Home Insurance FAQs

  1. What is homeowners insurance?

Homeowners insurance is a form of Family Insurance that protects your home and its contents. In addition, homeowners insurance provides family liability insurance.

  1. What do I need to know when purchasing homeowners insurance?

You must consider several factors when purchasing homeowners insurance, including:

  • The amount and type of personal property coverage that you need
  • The amount of personal liability coverage that you need
  • Additional coverages that you need

The knowledgeable Family Insurance agents at Strate Insurance Group will work closely with you to assess your needs and find you the right coverage.

  1. What is actual cash value coverage?

Actual cash value coverage is a type of homeowners insurance coverage that determines reimbursement by the depreciated value of a particular piece of property. You will be reimbursed for what you paid for the item, less depreciation.

  1. What is replacement cost coverage?

Replacement cost coverage is a type of homeowners insurance coverage that determines reimbursement by what it would cost to repair or replace the property at today’s cost. This means that you will be reimbursed with an amount that is sufficient to replace an item with a new one of similar type and quality.

  1. Does my homeowners insurance cover my valuable electronics and mobile devices such as cell phones, tablets and laptops?

Electronics and mobile devices will be covered under your homeowners insurance policy if the damage or loss is caused by a “covered peril” under the policy. If you have coverage, you will be reimbursed for your loss, less the amount of your deductible.

If you think you do not have sufficient coverage for your electronics, you can add a scheduled personal property rider to your homeowners insurance policy. This will provide additional coverage limits for these items, as well as provide coverage for additional causes of loss that are not covered under the basic homeowner insurance policy.

We can help you decide if a scheduled personal property rider is necessary for your electronics or other valuable possessions.

  1. Which part of my homeowners insurance policy provides coverage for my personal property?

Personal property coverage is part of Coverage C of your homeowners insurance policy. It describes the named perils for which you have coverage, and also lists property that is specifically excluded from coverage.

  1. Should I purchase earthquake coverage?

Standard homeowners insurance policies do not cover damage caused by earthquakes. If you live in an area that is prone to earthquakes, you may want to consider adding an earthquake endorsement to your homeowners insurance policy. This endorsement will cover damage due to earthquakes, landslides, volcanic eruptions and other earth movements.

  1. Should I purchase flood insurance?

Standard homeowners insurance policies do not cover damage caused by floods. We can help you obtain flood insurance from the National Flood Insurance Program (NFIP).

Remember that floods can happen anywhere, even in areas that are not in flood zones. Contact Strate Insurance or visit FloodSmart.gov for more information about flood insurance and the NFIP.