Property Insurance Terms

+Family Liability
Family Liability may pay when you are deemed legally liable for property damage or bodily injury or death caused by you or one of your resident relatives in relationship to your home, or vacant land. There are Liability limits available up to 1million and beyond with a Personal Umbrella Policy.

+Medical Payments
May pay medical payments for guests who injure themselves in relationship to your home. Policy limits up to $5,000 are available.

+Dwelling Protection
Pays for covered physical damage losses to your home such as fire, lightning, falling objects, explosion, wind and hail, water damage from a pressurized system, vandalism, riot, theft and more.

+Dwelling Limit
The maximum the policy may pay for physical damage losses to your dwelling. See Extended Replacement Cost below for additional coverage.

+Other Structures
Any structure not attached to the dwelling (i.e. detached garage, fences and outbuildings).

+Deductible
The cost an insured is obligated to pay for any physical damage loss before the policy pays up to the policy limit.

+Personal Property or Contents
All items inside the dwelling or other structures that are not attached (If you took your home and turned it upside down and shook it, anything that falls out is covered under personal property coverage).

+Extended Replacement Cost
Pays an additional percentage over and beyond the Dwelling Limit to act as a guarantee of coverage for unforeseen increases such as a demand surge when there is a catastrophe that affects an entire community causing a shortage of contractors and thus, increased rebuilding costs.

+Additional Living Expense or Loss of Use
May pay when you and your family are displaced from your home allowing suitable living accommodations until your home is again habitable. (Sometimes has a fixed limit or timeframe that coverage may is afforded).

Property

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You have worked hard for what you have. Your house is more than just a place for your stuff. It’s your home. Be safe, smart, and secure. Protect the people you love and the things you value with a Daryl Lofton Insurance Agency policy.

Most people do their homework when it comes to home improvement. They research contractors, materials, and architects. They study up on whatever it takes to get the job done right. The truth is, most people overlook one important detail, acquiring the proper insurance. More than half of all homeowners are underinsured. Daryl Lofton Insurance Agency can help you to make sure you are properly covered. You can’t predict what will happen, storms, theft, or fires, but you can prepare for what may come with Daryl Lofton Insurance Agency.

When the unexpected happens, you want the right Insurance Agent and the right Insurance policy for your property. It is important to be safe and to be prepared. Protect what matters most with Daryl Lofton Insurance Agency.

There is a lot to know about Home and Property Insurance. From learning how it can help protect both you and your assets, to choosing the right home insurance policy, to deciding what coverage options are right for you. Explore the answers to these questions and more here. Learn how you might be able to save some money along the way with our special property discounts.

Call Daryl Lofton Insurance Agency today or fill out a Home Insurance Quote form. There are many different property insurance policies ranging from a Basic Fire policy to a Deluxe Homeowners policy and many different parts that make up a property insurance policy. A Basic Fire policy will typically include Fire or Lightning, Windstorm or Hail, Explosion, Riot, Aircraft, Vehicle, and Smoke.

A Broad Form property policy is much like a Basic Fire policy but can include optional coverage such as Vandalism, Burglary, and Liability. A Special Form or Deluxe Homeowners policy typically protect against all forms of physical loss except those specifically excluded in the policy (i.e. Flood and Earthquake). A Landlords Package policy will function much like a Broad Form policy, but also include Business Liability and Loss of Rents.

 

Homeowners

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If you have tangible assets, you need the protection of a homeowners 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 a broader type of coverage.

Valuable Items

loftoninsurance_jewelsYour possessions may be more valuable than you realize. Most homeowners policies offer limited coverage for personal articles such as jewelry, cameras, golf equipment, fine art and collectibles, and computer equipment. We can provide the additional protection you need. A variety of property may be covered by valuable items coverage:

  • Artwork
  • Baseball cards
  • Books

  • Coins
  • Computer equipment
  • Firearms
  • Furs
  • Golf equipment
  • Jewelry
  • Memorabilia
  • Musical instruments
  • Oriental rugs
  • Silverware
  • Stamps

 

Investment/Rental Property

loftoninsurnace_investmentIf you own an investment property, you should make sure that you carry adequate insurance coverage. Accidents may occur and ultimately cause damage to your investment property. If you do not have the necessary insurance, you will be responsible for the full financial cost.

Owning an investment property brings with it a large degree of liability. In addition to the building itself, you may be responsible for injuries received by others while they are on your property. You could also be held responsible for damage to their belongings. Types of Properties Include:

  • Commercial Property
  • Vacant Property & Land
  • Rental
  • Commercial Investment
  • Residental Investment

Renters

 

loftoninsurance_rentWhat is Renters Insurance?

Basically, renters insurance acts as a homeowners insurance policy for those who rent their place of residence. Whether you live in a condo, apartment, house, duplex, etc., renters insurance can protect you and your assets. Having renter’s insurance can help avoid costs of damages should anything happen to a rental property that you are living in.

