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Homeowners policies offer a package of coverage including property coverages for your dwelling, other private structures, personal property, and additional living expenses you might incur because of a covered loss. Because this is a package, you will also have protection for the financial consequences of a liability claim made against you. Liability and Medical Expense claims may arise from accidents at your home or elsewhere because of your actions.
What are some coverages available to me under the Homeowners Program?
We offer policies for homeowner’s, renters and condo owners.
Subject to eligibility, our homeowner policies will provide protection for your dwelling and any qualifying private structures. Each homeowner policy provides protection for your personal property (sometimes referred to as your contents). You will also enjoy an additional limit to provide expense reimbursement for additional living expenses you incur because of a covered loss. These additional living expenses may include lodging, meals, and other extra expenses you incur when forced from your home because of a covered loss. Many of these coverages are offered in a pre-set limit that varies with the value of your home, so you may want to visit with your agent about increasing some of these limits.
You may secure additional liability protection under your homeowner policy for such activities as second home locations, rental homes you own, or watercraft liability. You may also want to consider increasing your liability limits to provide your family additional financial protection.
What coverage is available to me if I own a condo?
A condo owner’s policy is available. Since the ownership of a condo is different from ownership of a traditional home, this policy is tailored to meet the needs of a condo owner. Typically a condo association is responsible for the building structure and common areas. The condo owner often is responsible for the interior construction of the unit.
The condo owner’s policy provides coverage for most of the same risks that a homeowner policy covers. Personal property, additional living expenses, personal liability and medical payments to others injured on your property are all covered.
What coverage is available to me if I rent an apartment or a house?
A renter’s policy is available. Since the landlord owns the structure, our renter’s policy doesn’t include dwelling or other structure coverage. However, the personal property and additional living expense coverages remain intact, as well as the liability and medical payments.
Should I be concerned about homeowner coverage for certain types of personal property?
Yes. Most homeowner policies provide that some personal property categories have specific dollar amount limitations within the policy (e.g. jewelry, lawnmowers, guns, furs, tools, and computers); ours do as well. Many of these may be insured under an Inland Marine policy designed to cover these special items
Some personal property items are not covered by homeowner policies (e.g. 4-wheelers, business property).
Contact a Farm Bureau Insurance agent about a specialized plan to insure this valuable property.
What factors affect Homeowners insurance costs?
- The construction type of your home (frame, brick, aluminum)
- Fire protection: community and rural fire departments are classified by an independent rating bureau
- The homeowner policy form, coverage limits, and deductible chosen
- Additional coverages you may choose such as Replacement Cost on Personal Property or Higher Liability
- Your premium may be discounted for such features as New Home, Home/Auto, Retirement or Full-Time Farmer, Theft and Loss Control Measures (alarms, extinguishers)