Important Homeowners Insurance Information

What homeowners insurance protects you against

While policies vary, homeowners insurance usually covers damage to both structures and personal property caused by:

1. Fire or lightning
2. Windstorm or hail
3. Explosions
4. Riot or civil commotion
5. Aircraft
6. Vehicles
7. Smoke
8. Theft or vandalism (sometimes called malicious mischief)
9. Falling objects
10. Weight of ice, snow or sleet
11. Freezing of a plumbing, heating, air conditioning or other such household system

Your homeowners coverage is most likely even more comprehensive than the list above.
In fact, the term "homeowners" is misleading because this package of insurance coverage extends to all of your possessions no matter where you are. If you were on vacation and lost a valuable item, as long as the loss is by a covered event or peril, you’re covered. The liability in your policy also extends beyond the boundaries of your home, if you were found legally at fault for injury or loss to another individual. Many homeowners policies cover damage from "just about everything," unless the coverage is specifically excluded.

What Is Not Covered under Homeowner’s Insurance

Homeowner’s policies are designed to provide very specific coverage.  A typical homeowner’s policy covers the structure of your home, your personal belongings, liability protection, and additional living expenses. Misconceptions about homeowner’s insurance coverage often leave people inadequately protected. Therefore, in an effort to help you better understand your coverage, this article clarifies some of what is not covered in a standard homeowner’s policy:

• If you live in a high-risk flood zone, you do not want to be without adequate coverage. However, flooding is not included in your homeowner’s insurance. Go to www.floodsmart.gov to determine your home’s flood risk and speak to a Loiselle Agency customer service representative about flood insurance coverage.
• Earthquakes also are not covered under a standard homeowner’s policy. However, earthquake coverage can be added as an endorsement to your homeowner’s policy. Earthquake insurance will cover major losses but often includes significant deductibles.   Please speak with a Loiselle Insurance customer service representative if you would like more information about earthquake coverage.
• Mold, termites, and other infestations are not covered under homeowner’s insurance. However, you can minimize your risk by using air conditioners and dehumidifiers to keep the humidity level in your home between 30 and 60 percent. Also consider putting exhaust fans in kitchens and bathrooms and avoid installing carpet in damp areas. 
• You can expect to see limitations in theft coverage for jewelry, furs, silverware, guns, and money. If you have any of these special items, you'll want to consider adding an endorsement or floater to your policy. If you have any questions regarding your existing homeowner’s policy or are interested in adding an endorsement, please feel free to contact us at 401.723.8510.

Exclusions you should know about

There are exclusions in your homeowners policy for neglect, intentional loss, earth movement, general power failure and even damage caused by war. If you neglect to take care of your property – for example, a leaky roof – you may not be covered.

Ordinance or Law is an important exclusion you need to know about.
Building codes established by city and town governments may have driven up the cost of rebuilding or repairing after a loss occurs. This may not be covered by your insurance policy. Current building codes and laws may require higher grade or more expensive materials than the original ones being replaced, and the difference in cost would be your responsibility. Even if you live in a new home, laws and building codes are constantly updated. You can add an endorsement for ordinance or law coverage on your homeowners policy, which could save you money in the future.

 Loiselle Makes It Easy for you to Update Your Coverage

After you read your homeowner’s policy, and review the amount and types of coverage, you need to consider whether you should update your policy to reflect changes in your lifestyle.

You should contact us when you acquire new jewelry, antiques, art or other expensive personal property. Keep the receipts or appraisals for your new items, and we will submit copies to your insurance company, if requested. It is important for you to assess if you have adequate insurance to compensate you if these items are lost, destroyed, or stolen.

If you do not have proper coverage, we will recommend an insurance endorsement or personal possessions floater as an addition to your policy.

Evaluate the replacement cost of your home, which is an approximate cost for rebuilding your current structure. We will consider updating the property provisions of your insurance policy if you made significant home improvements or if the cost of replacement has dramatically increased since you purchased your policy.

If you have experienced significant changes in your finances, you need to assess the liability coverage provisions of your homeowner’s policy. You may want to increase your coverage if you have accumulated significant assets. By balancing the cost of liability coverage against the risk to your assets, we will evaluate the amount of liability insurance needed to protect your family from risk. If we both determine that you need additional liability coverage, we would recommend an umbrella policy.

Review your homeowner’s policy every year. Choose a particular season, such as Spring, to review your homeowner's policy to ensure that your coverage is adequate for your lifestyle. Contact Loiselle Insurance to update your policy or purchase additional coverage if necessary.

The Importance of Preparing an Inventory of Your Possessions

No matter if it’s a Category 4 Hurricane or minor smoke damage, being prepared for unexpected disasters means keeping an accurate list of your belongings, so you can replace them quickly if they are lost or destroyed. Remembering what you have is one of the most difficult challenges for people after a disaster. While many homeowners remember to catalog the items in their homes (have you?), they forget to record belongings in their garage or in storage. Loiselle Insurance Agency recommends that you photograph or videotape your belongings and that you keep it off premises, such as in a safe deposit box. If you have a portable camera, or a digital camera with a video option, simply go room-to-room and video your belongings.