Doesn’t My Landlord’s Insurance Cover Me?

NO! Do not make the mistake of assuming your landlords homeowners insurance will cover you and your assets. A landlord’s policy covers only the physical structure of the rental property, not your belongings. If the person who owns the building has rental insurance, they will be protected from costs to them should something happen to the building, but they are not responsible for covering your belongings.

The Next Step…

Purchasing renter’s insurance ensures that your property is protected. Don’t make the mistake of thinking you are invincible; you do need insurance for your belongings, even if you live in a rental property. You are the only one who is responsible for protecting your assets.

Contact Daryl Lofton Insurance Agency today for more information or fill out our free renters insurance quote form! As a renter, you need to protect your personal property against theft and damage. Our renters insurance is hard to beat for convenience and value. Plus, we’ll assure you the peace of mind you need for your valuable items and electronics. Renters insurance also helps protect you in case of a liability lawsuit against you. This could occur in a situation where you are held responsible for injury to another person or their property whether the incident occurred within your rented residence or elsewhere.

Personal Umbrella

loftoninsurance_umbrellaYou don’t have to be a millionaire to be sued like one. Million-dollar judgments against individuals for negligence are still relatively rare. However, receiving a lawsuit with a million-dollar demand is more common. If you receive such a court summons and you have only $100,000 of coverage, you may lose a lot of sleep. Umbrella policies offer inexpensive “peace of mind” for most types of negligence claims. This policy supplements your basic automobile or homeowners liability with an extra million-dollar layer of protection.

What is Umbrella Insurance?

Umbrella Insurance provides exactly the type of coverage that it sounds like it would; it provides an umbrella for you to stand under. Liability issues are everywhere and you never know what could cause someone to present you with a lawsuit. Umbrella Insurance policies protect you from liability issues that go beyond the liability limits of standard insurance policies, such as your homeowner’s insurance, car insurance, etc. This policy literally puts you under its umbrella so that when you exceed the liability coverage limits on an insurance line, you will still be protected.

What does Umbrella Insurance cover?

Most liability coverage that rests within your current insurance policies only covers bodily injury and property damage to others. Umbrella policies will extend those limits to not only provide additional coverage for bodily injury and property damage, but also to cover things that are not listed under regular liability allowances. Every policy is different, so what is considered a covered liability issue under one insurance line may not be covered on another insurance line. Umbrella Insurance kicks in when these situations present themselves and/or you exceed the amount of liability coverage for the events that are already allowed under your regular insurance policies.

Why should you purchase Umbrella Insurance?

You may not think you need an umbrella policy, but consider this: What happens to you and your family’s assets should you be sued for something that occurred at your home and the legal costs of the lawsuit greatly exceed the liability coverage defined by your homeowner’s policy? Who will pick up the tab if you are responsible for a multi-car accident and your liability costs exceed the limits on your car insurance by thousands of dollars? Although these kinds of things may be few and far between, you cannot be too careful. Umbrella Insurance is typically purchased at a low cost to you, but will provide enough coverage to where you shouldn’t have to worry about liability costs in the future. Contact Daryl Lofton Insurance Agency today for more information on umbrella policies or get a free online quote!

Condominium

loftoninsurance_condoCondominium insurance provides coverage for your unit where your condominium association insurance stops. Your association typically insures the building and other common areas. You are responsible for the interior of your unit. Typically you need personal property and liability coverage. In addition to coverage for your floors, walls, cabinets and fixtures that your association’s insurance probably will not cover. Every association’s insurance policy is different regarding what each unit owner is responsible for, so it is important to review your association policy and condominium by-laws carefully.

Need an insurance quote for your condo or townhouse? You’ve come to the right place.

If you own a townhome or condo, you have different insurance needs than the typical homeowner. Not only do you own your individual condo, you also share ownership in the common areas and overall structure of your building. If shared areas need upkeep and maintenance, your association will typically handle the expense through their insurance package. Although your association dues help pay for upkeep of the common areas, they do not typically cover your personal property within your own unit, or your liability if someone is injured on your property.

Condominium insurance provides protection where condo associations do not. Condo and townhome coverage protects your possessions within your unit, including furniture, appliances, kitchen and bath facilities and your personal items. If you plan on upgrading your unit, any improvements you make will also be covered under your policy, including wall units, renovations, wallpaper. If you would like to feel more secure, you should look into purchasing a condo or townhome insurance plan from Daryl Lofton Insurance Agency. Contact us to get a condo or townhouse insurance quote right now!

Contact Us

The Daryl Lofton Insurance Agency

7195 Swinnea Road, Suite B,
Southaven, MS 38671

Phone: (662)253-8682

dlofton@loftoninsurance.net

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