Ifft & Palmer understands homes of all types and ages: condos, co-ops, town homes, and custom built.  We also know that your home is an emotional as well as financial investment. It’s your safe haven. It’s where you bring up your family and make memories that last a lifetime. If anything disastrous should happen to it, we realize that you’d want to rebuild your home just as it was before – with the same quality and character as it had.  Not all policies can do this.

Whether you are buying insurance on your first home or the home of your dreams, Ifft & Palmer will help you protect your most prized possession with homeowners insurance that fits your budget and your priorities.  Our agents will provide you with a comprehensive list of options to protect your home so that you can make an educated decision on coverages tailored to fit your needs.  We would be happy to provide an analysis of your needs. Give us a call at 412.471.0500 or simply drop us an email at: info@ifftpalmer.com

Dwelling:

Coverage for your home and permanently attached interior/exterior fixtures. Attached porches, decks, and garages.

Other Structures:

Usually 10% of the dwelling.  Automatically included regardless if there is a detached structure or not.  There is no charge for this coverage since it is automatically built in.*

Personal Property:

Everything that is not attached to your home.  Curtains, drapes, throw rugs, pots, pans, free-standing appliances, clothes, shoes, etc.

Loss of Use:

Pays if you cannot stay in your home because it is uninhabitable due to a covered loss.  This amount varies by carrier.

Medical payments to others:

Slip and fall coverage.  Pays for medical bills; no questions asked if someone falls or gets hurt on your property or at a function hosted by you.

Personal Liability:

Protects you and household members against a claim or lawsuit resulting from your negligence.

Other recommended coverages that may not be included under your home policy:

– additional dwelling replacement cost

– personal property replacement cost

– water back-up (highly recommended – even if your basement is not finished)

– ID Theft

– scheduling valuables

– personal injury (pays for libel, slander, false arrest, defamation of character)

Remember – most policies do not cover damage from mine subsidence, flood, earthquake, and sinkhole.  

The information contained is for illustration purposes only. It is not a legal contract, and is not a substitute for anyinsurance policy(ies). The actual policy(ies) terms, conditions, limits and exclusions will govern in the event of a claim.  

You’ve heard it before — “A man’s home is his castle” — and, in just as many cases, “A woman’s home is her castle” too! If you happen to be like most people, your home is probably your most prized and valuable possession. That’s why it’s important to make certain you are properly and adequately insured so that, in the event your home is destroyed or damaged, your homeowners’ policy will cover 100 percent of the cost to either replace it, or repair it.
When purchasing homeowners’ insurance, you can have your home, and its contents, insured by one of two methods: “replacement cost” or “actual cash value.”
Replacement cost refers to the amount it would cost to replace or rebuild your home or repair damages, using materials of a similar kind and quality, without deducting for depreciation (depreciation being the decrease in value because of age and wear and tear). If you are adequately insured, and have replacement cost coverage, your home will be replaced or repaired to its prior status. As an illustration, imagine your 10-year-old roof is completely destroyed, and would cost $30,000 to repair. Even though the roof has lost half its useful life, the insurer will cover the entire cost to repair the roof, if you have replacement cost coverage.
If you file a claim and the basis of coverage is actual cash value (ACV), this is the amount of money the insurer would pay you, after having subtracted depreciation. Once again, as an illustration, imagine your 10-year-old roof is completely destroyed and would cost $30,000 to repair. Assuming your 10 – year – old roof had a useful life of 20 years and ACV is your basis of coverage, the insurer would only be required to pay you $15,000, representing the “actual cash value” of the roof, which would not be enough to fully repair or replace the roof.
Many insurance companies require you to insure your home for at least 80 percent of its replacement cost. If your home is insured for less than 80 percent replacement cost, the insurance company may assess a “penalty,” and only pay for part of a loss. This is referred to as a co-insurance penalty. Insuring your home for the appropriate percentage of its replacement cost is extremely important.
Making improvements to your home, such as finishing a basement, upgrading a bathroom or kitchen, or adding a new room, patio or deck, can increase the replacement cost of your home. Increases in the cost of building materials, labor rates, energy costs and inflation can add significantly to replacement costs.
Contents are commonly covered on an ACV basis, but many insurance companies offer an option to insure contents at replacement cost.
Yes. Just a few would be:
* Guaranteed replacement cost coverage
* Extended replacement cost coverage
* Building code upgrades coverage
* Automatic inflation guard coverage
* Content replacement cost coverage
If you’ve made changes or improvements to your home, are unsure of what “loss cost valuation” method your policy contains, or are simply concerned about having and maintaining adequate coverage, you should contact your agent and request a coverage analysis as soon as possible. While making policy coverage decisions is yours — and yours alone under the law, as your independent insurance agent, I can help explain your options, so you can make informed decisions.