Home Insurance

There are generally four different types of home insurance:

• Homeowners
• Condominium
• Renters
• Mobile Home

No matter where you live (even in coastal areas), our valuable protection plans will give you peace of mind. These policies provide coverage to repair or replace your residence and personal property. Personal Liability protection is also included.

Replacement Cost for Structures

Most property insurance companies offer replacement cost coverage for structures provided the insured is maintaining an appropriate amount of dwelling coverage (Coverage A in a Virginia Homeowner's Policy) relative to the estimated replacement cost of the structure. The amount of coverage you are carrying should be reviewed with your agent, particularly if you have made additions or renovations since you purchased your policy. If you do not have replacement cost coverage, ask your agent for a quote.

Replacement Cost for Personal Property

Our policies cover your home and all of your personal belongings for replacement cost. This means the insurance company will not take depreciation into account. If you have a 27 inch Sony TV that is damaged by a covered peril within the policy, the insurance company will replace your TV with a new 27 inch Sony TV. Without this coverage the insurance company would settle your claim as what the TV is worth that the time of the loss. Always be sure you have Replacement Cost on your homeowners, renters or condo policies.

Scheduled Property Coverage

Some classes of property can be individually insured at their actual value. Guidelines vary from company to company, but generally fine arts, jewelry, antiques, musical instruments and camera equipment can be insured in this manner.

Other Special Coverage

Ask your agent about other specialty coverage that may or may not be included in your current policy. Losses caused by Food Spoilage, Water/Sewer Backup, Ordinance or Law (meeting the latest building codes, for example), Loss Assessment for Condo Owners and Identity Fraud are typically only included if added by an endorsement.

Hurricane Protection

The Atlantic hurricane season begins in June and lasts until the end of November. Data from the National Hurricane Center shows that since 1900, Virginia has been struck directly by one Category 3 and several smaller hurricanes. While Hampton Roads does not have a storm history like the Carolinas, Florida or Texas, we should not be complacent about preparing for a hurricane.

It's a good idea to review your homeowners, condo or renters insurance policies before the hurricane season to make sure your coverage is in order. Try not to wait until the day or so before a storm is scheduled to hit. This will only cause unnecessary stress for you and moreover, you'll be less likely to be able to make any changes as insurance companies issue restrictions on changing policy coverage once a watch is issued. Don't forget to consider flood insurance, as damage caused by flooding is not covered by the standard property insurance policies.

For information on what you can do to prepare for a hurricane, you can visit the FEMA web site at www.fema.com or the National Weather Service at www.nws.noaa.gov.

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