Sky Insurance

Understanding the four essential protections provided by your homeowners policy

 

Homeowners coverage provides financial protection against loss due to disasters, theft, and accidents. Most standard policies include four essential types of coverage: Coverage for the structure of your home; Coverage for your personal belongings; Liability protection; Coverage for Additional Living Expenses

 

Coverage for the structure of your home

Your homeowner’s policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed in your policy. Most policies also cover detached structures such as a garage, tool shed or gazebo—generally for about 10 percent of the amount of insurance you have on the structure of the house.

A standard policy will not pay for damage caused by a flood, earthquake or routine wear and tear.

When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.

 

Coverage for your personal belongings

Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disasters. The coverage is generally 50 to 70 percent of the insurance you have on the structure of the house.

Personal belongings coverage includes items stored off-premises—this means you are covered anywhere in the world. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. You also have up to $500 of coverage for unauthorized use of your credit cards.

Expensive items like jewelry, furs, art, collectibles, and silverware are covered, but there are usually dollar limits if they are stolen. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for its officially appraised value.

Trees, plants, and shrubs are also covered under standard homeowners insurance—generally for about $500 per item. Trees and plants are not covered for disease, or if they have been poorly maintained.

 

Liability protection

Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter (or even your dog) accidentally ruin a neighbor’s expensive rug, you are covered. (However, if they destroy your rug, you’re out of luck.)

The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit stated in your policy documents.

Liability limits generally start at about $100,000, however, it’s a good idea to discuss whether you should purchase a higher level of protection with your insurance professional. If you have significant assets and want more coverage than is available under your homeowner’s policy, consider purchasing an umbrella or excess liability policy, which provides broader coverage and higher liability limits.

Your policy also provides no-fault medical coverage, so if a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses can be paid without a liability claim being filed against you. It does not, however, pay the medical bills for your own family or your pet.

 

Additional living expenses (ALE)

ALE pays the additional costs of living away from home if you cannot live there due to damage from an insured disaster. It covers hotel bills, restaurant meals, and other costs, over and above your usual living expenses, incurred while your home is being rebuilt.

Keep in mind that the ALE coverage in your homeowner’s policy has limits—and some policies include a time limitation. However, these limits are separate from the amount available to rebuild or repair your home. Even if you use up your ALE your insurance company will still pay the full cost of rebuilding your home up to the policy limit.

If you rent out part of your house, ALE also covers you for the rent that you would have collected from your tenant if your home had not been destroyed.

 

 

If you have any questions or would like to review your homeowners insurance coverage.  Please give us a call at 916-540-7000.

Entering the season of giving.

 

As I sit drinking my coffee this morning, I heard the geese flying overhead, I love that sound. It brings back memories of when I was young, and summer would be coming to an end, we would see the geese fly over, and my mother would say, “fall is coming soon”.   Fall has always been my favorite season. It brings changes to the trees, with the many fall colors, the crispness in the air, and the beginning of the holiday seasons.

 

Each year as the holidays approach, I always start the season saying, I want to give back, or serve in some capacity, whether it be feeding the homeless, or helping a family in need. Each year flies by and before you know it, the season is over, and I didn’t find the time.   Last year our company decided to give back to our community, by picking two families during Thanksgiving and Christmas, to bless. We provided full meals and presents. Our whole office enjoyed the act of giving, and it gave us such joy to bless someone.

 

As the new holiday season approaches, and we start compiling a list of wants for Christmas, I encourage or shall I say, challenge you to take time this holiday season to do something special, volunteer to serve, or pick a family that is having a hard time and bless them. I promise you it will bless you, to be apart of something special, it gives the holidays new meaning. Incorporate your children into this act as well; it helps children to think of ways to help others.   Kids love participating in ways to help people, what better way to teach our children how to be selfless and to think of others. It teaches them kindness, love, and acceptance.

 

This is my challenge for you this holiday season!

 

Cheers,

Jenny

The season of giving15170886_1797859737099058_3820114523598687497_n

 

What a wonderful time of year the holidays bring. Time spent with friends and families, busy schedules with parties and gatherings to attend.   It’s a time filled with thanks and hope. The end of the year brings a time to reflect on the blessings in our lives and excitement for the coming new year.

At Sky Financial and Insurance services we are no different.   The end of the year brings a lot of busy schedules. Assisting clients with year-end items and new year planning. Holiday parties and client appreciation, along with closing out our own year-end items, makes for a hectic final sprint to the end of the year. But one thing does not get lost on us during this busy time is the blessings in our lives.

img_6622Sky was built on the idea of creating an agency to serve people and our community.  Service and gratitude is in our DNA and the fabric of our company culture.   Our goal has been and will be to use our company to better our region, to take profits and reinvest back into people and causes. Thanks to all of our wonderful clients, that trust us to serve them, we were able to provide a Thanksgiving dinner to a Grandma that is raising her two young grandsons after the unexpected loss of their parents.   She was/is struggling to afford the additional responsibilities that life has unexpectedly given her.

 

So how can you help?

 

In the month of December we are looking for a family that we would like to provide a meal and gifts so the family can have a proper Christmas dinner and the kids can have some gifts to open and enjoy. If you know of any family that might be experiencing hard times during this holiday season, please let us know. We are hoping you can help us identify a family that could use a little assistance during Christmas. Please email Erik at erik@skyinsurancegroup.com with any recommendation. We thank you and this wonderful community. We hope everyone has a wonderful and blessed holiday season.

 

God Bless,

Erik