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Homeowners
Property and Liability Protection for your Home and
Belongings
As an Independent Agent,
Villadsen Insurance Agency offers competitive rates by quoting your Michigan
home with several different companies. Insurance rates vary by replacement cost
of home, location, coverages, credit and claims history.
Dwelling
Coverage (Coverage A on your policy) — The coverage is determined by
the replacement cost of your home. This coverage pays for damages to the
dwelling. Partial losses can also be covered on a replacement cost basis.
Actual Cost Value (ACV) coverage may be provided when necessary.
Other
Structures (Coverage Coverage B on your policy) — The coverage amount
is automatically 10% of your Dwelling coverage. This coverage pays for damage
to structures detached from your home on the insured property . Example:
Detached garage, shed, barn. An endorsement may be added to increase this
amount for more adequate coverage as applicable.
Personal Property
(Coverage C on your policy) — Personal property coverage generally is
up to 50% of the Dwelling coverage on an ACV (actual cash value) basis.
Personal property Coverage pays for damage or loss of personal property within
the dwelling and or other structures on the premises. Endorsements may be added
tothe policy to increase coverage to 70% and to add Replacement Cost
coverage.
Loss of Use (Coverage D on your policy) — The coverage
amount also varies by company. Generally this coverage is 20% of the dwelling
amount, however some companies offer an actual cash value. Loss of Use coverage
covers expenses you incur while residing elsewhere during the repairs of your
home resulting from a loss. |
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Limits of
Liability (Coverage E on your policy) — Liability coverage protects
you against claims for injuries to others, or damage to the property of others
caused by your negligence. Some medical expense coverage and legal defense
costs are also provided. Coverage amounts vary.
Medical Payments
(Coverage F on your policy) — Med Pay provides coverage for necessary
and reasonable medical expenses resulting from an accident on the premises.
Base coverage is $1,000 per person per incident and higher optional limits are
available. |
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| Endorsements to Consider |
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Personal Property Replacement
Cost — Personal property coverage is provided without deduction for
depreciation.
Extended Dwelling Replacement Cost — This
provides extended coverage beyond the Dwelling Coverage limits. Extended
coverage varies by company from 25% to Guaranteed Replacement.
Identity
Theft — This coverage provides for expenses incurred as a result of
identity theft. Covered expenses include loss of wages and costs incurred by
the insured to repair the damage caused by the theft or improper use of credit
records. Coverage amounts vary.
Backup Sewer and Drains Coverage
— This coverage provides for loss caused by water which backs up through
sewers or drains, or water that enters into and overflows from within a sump
pump or sump pump well. Coverage amounts vary. |
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