Homeowners policies

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Your home is probably your most valuable asset, both as an investment and as your sanctuary in a hectic world. When your home is damaged or destroyed, we want to get you back to your normal life as quickly as possible.

There are thousands of choices in home insurance quotes available. Balcos Insurance can help you determine which home insurance company will best meet your needs and provide the most valuable combination of tailored home insurance coverage, quality service and fair pricing.

Whether you own or rent, getting home insurance will help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events.

Whether you live in a house, apartment, or condo, the right home insurance quote can provide you peace of mind as well money to repair or replace your home and belongings.

Home insurance will also protect you if someone is injured while on your property and sues you.

The Home Insurance Policy

Home insurance policies differ by which losses are covered, which coverages you choose, and what type of residence you own.

You choose which home insurance quote is best for you, whether it’s a comprehensive home insurance quote that covers losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or a home insurance policy that covers only specified losses.

Types of coverages

The four types of homeowners insurance coverage are:

• Structural — Covers damage to your home or dwelling.
• Personal Belongings — Covers damage to items in or on your home or dwelling.
• Liability Protection — Covers your legal responsibility for injuries or damage to other people or property.
• Additional Living Expenses — Covers costs for temporary housing, meals, etc., while your home is being restored or rebuilt.

Structural and Personal Belongings coverages are available on an actual cash value (ACV) basis or at full replacement cost.

ACV coverage considers the current market value of an item based on its age and condition. So, if you purchased a television for $400 four years ago, the value today would be significantly less than it was when you purchased it. ACV coverage would depreciate the item's value to determine the current value.

Full replacement cost considers the current cost to replace an item, and is typically the best option.

Your responsibilities

Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video - using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your home insurance policy doesn't cover damages caused by poor or deferred maintenance on your part.