Protecting the Place You Call Home

Your home is more than a building. It is where your family lives, your belongings are kept, and many of life’s most important moments take place.

Home insurance can help protect you financially when covered events cause damage to your home, personal belongings, or certain other property-related losses.

At SecureWay Insurance, we help homeowners understand their coverage options and identify protection that fits their property, circumstances, and priorities.

WHAT IS HOME INSURANCE?

Home insurance is designed to provide financial protection against certain covered risks involving your home and personal property.

Depending on the policy, coverage may include protection for:

• The structure of your home

• Other structures on your property

• Personal belongings

• Personal liability

• Additional living expenses after a covered loss

• Certain medical payments to others

The exact protection available depends on the policy, coverage limits, exclusions, deductibles, and applicable terms.

WHAT DOES HOME INSURANCE COVER?

Dwelling Coverage

Dwelling coverage is designed to protect the physical structure of your home against covered losses.

This can include components such as:

• Roof

• Walls

• Floors

• Ceilings

• Built-in cabinets

• Attached structures

• Permanent fixtures

Your dwelling coverage limit should reflect the estimated cost to rebuild the home, rather than simply its market value.

Other Structures

Certain policies can provide coverage for structures on your property that are separate from the main residence.

Examples may include:

• Detached garages

• Sheds

• Fences

• Certain other detached structures

Coverage is subject to the policy’s terms and limits.

Personal Property

Your belongings can represent a significant financial investment.

Personal property coverage may help protect eligible possessions such as:

• Furniture

• Clothing

• Electronics

• Appliances

• Household items

• Certain sporting equipment

• Other personal belongings

Some high-value items may require additional coverage or special limits.

PERSONAL LIABILITY PROTECTION

Accidents can happen at home or on your property.

Personal liability coverage may help protect you if you are legally responsible for certain covered bodily injury or property damage involving another person.

Depending on the policy, liability protection may help with eligible:

• Legal defense costs

• Settlements

• Judgments

• Property damage claims

• Bodily injury claims

Coverage is subject to policy terms, exclusions, and applicable limits.

ADDITIONAL LIVING EXPENSES

Imagine your home suffers significant damage from a covered event and becomes temporarily uninhabitable.

Depending on your policy, additional living expense coverage may help with certain increased costs you incur while your home is being repaired.

Potential expenses can include eligible:

• Temporary accommodation

• Additional food expenses

• Transportation costs

• Other necessary increased living expenses

The specific expenses covered depend on your policy.

COMMON RISKS HOME INSURANCE MAY HELP PROTECT AGAINST

Depending on the policy, home insurance may provide protection against certain events such as:

• Fire

• Smoke damage

• Theft

• Vandalism

• Wind damage

• Hail damage

• Certain water-related losses

• Falling objects

• Certain accidental damage

Not every event is covered by every policy. Some risks may require separate insurance or additional coverage.

WHAT HOME INSURANCE MAY NOT COVER

Understanding exclusions is just as important as understanding what is covered.

A standard homeowners policy may exclude or limit coverage for certain losses, which can include:

• Flood damage

• Earthquake damage

• Normal wear and tear

• Maintenance problems

• Certain pest damage

• Certain intentional damage

• Certain sewer or drain backups

• Other specifically excluded causes of loss

Additional policies or endorsements may be available for certain risks.

FLOOD INSURANCE & HOME INSURANCE

One common misunderstanding is assuming that standard home insurance automatically covers flooding.

In many cases, flood damage requires separate flood insurance.

If your property is located in an area where flooding may be a concern, it is important to discuss your options and understand the limitations of your homeowners policy.

HOW MUCH HOME INSURANCE DO YOU NEED?

The right amount of coverage depends on your property and individual circumstances.

When determining appropriate coverage, consider:

Rebuilding Cost
What it could cost to rebuild your home after a covered loss.

Personal Property
The value of the belongings you would need to replace.

Liability Exposure
The level of financial protection you may want if you face a covered liability claim.

Other Structures
Detached garages, sheds, fences, and other eligible structures may need to be considered.

Additional Living Expenses
Consider the potential cost of temporary accommodation and other expenses if your home becomes uninhabitable following a covered loss.

REPLACEMENT COST VS. ACTUAL CASH VALUE

Understanding how your policy values property is important.

Replacement Cost

Replacement-cost coverage generally aims to pay the cost to repair or replace covered property without deducting depreciation, subject to the policy terms and limits.

Actual Cash Value

Actual cash value generally considers depreciation when determining the value of covered property.

The method used can significantly affect the amount paid after a covered loss.

WHAT IS A HOME INSURANCE DEDUCTIBLE?

A deductible is the amount you are generally responsible for paying toward a covered loss before the insurance company pays the remaining eligible amount, subject to the policy terms.

