Home Insurance

Homeowner's insurance includes the property insurance and liability coverage. Usually a single premium is paid for all risks.

The cost of homeowner's insurance varies depending on what it would cost to replace the house in the event of loss, and if additional endorsements or riders are attached to the policy.

The insurance policy is a legal contract between the insurance carrier and the customer. It is a contract of indemnity meaning, once the insurance carrier has paid after the loss, the customer that is insured will be back to the state he/she was in prior to the loss.

Special insurance can also be purchased for things like flood or war, and is not usually part of basic home insurance. Insurance is adjusted to reflect the cost of replacement, usually upon application of an inflation factor or a cost index.

If a customer does not purchase enough coverage and a major loss happens, the insured may have to pay substantial uninsured costs out of their own pocket.

Typically payment is made annually.

The Rackley Insurance Group offers a variety of home insurance options. Let us help you protect your home today!