About Home Insurance
Our agency offers coverage for a wide range of policy types whether you are looking to insure a primary dwelling, an investment property, a condo, or a townhouse. The basic coverage for each of these types of policies are generally the same, with some slight differences depending on what type of policy you are looking for. To understand what each policy type covers, the easiest example to look at is the homeowner’s insurance for primary dwellings.
About Primary Dwelling Homeowner’s Insurance
Our primary dwelling, Homeowner’s Insurance provides coverage for the dwelling itself, household contents and personal belonging, personal liability, medical payments, and additional living expenses.
The homeowner’s dwelling coverage is usually determined by entering the square footage of the home along with what the home is made of, how many rooms are in the house, what amenities are present in the house, etc. This provides the suggested reconstruction cost. From this point, the amount can be adjusted to meet the individual needs of the customer. Coverage for separate structures and extended replacement is a percentage of this coverage.
Homeowner’s personal property coverage is also based on a percentage of the dwelling coverage on the home. It provides coverage for personal belongings either at the home or anywhere in the world, depending on the circumstances. Contents replacement may be added to this coverage to pay for replacements and repairs without deducting for depreciation.
The liability portion of the homeowner’s policy provides coverage when you are being held legally liable for someone else’s bodily injury or property damage. This can be a result of an accident or negligence. It can, in some cases, even cover you when you are off premises or when it is the result of a pet.
The medical payments portion of the homeowner’s insurance policy provides for medical costs for others, regardless of liability.
The additional living expenses portion of the renter’s insurance policy provides coverage if, in the event of a covered loss, you residence is uninhabitable. In most cases, it covers additional living expenses for up to 24 months and it too is usually a percentage of the dwelling amount.
The homeowner’s policy also has some optional coverage which includes:
- Scheduled & unscheduled personal property for specific valuables.
- Identity Shield to assist with identity theft and replacement of important documents.
About Home Insurance for Investment Properties
Landlord’s who are looking to insure and investment home that will be rented out would fall under a very similar policy type as that of homeowners who are insuring a primary dwelling. The key difference in the policy, however, is that people who are renting the home out to a tenant do not need nearly as much coverage for personal property. The property is that of the tenants and therefore covered on the tenant’s renter’s policy rather than the landlord’s contents coverage.
Another difference in coverage between a policy on a primary dwelling and a policy on an investment property is loss of rents. This coverage is provided in an instance where there is a claim on the home and as a result, the tenant cannot reside in the home and therefore is not paying rent. Since, in a lot of cases, the owner of the home is still paying a mortgage on the home, without the income of the renter, this might be difficult to pay.
Where We Insure
Cordogan Insurance, depending on the circumstances, can insure various lines of insurance all over the country, however, when it comes to home insurance, we mainly insure Tennessee and Mississippi. This can be very beneficial to investors who live in the metro area because often, they have homes in Memphis, Tennessee, but they find themselves expanding, often into northern Mississippi. Insuring homes in both Tennessee and Mississippi allows these customers to keep all their insurance within one agency which they often find helpful. These customers are able to call one agency when they need to know something about their multiple policies or if they need to make changes on multiple homes. Also, different companies have different standards for how they insure homes so customers who need insurance in both Tennessee and Mississippi, who deal with our agency, know that no matter where they are insuring their homes, the coverage will remain mainly the same. Whether you are looking for affordable home insurance in Tennessee or Mississippi, we will find the policy that is right for you.