Why a basic Homeowners policy may not be enough

At times, a basic homeowners policy may fall short of your needs. Therefore, as your career advances and your income grows, it becomes essential to keep your insurance coverage current. This ensures you won't face costly gaps in protection and won't have to bear excessive out-of-pocket expenses in the event of a claim. To ensure you're adequately safeguarded, you require a homeowners policy that evolves with your changing circumstances.

This is why we provide a range of homeowners policy options, including our Safeco Premier package, designed specifically for individuals seeking higher levels of security. You might find additional coverage beneficial if any of the following situations apply to you:

1. The cost of rebuilding your home falls between $500,000 and $3 million.
2. Your home is custom-built.
3. Your home boasts features like marble countertops, custom cabinetry, high-end appliances or electronics, valuable collections, or similar amenities.
4. You have substantial financial assets to protect.
5. You face additional or unique risk factors.

Safeco's homeowners options grant you the flexibility to easily enhance your policy with comprehensive coverage without the complications of confusing endorsements or convoluted procedures. These valuable options include:

1. Extended dwelling coverage: Often, full reconstruction costs differ from the market value, meaning your existing homeowners policy may not accurately account for the true rebuilding expenses. Extended dwelling coverage helps you reconstruct your home if construction or permitting costs change and exceed your current policy limits. It can also cover expenses like debris removal, contractor fees, construction permits, architect's charges, and more.

2. Building ordinance or law coverage: In the event of a covered loss requiring the rebuilding or repair of your home, you must adhere to current building codes. Since codes change over time, this could lead to higher-than-expected rebuilding costs. Building ordinance or law coverage is designed for such situations and can potentially save you thousands.

3. Replacement cost up-front coverage: With this loss settlement option, you have the choice not to rebuild at the original location after a total covered loss. Instead, you receive a payout to apply toward purchasing or constructing a new home in a different location.

4. Personal property replacement cost coverage: This coverage helps offset the expenses of replacing personal belongings, such as electronics, art, jewelry, and furniture, without accounting for depreciation. You'll receive the amount necessary to acquire an identical or comparable item, ensuring you don't have to settle for something of lesser value.

5. Personal offense coverage: This provides extensive protection against various lawsuits and damages stemming from issues like libel, slander, character defamation, invasion of privacy, and other offenses. It may also cover remarks made on social media platforms by either you or your children.

Is your homeowners policy currently aligned with your needs? If you're uncertain or have outgrown your existing coverage, contact us to discuss your situation and secure the protection that suits you best.