Homeowners Insurance in Bountiful, Utah
A homeowners insurance policy protects you from high costs if your home and personal possessions are damaged. It also helps pay for expenses associated with personal liability claims (e.g., legal fees, medical bills) if someone is injured on your property. Contact Axcess Insurance to get a homeowners insurance policy today.
What Is Homeowners Insurance?
Homeowners insurance helps pay for unexpected losses or damages (e.g., fire, burglary). It is commonly referred to as a package policy because it simultaneously provides property and liability coverage. Mortgage lenders often require homeowners insurance as a requisite for a loan. But even if you don’t have a mortgage, homeowners insurance provides many benefits.
Here are some common home insurance coverages:
- Liability coverage—This portion of your policy offers financial protection against claims of bodily injury or property damage for which you may be liable, as well as lawsuits arising from such claims.
- Personal possessions coverage—This portion of your policy helps pay for replacing or repairing personal property (e.g., furniture and clothes) damaged or lost in a covered event.
- Dwelling coverage—This portion of your policy helps pay for repairing or replacing damaged aspects of your home’s permanent structure, and may extend to detached structures on your property (e.g., a garage or gazebo).
- Additional living expenses—Also known as loss of use coverage, this portion of your policy helps pay for hotel stays, meals and other expenses if structural damage to your home forces you to leave.
Most homeowners policies won’t include property damage caused by floods or earthquakes. If you live in a high-risk area, you may want to consider purchasing a separate flood insurance policy as an add-on to your existing home insurance.
Our insurance agents are here to help you find the home insurance policy you deserve. Call Axcess Insurance for a free home insurance quote.
How Much Will a Homeowners Insurance Policy Pay Out?
The amount of coverage provided by your homeowners policy will depend on your policy limits. Covered losses will be paid for up to your agreed-upon coverage limits. However, the total value you can receive for structural or personal property damage will depend upon the type of property coverage you have.
Here are the three main types of property protection under a homeowners insurance policy, they are:
- Actual cash value (ACV) coverage: Replaces your personal belongings and damaged property, up to your coverage limits, at the damaged item’s value in today’s market, including the item’s depreciation over time.
- Replacement cost (RC) coverage: Replaces or repairs your personal possessions or property with a similar item or value in today’s market, with no deductions for depreciation, up to your coverage limit.
- Guaranteed replacement cost insurance: Rebuilds or repairs your home even if the cost exceeds your set policy limits. This policy offers financial protection even for unexpected circumstances (e.g., costly supply chain issues).
Finding the Right Homeowners Insurance
As a family-owned business, we understand the importance of home protection. Call Axcess Insurance in Bountiful, Pennsylvania, to speak with an insurance agent and learn more about your coverage options.