Protection for Your Biggest Investment
Home Property Insurance
Whether you own or rent, live in a two-story house or high-rise condo, your home and its contents are likely among your biggest investments. Make sure they're protected with home property insurance from State Farm®. Our home property insurance coverage is packaged with liability protection, backed by one of the world's largest claims networks, and available with a variety of great discounts to fit your budget.
What is It?
Property and liability insurance protects your home and personal property from loss. It includes medical payments coverage in case someone gets hurts on your property, which helps protect your assets if you're found liable. We offer home property insurance for:
We also offer property and liability coverage for and , as well as home or condo associations, apartment buildings, and other commercial buildings with tenant-occupied units.
Who Needs It?
It's not just about protecting yourself from the unexpected. When you buy a house, condo unit, or manufactured home, your lender typically requires home property insurance to cover risk. Many also require property and liability coverage for condo units and apartments. It makes sense to be proactive and get coverage at price you can afford. Your can help you identify your needs and choose the home property insurance policy to meet them.
Protect the Place You Love to Call Home
Talk to a State Farm® Agent Today About Homeowners Insurance
Homeowners insurance...more people buy theirs from State Farm than any other insurer. Our claims network is one of the largest in the world, and is accessible 24/7, online or by phone. State Farm helps you save on homeowners insurance coverage by offering a host of discounts for everything from multiple-line policies to everyday safety items like deadbolts and fire extinguishers.
With State Farm Homeowners Insurance coverage, you'll be protected if disaster strikes.
Basics of Homeowners Insurance
Homeowners Insurance Covers:
Examples not limited to:
- Fire or Lightning
- Windstorm or Hail
- Freezing of plumbing system
- Theft
Homeowners Insurance Doesn't Cover:
- Bodily injury or property damage that is expected or intended by the insured
- Business pursuits
- Professional services provided or not provided
- Ownership, operation, use, or maintenance of aircraft, motor vehicles, and certain watercraft
HOME & PROPERTY
The Details Here Help You Estimate How Much Home Insurance Coverage You May Need
Your home may be the biggest investment you'll ever make. If you're serious about protecting that investment, here's some important information to consider when determining how much home insurance coverage you need.
Insure Your Home for at least 100% of Estimated Replacement Cost
First get an estimate of the replacement cost of your home, then select the coverage amount that best fits your needs. We recommend you purchase home insurance coverage at least equal to your home's estimated replacement cost. But the choice is yours. Determining your home's estimated replacement cost is important because it ultimately determines which policy options are available to you. Since it's impossible to predict today what the exact cost will be to replace your home in the future, it's important to have enough home insurance coverage to account for unforeseen circumstances.
Know the Difference between Market Value and Replacement Cost
Market value is the amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home. Replacement cost is the rebuilding cost necessary to repair or replace the entire home. Replacement cost IS NOT:
- The market value of the home
- The home's purchase price or the cost of the land
- The outstanding amount of any mortgage loan
Obtain a Replacement Cost Estimate
Before you purchase a new home, make sure you determine the appropriate amount of home insurance coverage needed. Building contractors or professional replacement cost appraisers are a good source for obtaining an estimated replacement cost. Estimates from these sources should reflect your home's features, including any architectural details or unique building materials:
- Upgraded bathrooms or kitchen (including cabinets)
- Finished or partially finished basement
- Additional rooms or living space
- Custom molding or arched windows
- Other unique features
If you're unable to obtain a detailed estimate from a contractor or professional appraiser, your State Farm® agent can discuss other options for estimating the replacement cost of your home.
Review Your Home Insurance Coverage Annually
Have you recently remodeled or improved your home?
When you upgrade or improve your home, you may increase its estimated replacement cost. Your State Farm agent will help you adjust your policy to meet your home insurance coverage needs. As part of your policy's provisions, you have 90 days to notify us of any remodeling or additions to your home that increase its value by $5,000 or more.
Has the rate of inflation risen since your last appraisal?
State Farm provides home insurance coverage that automatically adjusts each year in an effort to compensate for increases in construction costs in your area. However, certain conditions such as severe weather can increase the demand for labor and materials and raise costs beyond normal inflation. It's important to update your home insurance coverage amount each year to keep up with the changing economy.
