Homeowners Insurance

Homeowners InsuranceIf you have tangible assets, you need the protection of a homeowners insurance policy. These policies cover you in a home or an apartment, whether you are an owner or a renter. A well-written homeowners policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home.

The cost of this coverage is determined by many rating factors. The quality of the coverage, however, is determined by the quality of the insurer and whether the policy is written on a named perils or all-risk basis. A named-perils policy covers only those losses specifically cited in the contract. The all-risk policy works the opposite way — unless a peril is specifically excluded, coverage is provided. The all-risk policy is broader and the burden of proof is on the carrier, not you, in the event of a loss.

Why is the Erie Home Insurance policy better than the competition?

A true guaranteed replacement cost policy:  With Erie’s homeowners insurance policy you never have to worry about “do I have enough coverage to protect my home?” With Erie, if a major loss occurs to your home, Erie will pay to have your home fully & completely rebuilt regardless of what it costs. 

Example:  A total loss occurs to a home insured for 400k.  The homeowner finds out it will cost him 470k to rebuild the home.  With many insurance companies, the homeowner could be stuck with some of the costs exceeding 400k.  With Erie, the customer doesn’t pay a dime.  With guaranteed replacement, Erie pays the entire cost of the rebuild.  No out of pocket expense to the homeowner.  Years ago, many companies had this “guaranteed replacement cost” feature.  These days, there are only a handful of companies left that still offer a true guaranteed replacement cost policy.  Erie is one of the few. 

Erie offers up to one (1) million dollars of personal liability coverage on their homeowners insurance policy.  Very few companies will offer this level of coverage.  If you review your current homeowners policy you will notice that it probably lists either 300k or (at most) 500k of personal liability coverage.  This is arguably one of the most important coverages on the homeowners insurance policy.  If a lawsuit is filed against you &/or your spouse, this coverage is critically important. 

Verbal injury coverage comes with Erie’s homeowners policy.  Erie’s personal liability coverage includes coverage for “verbal” injury (libel, slander, defamation, etc).  In today’s social media age this coverage is more important than ever. 

Example:  A homeowner hires a contractor to perform work on his home.  The work is performed, but homeowner is not satisfied with work.  Homeowner goes on Facebook or “Angie’s List” to complain about the contractor.  Contractor receives negative publicity and suffers financially as a result.  Contractor files suit against homeowner for libel/defamation, etc.  Does homeowner have coverage for this lawsuit?   Many insurance companies would say “no” – because there is no physical (bodily injury or property damage) injury.  With Erie, the answer is yes! 

All risk (comprehensive perils) coverage on both the dwelling AND personal property.  Most of Erie’s competitors offer all risk coverage on the home (dwelling), but not on the personal property!  Erie is one of the very few insurance companies that still offers “comprehensive peril” coverage on both the home (dwelling) as well as the personal property.  Most insurance companies nowadays only offer “named peril” coverage on personal property.  Erie offers comprehensive peril (all risk) coverage and the difference is significant.  Please give us a call and we will be happy to explain the difference to you and answer any questions you may have.  Don’t wait until you have a claim to find out you’re not covered! 

Local, experienced claims adjusters.  Unlike many competitors, Erie uses local claims adjusters that live & work in our community.  Many of Erie’s competitors use call centers hundreds of miles away to adjust claims.  Very often they never step foot in your home following a loss.  Erie’s adjusters will come to your home and personally assist you every step of the way.  This is just one of the many ways Erie is different. 

“Other Structures” coverage:  Erie provides coverage for “other structures” (i.e. fence, shed, detached garage, etc) at 20% of the dwelling coverage.  This is double the coverage amount that most competitors offer.  Check your policy – you’ll likely see that your coverage for “other structures” is only 10% of the dwelling coverage amount. 

Deductible Waiver:  Erie waives the deductible (regardless of how large the deductible is) for any homeowners claim of 50k of higher. 

True story: Recently an Erie customer suffered a catastrophic loss to her home.  The damage exceeded $600,000.  The customer had a $10,000 deductible and because the loss exceeded $50,000 Erie waived the entire deductible.  The customer had no out of pocket expense. 

Identity Theft Coverage:  Erie offers Identity (theft) recovery coverage for all members of the household.  This important coverage even extends to children living in the home who may be subject to identity theft.  Please ask us about this important coverage!

“Loss of use” – no dollar limit:  In the event you are displaced from your home due to a covered loss, Erie will pay for all reasonable expenses that are incurred as a result of being displaced from your home.  Most of Erie’s competitors place a dollar limit on the amount they will pay for “loss of use” (additional living) expenses.  Erie has no dollar limit and will pay all reasonable expenses related to the displacement up to one (1) full year following the loss. 

No percentage deductibles!  Many of Erie’s competitors now have a “percentage” deductible on their homeowners insurance policies.  In these cases, the homeowner has to absorb a very high deductible before the insurance company will begin paying.  Unfortunately many customers do not realize they have a percentage deductible until they have a claim. Additionally, with a percentage deductible – the deductible increases every single year.  Because the deductible is a percentage of the “dwelling coverage” amount, as the dwelling coverage amount increases year after year, so does the deductible. 

BI-Peril Deductible Option:  Erie now allows policyholders to customize their homeowners policy with a “Bi-Peril” deductible option.  If you want a $500 deductible for fire claims, but a $1,000 deductible for water claims – you can do that!  Most of Erie’s competitors only offer one (1) deductible option.  With Erie’s bi-peril deductible plan, customers can customize their policy to suit their specific needs.

Frank D. Spicer Insurance Agency offers free, comparative quotes on homeowners insurance from multiple insurance carriers so you can get the best possible rate.

Want to see how much we can save you? Just request a quote to find out.