Protection for your happy place
It's the place where "people usually are the happiest," according to William Shakespeare and "the nicest word there is" according to Laura Ingalls Wilder. We speak, of course, of the home. About 62% of the US population are homeowners. Here in Michigan, the percentage of homeowners is currently at about 71%. Owning a home is likely the largest single purchase you will ever make. According to census data, the current average price for a new home is north of $370,000.
If you have a mortgage, your lender probably requires homeowners insurance to cover their investment, but beyond lender requirements, there is no law mandating homeowners insurance. In fact, it’s a relatively modern type of insurance. The first policy was issued in 1950, just a few years after Nulty Insurance opened for business.
Standard homeowners: What’s covered
Our experience at Nulty Insurance is that most homeowners see the wisdom in insurance coverage. It’s generally a package coverage. Standard policies cover:
- Damage to the physical structure from named perils, such as fire, lightning, smoke, and vandalism.
- Coverage for contents and possessions within the home.
- Liability to cover lawsuits for bodily injury or property damage caused to other people. (This usually includes injuries caused by pets.)
- Additional living expenses to cover expenses incurred after a disaster while the home is being rebuilt
Standard homeowners: What’s not covered
Standard policies differ from insurer to insurer, but certain exclusions are common. These require stand-alone policies or riders to your existing policy to extend your coverage.
- Damage from floods
- Damage from earthquake
- Valuables and special collections that exceed limits
Not all policies cover the same events, so it’s important to know what protection you get from your insurance, to know what is and isn’t covered by a policy, and what the limits are. You should also talk to your agent about cash value vs. replacement cost. Depending on your unique circumstances, you may want to boost coverage with an Umbrella Policy.
Coverage for other home arrangements
Home may be where the heart is, but not all homes are the same. We offer related types of coverage for other living situations and arrangements. Ask about:
- Condo insurance (for unit owners)
- Renter insurance
- Landlord insurance
- Mobile home and RV insurance
- Condo master policies (for condo associations)
Rely on us as your personal Risk Managers
Like most insurance coverage, “the devil is in the details.” A bad way to learn about your coverage gaps or limits is after you’ve suffered a loss. Our team at Nulty Insurance is highly experienced at homeowner coverage issues. We’d love to talk to you about your unique circumstances. We can recommend options that suit your needs and budget.
Price is always an important factor, but it shouldn’t be the deciding factor until you really understand what you’re buying. A few dollars more can make a huge difference in your coverage. Plus, you can sometimes save money elsewhere, through discounts or by combining policies with one insurance company. We present you with informed choices so you can make smart decisions.
Reach out to us!
We love helping our neighbors, and we do it in a way that’s comfortable, friendly, and even fun. The bottom line is that we’re here to help, like we have been for more than seventy years, and we’re using all our industry and technological resources to make that help as easy, efficient, and effective for you as possible.
We have many clients who have been with us over multiple generations. We invite you to find out why! Give us a call at 877-830-3099 or take a minute to fill out a free quote form. We’d love to meet you!