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Homeowners Insurance FAQs

Homeowners Insurance FAQs

  1. Q: How do I determine the amount of coverage my home needs?
    A: Your home should be insured for the amount it would cost to replace the structure in the event of a total loss. The replacement value of your home is determined by factors including square footage, type of construction, size of garage, number of fireplaces, and further, by comparing local residential construction rates for the area where the home is located.
  2. Q: What is the difference between Actual Cash Value and Replacement Cost Coverage?
    A: Actual Cash Value is the sum of money required to pay for damages or lost property, computed on the basis of replacement value less its depreciation due to obsolescence or general wear. Replacement Cost Coverage pays the cost of replacing property without deduction for depreciation.
  3. Q: Does my homeowner's insurance policy cover my home office equipment?
    A: There are limitations to your policy for property located in your home that is used in the course of business. Please refer to your policy, or call your local Personal Express Insurance servicing office for your coverage information.
  4. Q: Does my homeowner's insurance policy cover flood damage?
    A: Coverage for water rising and entering the home is not covered by the standard homeowner's insurance policy. Coverage may be obtained from the National Flood Insurance Program. Property damage caused by water that is sudden and accidental (such as a pipe burst) is typically covered. Please refer to your policy for specific exclusions or talk to a Personal Express Insurance representative.
  5. Q: If I file a claim, will it affect my homeowner rates?
    A: Personal Express Insurance does periodically review the claims history of all policyholders. A claim may affect your rates. Claims frequency or severity may result in non-renewal. These periodic reviews assist us in maintaining and protecting the rates for all policyholders.
  6. Q: Does my homeowner's insurance policy cover my car or motorcycle if they are stolen from my garage or destroyed in a fire?
    A: No, it does not. Your homeowner's insurance policy excludes motorized vehicles unless used for maintenance to the insured residence, such as lawnmowers. For vehicle coverage, a separate auto or recreational vehicle policy including comprehensive coverage must be purchased.
  7. Q: As a renter, do I need insurance?
    A: As a renter, you will need a renter's insurance policy to provide coverage for your personal property and personal liability.
  8. Q: Is my personal property covered while I am traveling on vacation?
    A: Yes, your homeowner's insurance policy provides contents coverage anywhere in the world, but there are limitations and exclusions. Ask a Personal Express Insurance representative for more information.


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