TUESDAY, JUNE 30, 2015
Most people don't read their insurance policies. They assume that it provides certain coverage that they assume are included. That's really a poor assumption. Insurance policies are contracts and your homeowners policy is probably not the same as your neighbors. Why? Your neighbor may be paying extra for additional coverages like coverage for food spoilage in case of a power outage or personal injury protection if their sued for slandering someone. Your neighbor's policy may have coverage for earthquake damage and your home policy may not. Or maybe you both have earthquake coverage but your neighbor's earthquake insurance deductible is 3% and yours is 5%. How about replacement cost coverage for your personal property? Your neighbors policy may have replacement cost for your personal property and your policy may have actual cash value coverage. Lets say both of your houses burn down. Your neighbor's policy that provides replacement cost coverage will pay them up to the personal property limit less the deductible for the cost to replace their stuff. Your policy on the other hand being actual cash value or not replacement cost will deduct the depreciated value of your personal property. On the most widely used homeowners policy form which is the HO-3, personal property is covered at actual cash value. You would need to buy a special rider to include replacement cost.
Please refer to your policy for the benefits, exclusions, limits and coverages that will apply for your lawyers professional liability insurance policy. These are not standard policies so we highly recommend reading your policy and meeting with your insurance advisor to discuss any questions. Triest Agency specializes in high value homeowners insurance in South Carolina and Georgia. Established in 1903, Triest Agency is one of the the oldest family owned insurance agencies in the country.
Posted 3:19 PM