Your home is your castle. Your resting place. Your safe haven.
It’s the place where you grill out with family and friends.
The place you raise your children.
The place you make memories.
The place you lay your head at night.
SEE ALSO: What is a Dec Page?
It protects you from the harsh Missouri winters.
It’s not something to take lightly.
Platte City Homeowners Insurance 101
Let the class begin!
I imagine stuffed away in a drawer is a bunch of important papers. One of the packets is your Missouri homeowners insurance policy. If you open it up, one of the first few pages will have several numbers neatly organized. This is referred to as your Declarations Page (Dec Page for short).
A Dec Page is a summary of coverages you have on your home and belongings.
Below are the 5 coverage’s every homeowner needs to understand.
This is your home. The structure. Anything that is fastened down will be covered under the Dwelling.
From the walls, to your kitchen cabinets, to your toilet. These are attached to your home.
How much will it cost to repair or replace your home in today’s market?
Do you have a detached garage? Maybe a shed in your backyard? Or possibly a privacy fence and/or gazebo?
Detached buildings or structures would be covered under Other Structures.
Typically, an insurance company will automatically include 10% of what you insure your home for under Other Structures. So if you insure your home for $200,000. You will automatically have $20,000 to protect structures not attached to your home.
Double check that you have enough coverage for those structures separate from your home. You can always increase coverage if necessary.
Also known as Contents. This is all of your clothes, furniture, electronics, dishes, etc.
Appliances that are not fastened down would fall under Personal Property.
Personal Property coverage will extend to items in your outbuildings located on your property. So if you have tools and a lawn mower in a garage separate from your home, they’re covered under Personal Property.
Note: Your car and truck parked in the detached garage are covered under your auto insurance. Not your home insurance.
Loss of Use
Where would you live if you suffered a loss and your home was unlivable?
Would you stay in a hotel or rent an apartment?
Maybe you could move-in with your in-laws?
Loss of Use will help you pay for additional expenses like living in a hotel for a few months or going out to eat at restaurants while you don’t have a kitchen.
Your dog bites the painter working next door.
A guest trips on your sidewalk.
Your kid’s game of paintball in the backyard ends with their friend getting hurt.
What do these have in common?
Your Personal Liability.
Personal liability protects you and your family in the event you are held responsible for causing bodily injury or property damage to others.
Your insurance company will defend you in a lawsuit and pay for damages if necessary, up to your limits.
Most homeowners insurance policies in Missouri start at $100,000 in coverage. You can (and should strongly consider) raise your limits of liability. You may even consider carrying a Personal Liability Umbrella for additional protection.
Where to Go From Here?
You may not take the time to read the entire packet of papers you receive from your insurance company. However, it is important for you to know and understand the numbers on your Declarations Page.
We’re not talking about some ordinary house.
This is your home.
Be proud of it!
Are you still feeling uncertain? Send us a message or stop by our home. We love guests.