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EDISON BLOG

Archive: August 2020

Go Back-to-School on Homeowners Insurance Coverages

Updated: August 1, 2020

 

 

As a homeowner, it is important to know and understand your coverage through your specific carrier. Having a reliable homeowners insurance plan in place will not only give you peace of mind but will protect your family and belongings as well. As a policyholder, you can make changes to adjust the amount of coverage you have, which may cause changes to your annual policy premium. Keep in mind, if you do not have enough coverage in place, you could be responsible for any out-of-pocket costs in the event of a loss. Each homeowners policy is different, and it is important you understand your coverages, so you and your agent can select the options which work best for the needs of your family.

 

What is covered?

Your homeowners insurance is made up of coverages which will pay to repair or replace your belongings and your home should they be damaged by certain perils such as fire, theft, or windstorm. These coverages may include, dwelling, personal property, loss of use, and liability. Edison Insurance Company offers additional types of coverage, should you choose to further customize your policy.

 

The ABC’s of Homeowners Insurance Coverage and Knowing What They Insure

 

Coverage A: Dwelling - which covers damage or destruction to your home, attached structures, and fixtures in your house like built-in appliances.

 

Coverage B: Other Structures - protects physical structures on your property and not attached to your home. For example, detached structures such as garages, storage sheds, and fences.

 

Coverage C: Personal Property - covers the contents of your home, including furniture, clothing, and appliances if they are damaged, destroyed, or stolen by perils covered in the policy.

 

Coverage D: Loss of Use - will pay for additional living expenses if your home is inhabitable during repairs.

 

Coverage E: Liability - Protects against financial loss should you be sued and found legally responsible for someone else's injury or property damage.

 

Coverage F: Medical Payments to Others - covers medical bills for those injured on your property. This coverage may also pay for some injuries which may happen away from your home.

 

 

What is Not Covered?

 

While your homeowners insurance covers many types of perils, there are exceptions, and it depends on your particular policy. Certain events, including neglect, intentional loss, earth movement and settlement, power failure, war, nuclear hazards, or other circumstances may not be covered within your policy. Another peril which is not covered under most standard homeowners insurance policies is flood insurance. Usually, flood insurance would need to be purchased as a separate standalone policy. However, Edison Insurance Company offers a certified endorsement to qualifying policies which is not offered through many other private carriers. If your property does not qualify for Edison Insurance Company’s endorsement, be sure to speak with your agent obtaining flood coverage through the National Flood Insurance Program.

 

Your home is likely one of the largest financial investments you will make. In the event of a fire, flood, or natural disaster, this investment can disappear in a matter of minutes, even seconds. Your insurance policy can cover not only damage, but it can save you from financial ruin. As such, it is important you understand what your particular policy covers and what may not be covered. If you have any questions or need to make any changes to your policy, please contact us at 866-568-8922 or speak with your agent.

 

Does Homeowners Insurance Cover Your College Student's Possessions?

 

Amidst the emotional process known as, sending your children off to college, it is important to prioritize your child's safety. Whether your child is living in a dormitory or an off-campus apartment, it is essential you ensure they have the necessary coverage to account for their expensive belongings such as laptops, televisions, printers, jewelry, etc. An important question many parents with children heading to college often ask is if their homeowners insurance policy will cover their college student’s possessions in the event of a loss.  

 

Understanding A Student’s Coverage at College: 

  • Students under 26 years old who live on-campus are usually covered under their parents’ homeowners insurance policy, under “off-premise” coverage. Each policy is different, so be sure to refer to your homeowners insurance policy to understand your policy limits.  

  • Because of these limits, or if the student is living in off-campus housing such as renting an apartment or home, you may consider obtaining renters insurance. Renters policies cover their personal property in the event of a covered loss, such as damage from theft, fire, or any unexpected circumstance, which isn't covered by the landlord's or rental facilities insurance.  

  • Some items, like electronics, may have stand-alone insurance should they become stolen, lost, or damaged, depending on the warranty or the benefits used from the store or credit card at the time it was purchased.  

 

Should you have questions or concerns about your family's insurance coverage and the implications of your child becoming a full-time college student, or to determine if additional/supplemental coverage or renter’s insurance is needed, please contact your agent.  

 

Ways to Lower Your Risk of Theft or Damage of Personal Belongings While on Campus: 

  • Leave valuables at home. 

  • Consider purchasing a small safe to store important documents or valuables.  

  • Do not access personal accounts on public computers. 

  • Purchase and use a laptop security cable.   

  • Take inventory of all the possessions your child plans on bringing to college, preferably with pictures and dollar estimates of the object's value. This will provide you an estimate of how much coverage your child will need and will come in handy should you need to file a claim.  

 

We hope this information assists you in making important decisions while you send your children off to college. Should you have any questions in regards to your Edison Insurance policy, give us a call at 866-568-8922 or contact your agent.