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Finding the Right Homeowners Insurance Policy in Des Moines

Weve all heard it a thousand times over, most peoples single biggest asset is their home and we know its true. Obtaining the proper homeowners insurance coverage to fit your needs not only makes sense, it is imperative when considering how much is at stake.

Insurance Shortfalls
Insurance-services firm Marshall Swift Boeckh estimates approximately 68% of the homes in America are not covered for the full insurance replacement value. The average short fall is 18%, meaning a home costing $200,000 to replace would be underinsured by $36,000. Reviewing your homes 100% insurance replacement value is at the very top of the list when it comes to obtaining a homeowners insurance policy. The value an insurance company places on your home to replace it after being destroyed by a fire or tornado is different than what it can be bought and sold for and different than the value the county assessors office tells you its worth for tax purposes. Try to sell a pile of burnt rubble after a home fire and you will soon find out. There are situations where the insurance replacement value and the market value/tax value are very similar. The point being they are different and serve different purposes. If your homeowners policy is not covering your house for the full insurance replacement value you may be headed for trouble down the road.

Above and Beyond
On top of 100% insurance replacement value, you will want to ask about an endorsement for guaranteed dwelling replacement or extended dwelling replacement. This coverage is not typically included in the standard homeowners policy and requires additional coverage to be added. The purpose may be obvious but including this endorsement allows for additional dollars over and above the amount shown on your policy to replace your home, usually 25% more. In the event of a catastrophic loss hitting a large area and several homes, like the Parkersburg tornado of May 25, 2008, the price of labor and building materials will increase due to the supply and demand issues. The cost of this extra protection is minimal (less than $10 a year) and provides a big bang for your buck.

How much financial asset protection does your homeowners insurance policy cover? Personal Liability Coverage is provided and covers damage to others for which you are held liable. The limit starts at $100,000 and goes up to $500,000. The annual cost difference between $100,000 and $300,000 is nominal, $6 to $10, and increasing from $300,000 to $500,000 follows suit. Would you be interested in increasing your financial asset protection by 5 times for less than $20 a year?

Expect the Unexpected!
Back up of Sewer, Drain, or Sump Pump coverage is often forgotten, which could result in dipping into your own pockets unnecessarily. An endorsement added on to your policy will cover water backing up from your drains or overflowing from your sump pump. Insureds comment that they have a sump pump so they dont need this coverage. What if your power goes out during a rain storm? The tiling around your house designed to push water to your sump pump does not have a shut off valve. Coverage limits of $5,000 up to $25,000 are usually available.

What's Often Overlooked?
Have you ever lost an earring or ring off of your finger? Scheduled jewelry endorsements on the homeowners policy are commonly overlooked.
If you could get $10,000 worth of coverage for misplacing a diamond wedding ring without paying your deductible for only $60 a year would you purchase this additional coverage? If you own any jewelry pieces worth $2,500 or more, I recommend scheduling these by endorsement under your policy. There is very limited to no coverage for jewelry on the standard homeowners insurance policy.
So how do you obtain the proper homeowners insurance coverage? Its pretty simple really, make sure you are getting the most value for your premium dollars. Discounts are available on both your home and auto if you place them with the same company. Nationwide Insurance offers a 15% discount off both the home and auto premiums when these policies are written with Nationwide. In addition, an insured will receive the Nationwide Extra Coverage endorsement at no additional charge when the home and auto policies are written with Nationwide. This form provides Emergency Lockout Coverage, a single Deductible for auto and home losses, Free Air Bag Replacement, and $10,000 of Accidental Death Coverage.

Contact us today to get the most value for your money!! McCartan Insurance Group is an exclusive agency for Nationwide Insurance. Nationwide is a mid-west company based in Columbus, Ohio which began back in 1925. Nationwide is the 4th largest homeowners company and 6th largest auto insurance group in America. Contact an insurance professional today at McCartan Insurance Group (note our ad at the bottom of this page) in order to make sure you are getting the homeowners coverage that is right for you!! Joel McCartan, McCartan Insurance Group: 515-633-2273, . .