Your house is more than just a home, it holds precious memories and is likely your most valuable asset. If your home is damaged or destroyed, you’ll want your claim settled by an insurance company that understands this simple fact.
At Lanes we can help you find the insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and fair pricing.
Depending on where you live – a house, apartment or condominium – the right home insurance policy can provide you with peace of mind as well as the money you need to repair or replace your home and/or belongings. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.
Lanes has access to insurance programs specially tailored for homeowners and condominium unit owners in higher-valued properties who want and need special coverage. Designed to reflect your lifestyle and the way you live, these programs offer superior protection, enriched coverage and exclusive and innovative value-added elements specifically designed for those individuals and families in pursuit of security and unparalleled peace of mind.
Coverage A: Dwelling Building*
The building should be covered for its full replacement value. The replacement cost does not necessarily reflect the market value of your residence. You can buy an inexpensive home if a seller is in a hurry to sell the property. That does not affect the amount required to rebuild after a fire. Conversely, if you buy a house for a high price because of its strategic location, this does not increase the value of the materials to rebuild it.
The municipal assessment is not necessarily a reliable indicator of the replacement value of a home. It is not revised every year and can thus represent a lower cost than the replacement value. Moreover, it is important to take into account the area where the house is located.
In doing business with Lanes, we will provide you with an appropriate amount for the building using our specialize software for estimating the replacement cost of your home ensuring adequate limits in the event of a loss.
It is important that you note that the responsibility for determining amounts of insurance in an insurance policy is the insureds responsibility and not the insurance brokers responsibility. Working with an experienced broker is critical in determining the correct limits of insurance. The Lanes account managers have the tools and experience necessary to guide you through this process.
Coverage B: Detached Private Structures*
Outbuildings on your property such as a detached garage or a shed are covered under this section of the home insurance policy. The homeowner policy assigns a percentage ranging from 10 to 20% of the building, so be sure to check the amounts listed and have them increased if necessary.
Coverage C: Personal Property*
The contents of the home is also included in the homeowners forms. From the insurance amount of the building an amount ranging from 70% to 90% of the amount of the building is allocated for the contents of the home.
Contents are covered on an all risk basis subject to policy exclusions and limits anywhere in the world.
Most all-risk home insurance policies have a replacement value clause on the contents, which means that damaged or destroyed goods, whether they are clothes or accessories, will be replaced with new, comparable items.
Make sure you are aware of the limitations in coverage for items subject to special limits such as jewelery. For high value items we recommend scheduling the item on your policy.
Coverage D: Additional Living expenses and Fair Rental Value*
If your residence becomes uninhabitable following a covered loss, your homeowner policy can cover the additional living expenses while you wait for repairs to be made or until you return to your home.
Our experienced account managers perform a comprehensive review of the construction details of each policy holders home to determine the correct limit of insurance. Our top priority is to ensure coverage is adequate to cover your home should a loss occur.
Coverage E: Legal Liability*
This part of the home insurance policy covers you for bodily injury or property damages that a third party may suffer as a result of your negligence. The amount of the liability is the amount covered up to the limit of your policy in the event of legal proceedings brought against you.
With law suits continually on the rise a higher limit of liability is always recommended, or consider purchasing an umbrella liability policy. This coverage protects you anywhere in the world while acting as a private citizen.
Coverage F: Voluntary Medical Payment*
The homeowner policy covers medical expenses for minor incidents that can occur on your property. This covers the medical expenses incurred by or for the victim of an accident resulting from personal activities on the insured premises. Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one company to another.
Coverage G: Voluntary payment for damage to property*
This section of the policy covers accidental material damages caused to the property of others, provided they result from your personal activities or they occur on the insured premises.
Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one company to another.