While some insurance agents and carriers recommend minimum levels of protection, we believe that for the small amount of premium saved — if any — you are best served by purchasing a more sophisticated insurance program.. We are pleased to describe the highlights of this program below.
- Property — Property coverage in a homeowners policy is generally broken down into Building and Contents coverages.
- Building coverage is designed to cover the expense of repairing or replacing your home if damaged or destroyed by fire or other insured occurrences.
Contents coverage simply refers to your possessions or personal belongings.
Loss of Use — Loss of Use is the extra expense you incur while staying at a
temporary location if your home becomes uninhabitable. While most policies allow a limited dollar amount for this coverage, our program is not limited in the traditional manner and therefore provides far broader coverage.
Your contents are covered for a basic limit of $50,000 for damages arising from perils named in your policy such as fire, water damage, theft, explosion, and more. There is a $500 deductible and higher limits are available. This coverage is provided in a way that allows you to replace your lost property with new items. (Note: Most policies provide actual cash value (ACV) for lost property, which means you get the depreciated value or almost nothing for most clothing and furniture unless those items are quite new. Our program provides “replacement cost” coverage; i.e.,”new for old.”) There are specific limits on the theft of certain types of property such as jewelry, money and securities, watercraft, etc. There is credit card coverage up to $10,000. Damage to building improvements or to installations you make to your rental home at your own expense will be covered as well, up to the policy limits.
Personal Liability coverage insures you for claims involving damages for which you are held liable. Our program starts with a $500,000 limit. Higher limits are available and highly recommended due to the great number of lawsuits and large settlements common today. Limits can often be Increased to $5 million.
Non-Owned and Hired Car coverage including Physical Damage to Hired Cars is an exciting addition to this program. This coverage is only offered through Lewis Chester and only applies when the insured owns no automobile or other vehicle.