Protecting Your Home

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What you need to know about home insurance

Protection differs for those who own a condominium or rent

The protection you need when you rent an apartment or own a condominium is different from what you need as a homeowner.

Renters have no need to provide insurance protection for the building. Condominium owners only need to provide insurance protection for the portion of the building they own.

Condominium associations differ in defining the owner’s responsibility, so you should review your association’s agreement to determine your financial responsibility.

It is important to find out what property you are responsible for within the inside walls of the condominium. This property includes fixtures, carpeting, cabinetry, etc. An endorsement can be provided on your condominium policy for this type of property.

In either case, we can help determine the appropriate level of protection for your personal property. Take an inventory of your personal belongings and consider additional coverage for any valuable items such as jewelry or musical instruments.

Guaranteed Replacement Cost for your home

Our policy provides replacement cost coverage for both your home and personal assets. Guaranteed Replacement Cost means that if your home was built during or after 1950, we will pay the full cost to repair or replace your home with materials of like kind and quality.  

For example, if you have a $100,000 policy on your home and it’s destroyed by fire, we will pay to replace the home with materials of the same quality even if the cost is $110,000.

If your home was built prior to 1950, you are covered by Extended Replacement Cost, which provides 125% of the dwelling limit on your policy.

Other features and benefits

Besides protecting your home, the policy includes the following additional benefits:

Personal property protection
If your personal property is lost or damaged, our policy provides coverage equal to 75% of your residence coverage limit. For example, if your home is insured for $100,000 and it’s destroyed along with your belongings, our policy would cover the cost to rebuild your home plus pay you up to $75,000 for damage to your personal property.

Liability coverage
If you are liable for injury to another person or damage to another person’s property, our policy provides up to $500,000 of protection. Many other policies provide less.

Medical expenses
If a visitor to your home sustains accidental injuries, our policy pays up to $5,000 for immediate care.

Living expenses
If your home is damaged and you are forced to live elsewhere while repairs are completed, our policy helps pay your living expenses for up to one year. We pay the extra costs you incur by living away from home, such as any additional rent, food, or travel costs.

Coverage for other structures
If an unattached structure such as your garage or a storage shed is damaged, our policy pays up to 10% of your dwelling coverage limit.

Property away from home
If personal property is stolen or damaged by a covered peril while away from home, our policy pays up to 100% of your personal property limit. We pay up to 10% of your personal property limit for property that is with your student while away at college. Remember, items that are “lost” are not covered unless they are scheduled.

Added liability protection

When you insure both your home and auto with us, you are eligible to obtain additional liability insurance. This added protection is often called an umbrella policy. It applies when damages you are liable for are so severe that they exceed the limits on your home or auto policy.

The umbrella policy can increase your liability protection by $500,000 to $3 million. The cost is modest because these types of catastrophic claims are rare. However, if you happen to be one of the unlucky few to go through such an experience, the protection is invaluable.

In addition, the umbrella policy provides additional protection for some types of losses not covered by your home or auto insurance. These include situations where you might be held responsible for damages caused by libel, slander, invasion of privacy, false imprisonment, or false arrest.

Protecting your valuables

With a home policy, your protection for certain high-valued items is limited. To protect these assets, you can choose to schedule them on your policy. This gives you additional coverage as well as protection from certain types of accidental loss such as drop page or mysterious disappearance. When you schedule property such as jewelry or musical instruments, you receive coverage up to the amount you specify minus any applicable deductible. Protection for your boat, snowmobile, or recreational vehicle can also be obtained by scheduling them on your policy.

Home insurance

No matter what type of residence you call home, you can protect your assets with a home policy from WEA Member Benefits. Our policy offers protection in case of damage to your:

  • Home
  • Personal assets
  • Boats and recreational vehicles
  • Seasonal home

It also provides liability protection for accidental injuries or property damage to others for which you may be responsible, such as:

  • A slip and fall on ice
  • A dog bite
  • Damage to someone’s property while in your care

Extraordinary value

The features and benefits of our policy are some of the best available and premium rates are extremely competitive. You may also be eligible for additional premium discounts if you:

  • Insure both your home and auto with us.
  • Own a new home.
  • Own an older home that has been updated.
  • Have fire or police alarm systems.
  • Have working smoke alarms.

Effective April 2017. Subject to change.

WMBT 2777-290-0417