If you are unable to use a camera, then simply prepare a written list of all of your personal property with brand names and approximate retail price. Suggested items to list include your living room set, bedroom set, TV’s, jewelry, etc. You should record receipts and make note of the original purchase prices. Remember that it is important to leave this list in a place outside of your home. The Insurance Information Institute offers home inventory software that is free and downloadable. Simply go to www.knowyourstuff.org. Once your report is complete, you can e-mail a copy of it to yourself as well as print a report or burn a CD. Upon completing your inventory, it is easy to keep your information up to date. And if you do find yourself in a disaster, do not throw away any damaged items until a claims adjuster has evaluated the damage.

Staying Warm and Safe During the Winter

During the winter months, heating your home becomes a priority. However, it is important to make sure your home is not only warm, but also safe. Space heaters and chimneys spark a total of 66 percent of all home heating fires, according to the National Fire Prevention Association.

First and foremost, to keep you and your family safe, your home should be equipped with working smoke alarms and carbon monoxide detectors. If the carbon monoxide and smoke detectors in your home are 10 years or older, it is recommended that you replace the entire unit.

If you use space heaters to heat your home, make sure they are at least three feet away from furniture, curtains, and anything flammable. When you take your space heater out of storage, make sure you remove any dust and lint, which can cause a fire. Additionally, avoid using extension cords to power space heaters and always turn off the heater when no one is home.

 If you use a fireplace to heat your home, make sure it is professionally cleaned each year. Consider adding a chimney cap to your chimney to keep out moisture and prevent deterioration. Also, ensure that your chimney has an appropriate liner and that the seal between the chimney and roof is inspected and maintained.

To save yourself some hard earned money this Winter, try these tips to help reduce energy costs while keeping your home toasty:

• Lowering your thermostat by even one degree can save you on your heating bill.
• Caulk and weather strip around your windows; this method can save you up to 30 percent off your heating bill.
• If you have zoned heat, only heat rooms that are being occupied.
• Open your blinds and curtains during the day to allow the sun to heat your home, and close them again after sunset.
• Install a programmable thermostat so that the heat turns off once your home reaches a certain temperature.
• Use an electric blanket to keep warm when you get chilly, but be sure to turn it off when you are done with it.

Things You Can Do Around the House to Save Yourself Money

Fix that leaky roof
You can inspect your roof by looking for cracked, curled, or missing shingles.
Asphalt shingles typically last 20 years. You also should examine the siding under roof eaves, and the ceilings in the rooms below. Look for water or discoloration or indications that ice dams might have created leaks along the roof edge. Leaks are easiest to spot in the attic by inspecting the rafters for water stains. Patching leaks is best left to a professional.

Clear gutters of debris
You should check your gutters for corrosion, joint separation, and loose fasteners. Flush out downspouts and unclog leader pipes. Leaders should extend at least 5 feet to direct water away from the foundation.

Fix cracks in your foundation
Hairline cracks in foundation walls might be the result of minor settling of concrete, but it is not necessarily cause for alarm. Mark them with tape and check them again in a few months. If the cracks have worsened, call a structural engineer.

Rid your deck of moss and mold
Pressure washers are effective tools used to accomplish this task. If you see wood damage, like raised fibers, increase the distance between the spray nozzle and the decking.

Clean your air conditioner
You should disconnect electric power to the outdoor condenser on your air conditioner and clear it of leaves and debris with a vent brush, power blower, garden hose, or the brush attachment on your vacuum cleaner.

Inspect trees for broken branches
If the limb is high up, hire a licensed arborist. You also can look for bending branches, which may have been affected by snowfall over the Winter. Make a mental note to check that they bounce back and produce leaves in the Spring.

Fix cracks in the driveway and paths before weeds take hold
Home improvement stores sell patching materials and fillers designed for asphalt and concrete surfaces. These do-it-yourself fixes might not do the trick on surfaces that have ruptured from the effects of frost heaving. For these, you will need to hire a professional to pour or pave a new surface over stabilized soil.

Protect Your Home from Ice Dams

An ice dam is a wall of ice that forms at the edge of a roof. When it forms, melted snow and ice backs up and creates a pool of water. This pool of water can leak into your home and cause damage to walls, ceilings, insulation, and other areas, so be sure to keep the roof and the eaves at the same temperature. This can be accomplished by increasing ventilation, adding insulation and sealing off warm air leaks. Below are a few precautions you can take to prevent ice dams.

1. Clear snow build up from single story roofs with a roof rake, which allows you to sweep your roof clear from ground level.
2. Pair a ridge vent with continuous soffit vents to circulate cold air under the entire roof. Place what are known as baffles to maintain an unobstructed airflow from the vents.
3. Cover unsealed attic hatches and whole-house fans with weather- stripped caps made from foil-faced foam board held together by aluminum tape.
4. Ensure ducts connected to vents never lead outside through soffits.
5. Add insulation to attic floors.
6. Replace old style recessed lights with “IC” fixtures that can be covered with insulation.
7. Surround openings for electrical cables and vent pipes with fire-stop sealant.