically covered by your homeowner policy for liability or physical damage .
What If My Child Moves Into A Residence Hall Dorm Room ?
Most homeowner ’ s policies extend coverage to a dorm room . Usually that includes liability and a limited amount of personal property . Some insurance carriers extend coverage to off-campus housing , but it ’ s unlikely there would be coverage for additional living expenses in case your child cannot inhabit the housing after damage . Every homeowner ’ s policy is different , so check before your child moves into a dorm or off-campus housing .
What If I ’ m Asked To Serve On The Board Of A Homeowners Association ?
Find out if the HOA has a Directors & Officers policy that would protect you . Your insurance advisor can check your homeowner ’ s policy for coverage or exclusions .
What If I Receive An Expensive Piece Of Jewelry As A Gift ?
Get the jewelry appraised or ask for a bill of sale with a detailed description included . Most of the time , it can be scheduled on your homeowner ’ s policy , or you can purchase a separate jewelry policy . The same is true for other personal property — a gun collection , artwork , musical instruments , collectibles , etc .
WHAT IF BAD STUFF HAPPENS ? What If My Shed Burns Down ?
Fire is a covered peril in your homeowner ’ s insurance policy through “ other structures .” You ’ ll want to make sure the amount on your declaration page is sufficient .
What If I Have To Move Out After A Claim ?
If , after a covered loss , your home is not fit to live in , your homeowner ’ s policy will provide coverage for the additional expense to temporarily live elsewhere . Be sure your limit is adequate to cover up to 24 months of potential expenses .
What If Sewage Backs Up In My Home ?
In order to file a claim for damage , you must have water / sewer backup coverage . This is an endorsement that is not automatically included in typical homeowner ’ s insurance policies .
WHAT IF MY HOME IS NOT INSURED TO FULL REPLACEMENT VALUE ?
The cost of building materials and labor have increased significantly over the past few years . If you have done any renovations or additions , your current coverage may not be sufficient to rebuild your home . Your insurance advisor can walk you through a replacement
cost estimator to see if values should be adjusted so you can be fully insured . Keep in mind , the replacement cost of your home is not the same as the market value — insurance is based on what it would cost to rebuild your home and does not include the value of the land . +
Ask The Question
• Do I need an umbrella policy ?
Yes ! An umbrella policy provides an additional layer of liability protection above and beyond your insurance policies .
Say you are in a five-car pileup accident and your policy is responsible for the damage on several of the cars — plus there are lawsuits . Without umbrella coverage , you could have millions of dollars in out-of-pocket expenses .
Review your assets . Then talk to your insurance advisor about a comfortable limit of liability to transfer that risk to an umbrella insurance policy .
Meghan Feagans is a second generation insurance agent . She lives in Millsboro , DE with her partner Doug and their three girls . In her spare time , you can find her at the beach , softball or field hockey fields , cheering on the kids . 410.213.5540 • mfeagans @ deeleyinsurance . com
Diane is a Personal Lines Private Client Specialist with over 20 years of insurance experience . She enjoys the beach and spending time with her kids and grandkids . 410.213.5554 • dfrederick @ deeleyinsurance . com
25