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South Lake Agency policy category overviews. 

This should be used only as a general guide.

Actual terms and coverage can be found in your specific policy.

HOME

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Dwelling

The amount of coverage for your home/primary structure. 

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Dwelling Extension

In the event that the cost of replacing your dwelling exceeds policy limits, some policies allow for additional coverage to account for extra project costs. 

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Detached Structures

This can include garage, fences, sheds, retaining walls, sidewalks, and driveways.

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Personal Contents

This is your "stuff" typically including furniture, clothing, dishes, electronics, etc. Please note: some contents coverage has specific limitations like jewelry, art, collectibles, etc.

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Scheduled Personal Property

If you have jewelry, art, collectibles, or other collections of items that exceed your policy limits, you may need to "schedule" them on your policy to ensure proper coverage. 

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Loss of use/Displacement

If your home becomes unlivable due to a covered claim, this helps cover the costs associated with temporary living arrangements + food + laundry, etc. 

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Personal Liability

If you (or your children/pets) are responsible for injuries to another person, this can help cover the defense and costs associated with lawsuits brought against you.

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Personal Injury

If you're sued to due libel, slander, false imprisonment, this can help cover the costs associated with lawsuits brought against you. 

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Sewer Back-up

If your main sewer line becomes clogged, or the city system backs up, this helps cover the costs of damage the may arise including clean-up and repairs to your damaged home/contents. 

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Deductible

This is the amount that you'll be responsible for during each claim. Typically ranges from $1,000 to $10,000 per claim.

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Premium

The cost of your insurance. Home insurance premiums are often paid through an "escrow account" meaning your mortgage company maintains a special account for your insurance & taxes. 

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Home Coverage
Additional Endorsements

ADDITIONAL ENDORSEMENTS

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Sewer Back-up

Can cover damage to your dwelling and possibly personal property that are the result of your main sewer line backing up. 

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Scheduled Personal Property

Specific items to insure that are beyond your traditional policy limits for items such as jewelry, art, or collectibles. 

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Equipment Breakdown 

If your home appliances are damaged due to certain perils, this helps cover the cost of repair. 

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Service Line Coverage 

Helps Cover the cost of damaged utility lines such as sewer, water, and gas. 

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Identity Theft

Policies vary by insurer and state, but you’re usually covered for fraud services, ID replacement, identity restoration, loss of income, and attorney and administrative fees.

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Home Business Coverage

Endorsement to help cover your contents at home that are typically used for business. 

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This is not an all-inclusive list, please chat with an agent to learn more. 

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Auto Coverage

AUTO

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Bodily Injury Liability 

If you're involved in an at-fault accident, this helps cover the settlement costs relating to injuries to occupants in the other vehicle/pedestrian that you hit. The first number listed is often how much per person, and the second number is how much per accident that your policy allows for.

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Property Damage Liability

Covers damage to property caused by you, including other vehicles and structures

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Uninsured/Underinsured Motorist Coverage

In the event that you're involved in an accident with somebody that doesn't have adequate insurance, or any at all, this can help resolve the cost of your injuries. 

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Comprehensive

Covers damage to your car caused by falls objects, hail, fire, theft, vandalism, rodents, flood, and other "acts of god". Typically you have a deductible that applies which is the amount you'd be responsible first before the policy pays. 

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Collision

Covers damage caused by an accident with another vehicle or stationary object. Typically you have a deductible that applies which is the amount you'd be responsible first before the policy pays. 

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Full Glass

Covers glass on your vehicle with $0 deductible

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Rental Car Reimbursement

Pays for the cost of a rental car in the event that your vehicle is damaged by a covered claim. 

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Roadside

Helps cover the costs associated with towing, extractions, fuel delivery, flat tires, lockouts, and jump-starts. 

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GAP/Loan & Lease Payoff

If you owe more on your vehicle than it's worth, you may want to include this coverage to help pay off what you owe on the vehicle in the event of a total loss. 

Umbrella Coverage

UMBRELLA (from Investopedia)

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  • Umbrella insurance is a type of personal liability insurance that covers claims in excess of regular homeowners, auto, or watercraft policy coverage.

  • Umbrella insurance covers not just the policyholder, but also other members of their family or household.

How Does an Umbrella Policy Work?

Here are some examples of incidents an umbrella policy could cover if your homeowner's insurance or auto insurance wasn’t enough:

  • Your dog runs out of the house and viciously attacks a neighbor who was going for a walk. Your neighbor sues you to cover her medical bills, lost wages, and pain and suffering.

  • Your daughter gets into a fight at school and punches another girl, breaking her nose. The girl’s parents sue you.

  • You cause a 10-car accident and your auto insurance property damage coverage isn’t high enough to replace all 10 accident victims' vehicles. Nor is your personal liability coverage high enough to pay for their medical bills.

  • You send sandwiches to your son’s school for a field trip lunch. Several students develop food poisoning and their parents sue you.

  • Your teenager throws a party at your house while you’re out of town. Someone brings alcohol to the party, and one of the guests is arrested for driving under the influence on the way home. You are sued.

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You might have also noticed that, even though umbrella insurance acts as coverage above and beyond your homeowners and auto insurance, the incident doesn’t have to involve your property or your vehicle for your umbrella insurance to cover it. You’re also covered worldwide, with the exception of homes and cars you own under other countries’ laws. 

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As a general rule, you might hear you should purchase umbrella insurance if the total value of your assets, including ordinary checking and savings accounts, retirement and college savings and investment accounts, and home equity is greater than the limits of your auto or homeowner's liability. The idea behind this advice is that you want to have enough liability insurance to fully cover your assets so you can’t lose them in a lawsuit.

Having a teenage driver in the family also puts you at increased risk, as does owning a dog or owning a home with a swimming pool. Basically, the more likely you are to be sued, the more strongly you should consider purchasing umbrella insurance. But anyone who is risk-averse will sleep better at night knowing they’re protected by an umbrella policy.

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