Homeowner Insurance

“You will know the true cost of your insurance at the time of a loss” –Greg Rakow, CIC

Homeowner Insurance

Homeowners insurance is the second of the two crucial building blocks of a Personal Insurance Protection Package. It needs to be constructed correctly in conjunction with a great plan and a qualified counselor like Fraleigh and Rakow so that your coverage will be available and adequate at the time of loss.

Homeowner insurance consists of several separate but important segments:

In the most simple terms:

Dwelling Coverage – This is the base coverage that is the amount that you and your insurance company agree that the home can be rebuilt for.

Appurtenant Structures – This is coverage for any other structures on your property with certain limitations.

Personal Property – This is the coverage that will be accessed to replace all of your personal belongings.

Loss of Use – This is the coverage that will pay the expenses that you incur from the inability to use your home due to a covered loss.

Personal Liability – This is arguably the most important coverage afforded by a homeowners policy. This coverage protects you from lawsuits brought by a third party for almost any reason. Like in an auto policy it provides coverage for both attorney fees and compensatory damages.

Optional Coverage offered by Fraleigh and Rakow

Cash out option

Equipment Breakdown

Utility Line Coverage

Guaranteed Replacement Cost

Replacement Cost Contents

Identity Fraud

Water Back-up

Ordinance or Law

Valuable Items Coverage

Homeowner Insurance FAQs

Can I Air BNB my home?

Why should I schedule specific items?

I run a business in my outbuilding; is that covered?

Does having a pool increase my cost?

I am thinking about getting a dog; does that have anything to do with my insurance?

What is coinsurance?

How do we determine the Replacement Cost of the house?

Do I need Flood insurance?

I’m building a new home – how does that change the insurance I need?

Can I insure a vacant lot? (What is considered a vacant lot)?

My house is for sale but I’m still living in it – why is that considered vacant/higher risk?

I bought a house that needs renovations – how will that impact my insurance?

When I move to a new house, are my contents covered in transit (in the moving van)? What about in storage?

Is Personal Injury liability automatically covered on my homeowners?

How is Personal Injury liability different from Personal liability on my homeowner’s policy?

My house is owned by a corporation/company – do I have to get insurance in the company name?

My parents died and their house is currently in probate – how do we insure the house?

I own a house in trust with my siblings – how do we insure the house?

I own property in NY and in FL, and travel between the two. How do I tell which is my primary and which is my secondary home?

Why should I get an estimate before I file a claim?

Am I allowed to have a trampoline?


Come in or call or email Fraleigh and Rakow for further education on the intricacies of your insurance plan and more importantly your needs.