Homeowner Insurance

from Fairfield County Bank Insurance Services

Homeowner Insurance

For Most people, your home is probably your most valuable asset. If your home should ever be damaged or destroyed, you want your insurance to pay to put your home back exactly the way it was before the loss. There are many things to think about when it comes to insuring your home. How much would it cost to rebuild my home? Does my policy provide for replacement cost coverage? What is someone gets hurt in my swimming pool?   Coverage availability and prices vary by company. Fairfield County Bank Insurance Services can help you determine which of many companies we represent will best meet your needs and provide the most valuable combination of coverage, quality and service at a fair price. All homeoners policies are not the same.

Whether you own or rent, insuring the place you call home can help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events. Depending on where you live - a house, apartment, or condo – the right home insurance policy can provide you peace of mind as well as the money you need to repair or replace your home and belongings. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.

Connecticut Home Insurance Policies

Homeowners policies differ by which losses are covered, which coverages you choose, and what type of residence you own. You choose which insurance policy is best for you, whether it’s a comprehensive policy that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.

Types of coverages

The four basic areas in a homeowners policy:

  • Dwelling — Covers damage to the structure of your home.
  • Other Structures - Provides a seperate limit of insurance for structures not attached to the main home such as detahced garages, tool sheds, pool houses, etc.
  • Personal Property — Covers damage to content inside your home such as furnishings and clothing.
  • Additional Living Expenses — Covers costs for temporary housing, meals, etc., while your home is being restored or rebuilt.
  • Liability Protection — Covers your legal responsibility for injuries or damage to other people or property.

Dwelling and Personal Belongings coverages are available on an actual cash value (ACV) basis or at full replacement cost. ACV coverage considers the current market value of an item based on its age and condition. So, if you purchased a television for $400 four years ago, the value today would be significantly less than it was when you purchased it. ACV coverage would depreciate the item's value to determine the current value. Full replacement cost considers the current cost to replace an item. We recommend replacement cost coverage whenever possible.

A Place to start -

In order to determine how much coverage you might need, make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video - using two inventory methods can detemine how much coverage yuo need and it can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your homeowners insurance policy doesn't cover damages caused by poor or deferred maintenance on your part.