Homeowners insurance is essential for protecting your most valuable asset—your home. However, many homeowners are unaware of the intricacies of their policies. At Stoller Insurance Agency, we believe knowledge is power. Here are five things you might not know about your homeowners’ insurance policy:

1. Roof and Siding Matching Coverage One of the most significant surprises homeowners encounter is the lack of roof and siding matching coverage in standard policies. Imagine a severe storm damages a section of your roof or siding. Without matching coverage, your insurance might only pay to repair the damaged section, leaving you with a patchwork of new and old materials. This not only affects your home’s aesthetics but can also impact its resale value. To avoid this headache, consider adding roof and siding matching coverage to your policy.

2. Utility Line Coverage Did you know that utility line coverage is not included in most standard homeowners policies? This coverage protects you from costly repairs if the utility lines running to your home are damaged. Without it, you could be responsible for repairing or replacing water, sewer, and electrical lines that fail or break, which can be a significant financial burden. Adding utility line coverage can save you from unexpected expenses and stress.

3. Replacement Cost on Personal Property Many homeowners assume their personal belongings are covered at replacement cost, but this isn’t automatic. Standard policies often cover personal property at actual cash value, which factors in depreciation. This means you’ll receive less money to replace your items than it would cost to buy them new. Ensure your policy includes replacement cost coverage for your personal property so you can replace your items at today’s prices without out-of-pocket expenses.

4. Limits on Jewelry, Firearms, and Other Valuables Most homeowners policies have specific limits on coverage for high-value items like jewelry, firearms, and other valuables. Typically, these limits are much lower than the actual value of your possessions. For instance, a standard policy might only cover jewelry up to $1,500. To fully protect your valuables, you may need to purchase additional coverage or add a rider to your policy that increases the limits on these items.

5. Limits on Water Damage Water damage is a common issue, especially in Arizona, where the number of water-related claims is high. However, most homeowners are unaware of the limitations in their policies regarding water damage. Many policies only cover damage if it’s detected and reported within 14 days of the leak starting. Additionally, standard policies often have very low limits on water backup coverage, sometimes as low as $5,000. Given the frequency of water-related claims, it’s crucial to review your policy and consider increasing your water backup coverage to ensure you’re adequately protected.

Understanding the specifics of your homeowners insurance policy can prevent unpleasant surprises and ensure you have the coverage you need. At Stoller Insurance Agency, we’re here to help you navigate the complexities of homeowners insurance and tailor a policy that meets your unique needs. Contact us today to review your current coverage and explore your options for additional protection.

Stay informed, stay protected!