210 - 977 - 9188
dayalainsurance@yahoo.com
660 SW Military Dr
Suite S
San Antonio, TX 78221
ph: 210-977-9188
fax: 210-977-9474
alt: 210-924-2832
dayalain
Homeowners insurance protects you from financial losses if your home or personal property is damaged or destroyed by a storm, fire, theft, or other event stated in your policy. The policy will pay to repair or replace your property up to your policy’s limits.
It is important to know your policy limits and what’s in your policy. Make sure you read your policy carefully and understand your coverages.
You can buy a dwelling policy that covers only the structure of your house, but most homeowners buy a policy that combines five different coverages in a single policy:
Replacement cost is what you would pay to rebuild or repair your home, based on current construction costs. Replacement cost is different from market value and does not include the value of your land. If you are not sure of the amount it would cost to rebuild your home, your company or agent usually has construction cost tables to help you determine the cost.
To receive full payment (minus your deductible) for a partial loss, such as a hail-damaged roof, you must insure your house for at least 80 percent of its replacement cost. If you insure your house for less than 80 percent of the full replacement cost, the insurance company will only pay a portion of the loss.
Unless you buy an endorsement to increase your coverage, some policies only provide actual cash value coverage. Actual cash value is the replacement cost of your property minus depreciation. If your home is destroyed and you only have actual cash value coverage, you may not be able to completely rebuild.
Read your policy carefully to know whether it offers replacement cost coverage or actual cash value coverage.
Some policies automatically cover household contents – furniture, clothes, appliances, etc. – up to 70 percent of the amount of your dwelling coverage. This means if your house is insured for $100,000, its contents can be insured for up to $70,000. You can get more coverage by paying a higher premium.
Personal property coverage pays only the actual cash value of damaged, stolen, or destroyed household goods unless you buy replacement cost coverage. Actual cash value is an item’s replacement cost, minus depreciation.
Replacement cost coverage offers you more protection than actual cash value coverage. For example, if a burglar steals your six-year-old television set, and you only have actual cash value coverage, you get only what you would expect to pay for a six-year-old television set. With replacement cost coverage, the insurance company pays to replace your TV with a new set similar to the stolen one.
Most Policies Cover Losses Caused by | Most Policies Do Not Cover Losses Caused by |
Fire and lightning | Flooding |
Smoke | Earthquakes |
Explosion | Termites |
Theft | Insects, rats, or mice |
Vandalism and malicious mischief | Freezing pipes while your house is unoccupied (unless you turned off the water or heated the building) |
Riot and civil commotion | Wind or hail damage to trees and shrubs |
Aircraft and vehicles | Losses if your house is vacant for 60 days or more |
Windstorm, hurricane, and hail (unless you live on the Gulf Coast) | Wear and tear or maintenance |
Sudden and accidental water damage | Water damage resulting from continuous and repeated seepage |
Copyright 2010 Ayala Insurance Agency. All rights reserved.
660 SW Military Dr
Suite S
San Antonio, TX 78221
ph: 210-977-9188
fax: 210-977-9474
alt: 210-924-2832
dayalain