For example, if a covered loss results in $10,000 of eligible damage and your applicable deductible is $1,000, you would generally be responsible for the first $1,000, with the policy potentially covering the remaining eligible amount.

Actual claim payments depend on the policy, coverage limits, exclusions, and applicable conditions.

HOME INSURANCE FOR NEW HOMEOWNERS

Buying your first home is a major financial commitment.

Before closing on a property, it is worth considering:

• The home’s replacement cost

• Property location

• Construction type

• Roof condition

• Security features

• Available discounts

• Deductible options

• Liability coverage

• Personal property limits

• Additional coverage requirements

Having appropriate coverage in place can help you protect your investment from covered losses.

HOME INSURANCE FOR EXISTING HOMEOWNERS

Your insurance needs can change over time.

You may need to review your policy after:

• Renovating your home

• Building an extension

• Purchasing expensive belongings

• Installing new appliances

• Adding a pool

• Building a detached structure

• Changing occupancy

• Installing security systems

• Experiencing significant changes in your household

A policy that was suitable several years ago may no longer reflect your current situation.

PROTECTING YOUR VALUABLE BELONGINGS

Standard policies may have special limits for certain categories of valuable property.

If you own items such as:

• Jewelry

• Watches

• Fine art

• Collectibles

• Certain electronics

• High-value equipment

you should review your policy’s limits carefully.

Additional coverage or scheduling may be appropriate for certain valuable possessions.

WAYS TO POTENTIALLY SAVE ON HOME INSURANCE

Your premium can depend on many factors, but you may be able to reduce costs by discussing available discounts and risk-reduction measures.

Potential considerations include:

• Home security systems

• Smoke and fire alarms

• Updated electrical systems

• Updated plumbing

• Roof improvements

• Bundling eligible insurance policies

• Maintaining an appropriate deductible

• Reviewing your coverage regularly

Discount availability varies by insurer and location.

HOME INSURANCE FOR RENTAL PROPERTIES

If you own a property that you rent to tenants, a standard homeowners policy may not be the appropriate form of coverage.

Landlord or rental-property insurance may provide protection designed specifically for rental properties.

The appropriate coverage can depend on:

• Property type

• Number of units

• Occupancy

• Rental arrangement

• Property location

• Owner responsibilities

HOME INSURANCE FOR CONDOS

Condominium owners have different insurance considerations from traditional homeowners.

A condo policy may provide coverage for your personal belongings, certain interior portions of your unit, and personal liability, while the condominium association’s master policy may cover certain common areas and building components.

The responsibilities of the individual owner and association depend on the governing documents and applicable insurance policies.

HOME INSURANCE CLAIMS

If you experience damage that may be covered by your policy, taking appropriate steps can help protect your interests.

Generally:

1. Take reasonable steps to prevent further damage.

2. Document the damage with photographs or videos.

3. Keep receipts for eligible temporary repairs or expenses.

4. Notify your insurance company promptly.

5. Provide requested documentation.

6. Keep records of conversations and claim-related expenses.

Do not make permanent repairs before the insurer has had an appropriate opportunity to inspect the damage, unless immediate action is necessary to prevent further loss.

FREQUENTLY ASKED QUESTIONS

Is home insurance required?

Home insurance may not be legally required in every situation, but mortgage lenders commonly require homeowners to maintain insurance as a condition of the loan.

Does home insurance cover floods?

Standard homeowners insurance generally does not provide coverage for flood damage. Separate flood insurance may be necessary.

Does home insurance cover theft?

Many homeowners policies provide coverage for certain theft losses, subject to the policy’s terms, limits, deductible, and exclusions.

Does home insurance cover roof damage?

A policy may cover certain roof damage caused by a covered event. Damage caused by wear and tear, deterioration, or lack of maintenance may not be covered.

Does home insurance cover personal belongings?

Many policies provide personal property coverage for eligible belongings, subject to coverage limits and policy conditions.

What happens if my home becomes unlivable after a covered loss?

Depending on your policy, additional living expense coverage may help pay certain increased costs while your home is being repaired or rebuilt.

Can I change my home insurance coverage later?

Your coverage can generally be reviewed and adjusted when appropriate, although changes may be subject to underwriting, eligibility requirements, and policy terms.

A HOME IS WORTH PROTECTING

Your home represents more than its purchase price. It contains your belongings, your memories, and the financial investment you have made in your future.

The right home insurance can help you prepare financially for unexpected covered losses and provide greater confidence in protecting what matters.

SecureWay Insurance helps you understand your options so you can make informed decisions about protecting your home, property, and financial interests.

Home insurance coverage, exclusions, deductibles, limits, eligibility requirements, premiums, and claims procedures vary by insurer, policy, state, and individual circumstances. This page is provided for general informational purposes only and does not guarantee coverage or benefits. The applicable insurance policy and endorsements control the actual terms of coverage.