What is Homeowners Insurance?

Homeowners insurance covers your house, other structures, contents and loss of use of your house for various causes of loss as defined in the policy.  It will also cover your personal liability for law suits from injuries that may occur on your property or elsewhere.  Purchasing home insurance is a requirement to obtain a home mortgage. We provide homeowners insurance coverage in Chicago, Homewood, Joliet, Orland Park, as well as the whole state of Illinois. Contact William J. Goodman Insurance, Ltd today at (708)799-2655 to speak with a homeowners insurance professional.

Homeowners insurance is intended to provide you with financial protection against  damage to your home. A standard home insurance policy covers the property and liability.   Additional coverage can be added based on your needs.

Homeowners Insurance Coverage 

Homeowners Section I consists of coverage for:

Coverage A: Dwelling

Coverage B: Other Structures

Coverage C: Contents

Coverage D: Additional Living Expenses.   This covers your additional expenses due to not being able to live in your house due to a covered loss.

Homeowners Section II coverage consist of:

Coverage E: Liability for losses you are legally liability to pay such as injuries caused by a household member or that occur on your premises

Coverage F: Medical payments which can pay for injuries that may be your fault and do not require a lawsuit.

There are numerous endorsements which can be added to a basic homeowners.   We recommend you to speak with an agent at William J. Goodman Insurance, Ltd.  Insurance to get the coverage you need.

Structure of Your Home                             

When purchasing homeowner’s insurance you should make sure the coverage limit on your home is sufficient to rebuild your home and other structures ex. detached garages or sheds.  We recommend having guaranteed replacement cost coverage on your home.  Open peril coverage covers is broader than named peril coverage.

Contents/Personal Belongings

Contents coverage is for items in your home such as furniture, clothes, etc.  Most policies include a set limit based on the coverage on the dwelling such as 50%, 70% or 80%.  We recommend you do an inventory to make sure you have sufficient coverage to purchase all your contents in today’s dollars and with a replacement cost valuation for your contents.  Open peril coverage covers is broader than named peril coverage.  Consult your William J. Goodman Insurance, Ltd agent to learn more.

Policies have built in sub-limits on items such as jewelry, fine art, collectibles, antiques  and sports equipment, etc.  If these sub limits are not enough you can purchase a separate  Inland Marine Floater or Personal Article Floater to get the correct amount of coverage. Usually an appraisal is needed.

What is the difference between HO-3 and HO-5?

HO-5 covers your contents on an Open Peril basis

HO-3 covers your contents on a Named Peril basis

Open Peril is more comprehensive coverage . It means your contents are covered unless the cause of loss is excluded. Named Peril means your contents are covered for named causes of loss such as fire. lightning, windstorm to name a few.

Additional Living Expenses

Additional living expenses coverage pays for any costs associated with living away from home when it is uninhabitable due to a covered loss.

Liability Protection

Liability coverage protects you against any lawsuits that may be brought against you for bodily injury or property damage caused by you or your family or pets.  Includes the cost to defend you and court judgements.

Why have a Home Inventory?

Should you have a loss such as a fire or tornado; complete list of your possessions will help determine the amount of coverage needed and also will help your claims adjuster settle a potential claim faster.  This list is vital because in the time of a loss you may have difficulty remembering everything you have in your house.

The good home inventory list contains everything you own along with a description and a receipt, appraisal or serial number (if available).  We recommend taking pictures or making a video of your possessions.  Store this pictures or videos off site or back them up locally and /or electronically such as the cloud.  It is important to mention this list is constantly evolving so you update the list periodically or when you make a large purchase.  You can also ask your William J. Goodman Insurance, Ltd agent for more information on how to develop a home inventory by calling (708) 799-2655.

Flood Insurance

Flood coverage is NOT part of a standard home insurance policy. Purchasing a separate flood insurance policy from William J. Goodman Insurance, Ltd will help cover the costs should your home suffer damage in a flood. Flood policies can the dwelling and contents. Flood zones vary depending on your location, so ask your agent what level of coverage is best for you.

Renters Insurance

The building owners policy will not cover you or your contents.  That’s why it is important to have a renters policy.  It provides coverage for personal liability, your contents; additional living expenses,  if you cannot live in your apartment due to a covered loss.   Renters insurance is very affordable, and can become even more so when combined/bundled with auto insurance. For more information, ask your William J. Goodman Insurance, Ltd agent.

Work with an Experienced Home Insurance Specialist

William J. Goodman Insurance, Ltd is one of the most established home insurance providers in Chicago, Homewood, Joliet, Orland Park area, and the whole state of Illinois. As an independent agency; we work for our clients, and represent multiple insurance companies to offer you’re the best coverage and pricing. Give us a call today at (708)799-2655 and see how we can save you money while protecting your family and home!

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