HOMEOWNER

Our homeowner policy provides protection of another very important asset - your home. We cover your dwelling, other structures on the premises, your personal property (contents), loss of use and also provide comprehensive personal liability coverage in the event that you are held liable for damages to someone else. This policy is written for the deeded owner, owner-occupied dwelling.

You may purchase Basic, Broad, or Special coverage forms on your dwelling, other structures, personal property, and loss of use. Significant coverage differences exist in these forms and we recommend sitting with a Patrons Oxford agent to purchase the form which will best meet your needs. Various endorsements are available to modify or increase the coverage.

How do you choose the type of coverage and the policy limits when insuring your home?  This is a very important question because of the impact coverage and limits have on protecting your home. To determine insurable value of your home, you need to be aware of two methods:

• Actual Cash Value method is based on the cash value of the structure at the time of loss.  This figure is determined by subtracting depreciation (age, wear and tear) from the replacement cost of your home.
• Replacement Cost Coverage method is based on current construction costs, special features, and size of your house.  There is no depreciation deduction. You determine the replacement cost coverage limit when you purchase your policy.  Agents may use a form called a Cost Estimator to help you figure the cost to rebuild your home, however, the final decision is yours.

If you truly want to insure your home with the best protection you can buy, you may be able to add an endorsement that provides guaranteed replacement cost coverage.  This endorsement requires you to insure on a 100% replacement cost basis. The extra protection provided by this endorsement guarantees to restore the house to its condition prior to the loss, even if the cost exceeds the policy limits.

Sometimes there is confusion regarding the difference between market value – current estimated selling price; tax assessment – value assigned by your town for assessing taxes; and, replacement cost – the cost to rebuild your home.  Insurance policies are written on a replacement cost basis. Depending on the homeowner program you qualify for, you may be asked to insure 80% or 100% of the estimated replacement cost.  Of course, the highest level of protection is to insure to 100%.

Personal Liability coverage and Medical Payments to Others coverage are included and you may purchase higher limits of liability.

PATRONS OXFORD CAN SAVE YOU MONEY

The following discounts are available, please contact one of our agents to see if you qualify:

• LOSS FREE CREDIT 10%
• NON-SMOKERS CREDIT 10%
• ACCOUNT CREDIT (ANOTHER POLICY WRITTEN WITH US) 10%
• HOMES BUILT WITHIN THE LAST 25 YEARS 20%
• HOMES BUILT WITHIN THE LAST 50 YEARS 10%

IF YOU HAVE AN OLDER HOME, YOU MAY STILL QUALIFY FOR A DISCOUNT, IF THE FOLLOWING APPLIES:

• THE ELECTRICAL, HEATING, PLUMBING SYSTEMS HAVE BEEN MODERNIZED AND YOUR ROOF HAS BEEN REPLACED.
• PROTECTIVE DEVICES SUCH AS SECURITY SYSTEMS/SMOKE ALARMS 2-10%
• SELECTING HIGHER DEDUCTIBLES REDUCES COST

OTHER REASONS TO INSURE YOUR HOME WITH US......

• FOUR PAYMENT PLANS AVAILABLE
• YOUR AGENT CAN PHONE IN MOST CHANGES FOR FAST SERVICE
• FAST RESPONSE CLAIMS SERVICE
• CONTENTS COVERAGE IS AUTOMATIC 70% OF THE VALUE OF THE DWELLING
• AUTOMATIC 4% INFLATION GUARD
• COVERAGE ON THE DWELLING ENDORSEMENTS AVAILABLE TO MODIFY OR INCREASE COVERAGE
• BED & BREAKFAST ENDORSEMENT AVAILABLE
• HOME BUSINESS ENDORSEMENT AVAILABLE
• HOMEOWNER PLUS ENDORSEMENTS AVAILABLE

There are limitations and restrictions, please contact one of our agents for details.

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