What to know before your renew your Home Insurance policy
Here are coverage options and/or exclusions or limitations that may exist in the policy
- Admitted company
- Surplus Lines company
- Limited Water Damage
- Roof Schedule Endorsement
- Cosmetic Marring Limitation
- Cosmetic Wind/Hail Limitation
- Wind Driven Rain Limitation
- Actual Cash Value Contents
Is the company an admitted insurance company?
An admitted insurance company is protected by LIGA, Louisiana Insurance Guaranty Association
Homes are protected up to 500,000 per home if your insurance company becomes insolvent
Is the company a Surplus Lines Insurance company (Non-Admitted)
If so there is no protection from LIGA if the company becomes insolvent. Due to insolvency you would lose your coverage and would not receive any return insurance premium. If you have an open claim you would be responsible for any unrepaired damage
LIMITATIONS ON THE POLICY
Limited Water Damage
This will limit all water damage claims to be limited to the amount specified (example could be $10,000)
This limitation would not apply to water intrusion
Roof Schedule Endorsement
Known as Actual Cash Value roof endorsement. Future claim payments will be reduced based on the age of your roof
Cosmetic Marring Limitation or Cosmetic Wind/Hail Limitation
No coverage to your house or roof if the damage does not cause an opening or leak
The damage would need to be structural not cosmetic
ex) Your neighbors get a new roof after a hail storm but you do not because your roof is not leaking although it sustained hail damage
Aluminum Carports, Awnings, Cabanas and Pergola Wind Exclusion
No coverage to unattached structures due to wind or hail
Wind Driven Rain Excluded
Would need an opening to damaged area to trigger coverage for wind/hail
Water intrusion without an opening would not be covered
Actual Cash Value Contents
This will remove replacement cost on your personal property. You will not receive the amount to replace a damaged item. Your claim check will be reduced based on the age of the damaged item.
If you don’t understand your coverage or would like a renewal review complete the form below