Homeowners Insurance
Your home is your greatest financial asset, and Alvarado Taxes & Insurance wants to help you protect it. Homeowners insurance is a form of property insurance designed to protect an individual’s home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.
Alvarado Taxes & Insurance provides coverage for various different types of homes such as: Mobile Homes, Modular Homes, Single Family Dwellings, Condos, Townhomes, and Multi-family homes.
If you and your family have to move out of your home due to a covered loss, your additional living expenses of the hotel and meal costs can be covered under a homeowners policy. Your dwelling amount needs to match the rebuild price of your home, not your loan amount.
A homeowner’s policy can provide the proper coverage for your structure using a calculated amount of coverage based on the material and size of your home. The contents inside are also covered from theft, fire and many other perils that could take away your personal property. When others come onto your premises, you are responsible for any damage that may occur to them. Liability and medical payments coverage to others are included in a homeowner’s policy.
There are also additional add-on coverage’s available to ensure the protection of your valuables such as jewelry, electronics, artwork and antiques. It’s important to talk to your Alvarado Taxes & Insurance agent or representative to learn what your Homeowner’s policy may and may not cover. For those perils that are not covered, there may be supplemental insurance you can purchase.
Dwelling Coverage
Pays to repair or rebuild your home – including electrical wiring, plumbing, and heating and air conditioning – if damaged by a covered cause of loss. It’s important to buy enough dwelling coverage to cover the cost to rebuild.
Other Structures Coverage
This homeowner’s insurance covers damages to detached structures like garages, fence, sheds and cottages on your property.
Personal Property Coverage
This coverage helps to insure personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothes, sporting goods and electronics.
Loss of Use Coverage
This form of homeowner’s insurance covers additional housing and living expenses if you must move out of your home temporarily while it’s being restored.
Liability Insurance
Liability homeowner’s insurance is designed to protect your assets and cover your defense costs in the event of a lawsuit because you or your family members are responsible for causing injuries or damage to other people or their property.
IMPORTANT: Water Damage vs. Flood Damage
A common misconception is the difference between water damage vs. flood damage. A typical renters and homeowners insurance policy covers water damage, but does NOT cover flood damage. Flood damage must be purchased separately.
FLOOD DAMAGE
A flood is defined as a rising and overflowing body of water onto normally dry land. Generally, damage caused by water that has been on the ground at some point before damaging your home is considered flood damage. Flood damage to your home/place of residence can only be insured through a Flood Insurance policy.
Examples of Flood Damage:
1. A nearby lake or river overflows and causes a flash flood in your home.
2. A storm drain or sewer drain gets backed up and causes a flood through the patio on the 1st floor of an apartment building.
WATER DAMAGE
Opposite from flood damage, water damage is considered to occur when water damages your home before the water comes in contact with the ground.
Examples of Water Damage:
1. During a heavy rainstorm, water leaks through your roof onto your furniture, floor, etc. causing damage.
2. A pipe/hose from your washing machine breaks, causing water to leak causing damage.