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Erie Insurance Group has been providing quality insurance coverage for seven decades. Through these years, superior service to its Policyholders has been The ERIE's driving force. The ERIE consistently goes that "extra mile" to provide the best possible service. To assist you in learning more about The ERIE's outstanding coverages, The ERIE provides this informational brochure, highlighting some of the more commonly asked questions from policyholders regarding The ERIE's HomeProtector policies. What is the difference between "Market Value" and "Replacement Cost"? How does it affect my insurance coverage? Market value is the price that a house, including land, could normally sell for. Replacement cost is today's cost to rebuild or replace a structure with materials of like kind and quality. Insurance to 100% of the home's replacement cost is necessary if you are to completely rebuild your home in the event of a total loss. When the market value of a house is extremely lower than its replacement cost, the amount of insurance could be based upon the market value of the home. A market value HomeProtector policy may be written when this situation occurs. What is the difference between a "Named Perils" policy and an "All Risk" policy? A "named perils" policy actually lists the perils for which the policy provides coverage. The perils insured against, such as fire, lightning, theft, windstorm, hail, vandalism, among others, are specifically listed in the policy with no coverage being provided for perils not listed. An "all risk" policy provides coverage for loss caused by all perils except those perils which are specifically excluded in the policy. How will I know whether my policy provides named perils or all risk coverage? In the "Perils We Insure Against" section of your policy, either the perils will be specifically listed (Named Perils coverage) or state that coverage is being provided against risks of direct physical loss except those specifically excluded (All Risk coverage). Depending on the type of policy, named perils coverage or "all risk" coverage could apply separately to the different properties protected by the policy. For example, "all risk" coverage could apply to the dwelling, while named perils coverage could apply to the contents. What is provided by liability coverage in ERIE's policies? The ERIE's policies provide coverage, up to the policy limits, for all sums which anyone we protect becomes legally obligated to pay as damages because of bodily injury or property damage covered by the policy. (See policy for applicable exclusions.) Do I have liability coverage while my dwelling is in the course of construction? The ERIE's HomeProtector policies automatically provide liability coverage for dwellings in the course of construction, provided the dwelling will be owner occupied upon its completion. How can I cover the dwelling itself when it's in the course of construction? A dwelling being built by a contractor, with an anticipated completion date within 180 days, can be written under The ERIE's HomeProtector program. If the dwelling is being built by the insured, or will take longer than 180 days to complete, the dwelling must be insured in The ERIE's Dwelling Fire Program until it is fully completed and occupied. What should I do if I make improvements to my dwelling? It's always a good idea to let your agent know what improvements you are making. If you have a policy that provides dwelling replacement cost guarantee, you are required to maintain insurance to 100% of the dwelling's replacement value. You must notify The ERIE or your ERIE Agent of any improvements or additions to the dwelling that exceed $5,000. This notice must be given to The ERIE within 90 days after such improvements or additions are started. Does The ERIE provide coverage for personal property left in the insured's car? The ERIE's HomeProtector policies provide coverage for personal belongings in the insured's car. However, there are limitations with respect to electronic equipment capable of being operated from the vehicle. See The ERIE's policies for other limitations. Does jewelry need special insurance coverage? The ERIE's HomeProtector policies provide coverage for theft of jewelry, subject to a limitation of $3,000. Additional coverage, providing specific insurance, can be written on an Inland Marine Jewelry Floater if you qualify. What other personal property can be scheduled on a "floater"? In addition to jewelry, other valuable items that can be placed on a floater include: Silverware, goldware, stamp collections, coin collect ions, cameras, collectors items, guns, fine arts, and furs. (Contact your ERIE Agent to see if you qualify. If you have questions other than those covered in this brochure, or if you would like additional information regarding The ERIE's extra protect ion features, simply contact your local ERlE Agent. For all of your homeowners insurance needs, call us at: 1-800-TWBUTTS |
