Although a homeowners insurance policy's main purpose is to protect your home, it also fulfills many other important roles such as providing you with liability and personal property coverages.
Let's start with 2 questions: What is your liability limit? What is your personal property limit?
These questions are obviously so simple, yet astonishingly difficult if you don't know the answers. Our goal is to build your awareness and knowledge of homeowners coverages, and motivate you to review and assess your current policy limits with your insurance agent.
As we mentioned, homeowners policies aren't just for the home, they're for a variety of other purposes. Here is a list of coverages available and worth considering when purchasing homeowners insurance.
This is also known as contents. Your homeowners policy covers your personal property up to the limit you purchased. It is important to assess your personal property to ensure your limit will cover your belongings in the event of a total loss. In the event of a loss today, you would be asked to compile a list of all of your belongings with details of their value and age. Would you be able to remember everything? The aftermath of a loss would probably be very difficult. NYCM has an inventory worksheet you can use to assess your personal property. It also can help you submit a claim in the event of a loss. Once completed, be sure to send a copy to your agent and email a copy to yourself. Also, update the list after large purchases and on a periodic basis.
SPECIAL LIMITS - JEWELRY, WATCHES, FIREARMS, SILVERWARE, CAMERAS, COINS & MORE
Homeowners policies include "Special Limits of Liability" that specify an exact coverage limit for particular items. It's important to know what they are and their limits to ensure you have enough coverage. In the event that your property exceeds the limit, you can add additional coverage in most instances. Examples of Special Limits of Liability in NYCM's HO 03 form are: Loss of Silverware - $2500, Loss of Jewelry and Furs - $1500, and On-Premises Business Property - $2,500. Policy forms are available like the NYCM Premier Protection Policy which offers higher Special Limits of Liability than the NYCM Classic Protection Policy (see below). Call your agent to today to discuss your personal property needs.
ATV, WATERCRAFT, SNOWMOBILES, & GOLF CARTS
You can get coverage for ATVs, watercraft, snowmobiles, and golf carts under your homeowners policy. Adding coverage under your homeowners policy can be a great alternative to buying a stand-alone policy. Coverage varies for each. For more information, call us today.
Liability insurance covers you for the cost of bodily injury and property damage sustained by others which you or a covered household member is legally obligated to pay, up to the limit of liability on your policy. For example, if a guest slipped on the stairs inside your home, you may be liable for their injuries.
PERSONAL LIABILITY/PERSONAL INJURY
Let's first mention that this is not the same as personal injury protection, also known as PIP on an auto policy. Personal Injury is part of your personal liability limit, but is often excluded unless it's added back by an endorsement. Personal injury covers oral or written publication of material that slanders or libels a person or organization. It also covers false arrest, wrongful conviction and other items.
The digital age has transformed our society, especially how we communicate. People have flocked to social media and the web as an outlet to share their thoughts and feelings, and for some, it has lead to a defamation or slander lawsuit. Although a personal injury lawsuit isn't limited to what is done on the internet, is has been the source of many new lawsuits. Be sure to check your policy or call your agent to determine if you have this very important coverage.