Your home is an excellent target for the slings and arrows (and sticks and stones, but we'll get to those later) of life's outrageous fortunes.
Our SmartChoice homeowners policy is a robust package of key coverages and extended limits that help you prepare for a wide array of unpleasant (and expensive) surprises.
Unless you've been living a media-free existence, you're aware that widespread serious weather events are an established trend. And so are issues caused by a tough economy. There are major implications for you as a homeowner.
Here are five things you should think about:
- Costs to repair and rebuild extensively damaged homes are climbing. Building materials and labor are frequently in heavy demand across the country, driving up costs for everyone.
- Costs for consumer goods are rising quickly; it would likely cost you much more to replace your current belongings than it did to buy them.
- States are establishing stricter building codes, which usually require more expensive materials and construction methods.
- All kinds of theft, including ID fraud, are steadily increasing.
- Lawsuits are expanding beyond traditional areas to injuries caused by social medial exposures.
Here's how SmartChoice lets you plan for them:
- Guaranteed Replacement Cost Coverage pays to replace the cost of your house if it is a total loss (not repairable) even if the cost to do so exceeds the Coverage A limit of your policy. Guaranteed replacement cost coverage is one of the hardest-to-find coverages in the insurance industry.
- Enhanced Personal Property/Contents Coverage pays up to 75% of your Coverage A limit for losses to your personal property and includes Replacement Cost Loss Settlement – that means that no depreciation applies to your claims settlement.
- Coverage for Ordinances or Laws that force you to incur increased repair costs when you are subject to the enforcement of any ordinance or law that regulates construction, demolition, renovation, or repair.
- Disaster Identity Recovery Services are included in the 12 specialty restoration and recovery services in our Identity Fraud Expense Recovery & Restoration Services program. Specialists quickly recapture destroyed documentation you'd need to rebuild your life, help ensure uninterrupted access to your financial institutions, and facilitate communication with your family, friends, and providers.
- Personal Injury Protection (This is where "sticks and stones" comes in.) is simply something everyone should have. In fact, insurers generally require you to have this coverage before you can purchase an umbrella (excess liability policy). It covers your liability to others for costs related to a liability suit arising from libel, slander, invasion of privacy, etc.
Thorough. Flexible. Smart.
SmartChoice covers a great deal more than just the five coverages listed above. In fact, it has 18 more coverages and 18 higher coverage limits than our basic homeowners policy. Those give it excellent range and serious depth of coverage.
This coverage overview illustrates SmartChoice's coverages, services, and limits in a simple, easy-to-scan format. We think people want to make educated choices, so we provide real information about what coverage options include.
- Actual Value Coverage endorsements allow you to schedule individual items for a value based on a third-party appraisal of the property.
- Agreed-Value Coverage endorsements insure property for an amount based on an appraisal of the property that is then mutually agreed upon by you and Electric Insurance; this coverage is very useful for excluding individual items from a Blanket endorsement in order to provide a higher rate of coverage.
- Blanket Coverage endorsements cover classes of personal property – for example, collections – rather than individual pieces, and claims are settled on an actual cash value (ACV) basis.
The View from 30,000 Feet
Go here for a close-up view of these coverages and see how they could apply to your situation.
18 Additional Coverages
- Enhanced Coverage for Personal Property Replacement (The Replacement Cost Loss Settlement provision means that no depreciation applies to your claims settlement.)
- Water Backup & Sump Discharge or Overflow
- Personal Injury
- Identity Fraud Expense Recovery & Restoration Services
- Volunteer Wrongful Acts
- Business Data
- Lock Replacement
- Food Spoilage
- Incidental Business
- Loss Assessment Association Deductible
- Electronic Apparatus & Accessories (primarily used for business) In/Upon a Vehicle
- Electronic Apparatus & Accessories In/Upon a Vehicle
- Land Restoration
- Jewelry, Silver & Securities in Bank Vault
- Mortgagee Extra Expense
- Personal Computer Data Re-creation
- Police Department Service Charge
- Reward Coverage
19 Higher Coverage Limits:
- Contents Coverage
- Damage to Property of Others
- Medical Payments to Others
- Theft of Jewelry, Watches & Furs (Unscheduled)
- Theft of Silverware
- Theft of Firearms
- Business Property at Home
- Credit Cards, Electronic Funds Transfer Card, or Access Device; Forgery & Counterfeit Money
- Debris Removal
- Fire Department Service Charge
- Incidental Business
- Loss Assessment
- Money (Unscheduled )
- Ordinance or Law
- Trees, Shrubs & Other Plants
- Valuable Papers & Securities
- Watercraft – Outboard Boats – Liability
- Boats & Trailers Used with Watercraft
- Trailers Not Used with Watercraft