What influences building costs in your area?
Market conditions may affect what it would cost to rebuild your home if you experience a loss. Replacement cost estimates are influenced by supply of labor, demand for labor, and the cost of construction materials. Keeping up with current market conditions in your area and changing your home insurance coverage amount accordingly will help you maintain comprehensive coverage at least equal to 100 percent of your home's estimated replacement cost.
If you have any questions, contact a .
All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.
State Farm Fire and Casualty Company
HOME & PROPERTY
Affordable Home Insurance Starts With Great Insurance Discounts
State Farm® offers various discounts to help make your homeowners insurance more affordable.
Homeowners Insurance Discounts
Multiple Line Discounts
When you purchase your home and auto insurance from State Farm, you could be eligible for premium insurance discounts on both policies.
Home Alert Discounts
You may qualify for homeowners insurance discounts for having devices such as fire and burglar alarms.
If you have a home monitoring system, contact your to see if you are eligible for the Home Alert insurance discount. If you are considering the purchase of a home monitoring system, check out our .
Higher Deductibles
In addition, choosing a higher deductible may result in more affordable home insurance. Higher deductibles lower your premium, but increase the amount you must pay out of your own pocket if a covered loss occurs. Ask yourself how much you are willing to pay in order to save on your premium.
Homeowners insurance discounts are not available in some states or provinces.
HOME & PROPERTY
How to Determine Your Home Insurance Coverage
Understanding the Value of Your Home
Your home may be the biggest investment you'll ever make. So if you're serious about protecting that investment, here is some important information to consider when determining the coverage amount for your home.
Market Value and Replacement Cost Differences
Sure to Obtain a Replacement Cost Estimate
Before you purchase a new home, make sure that you determine the appropriate amount of coverage needed. Here's how:
- Ask if a replacement cost estimate is available when you have the home appraised.
- Or, consult with your local builder association or a reputable builder for an estimate.
- You can also check with your State Farm® agent to help you with this process.
Be Aware of any Architectural Details or Unique Building Materials that may Affect Your Estimated Replacement Cost, such as:
- Upgraded bathrooms or kitchens (including cabinets).
- Finished or partially finished basement.
- Additional rooms or living space.
- Custom molding or arched windows.
- Other unique features
A Contractor or Appraiser can Help Estimate Your Home's Replacement Cost
Building contractors or professional replacement cost appraisers are a good source for obtaining an estimated replacement cost of your home. Estimates from these sources should reflect your home's features, like those mentioned above. If you are unable to obtain a detailed estimate from these sources, your State Farm agent can discuss other options for estimating the replacement cost of your home.
Review Your Homeowners Insurance Coverage Annually to Make Sure that Your Coverage Meets Your Needs
Have you recently remodeled or improved your home?
When you upgrade or improve your home, you may increase your home's estimated replacement cost. Your State Farm agent will then help you adjust your policy to meet your coverage needs. As part of your policy's provisions, you have 90 days to notify us of any remodeling or additions to your home that increases its value by $5,000 or more.
Has the rate of inflation risen since your last appraisal?
State Farm provides coverage that automatically adjusts each year in an effort to compensate for increases in construction costs in your area. However, certain conditions such as severe weather can increase the demand for labor and materials, and raise costs beyond normal inflation. It is important to update your coverage amount each year to keep up with the changing economy.
What influences the building costs in your area?
Market conditions in your area may impact the amount it will cost to rebuild your home if you experience a loss. Replacement cost estimates are influenced by supply of labor, demand for labor, and the cost of construction materials. Keeping up with the current market conditions in your area and changing your coverage amount accordingly, will help you maintain coverage at least equal to 100 percent of the estimated replacement cost coverage for your home.
If you have any questions, contact your .
All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.
State Farm Fire and Casualty Company
© Copyright, State Farm Mutual Automobile Insurance Company, 2013.
Lewis Insurance
2525 S. Lamar Ste 11
Austin, TX
78704
www.nationwide.com/joshlewis
www.austinhealthbrokers.com
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