At Preferred Insurance, our goal is to protect what matters to you

One of the biggest purchases most people will make is their home. It’s a big investment that should last many years while you create a multitude of memories. Home ownership is a big responsibility, too, and through the course of the years, you’ll likely have to make both major and minor repairs.

Home insurance is how you protect your investment and ensure your costs are covered in the case of a big event which causes damage to the home.

At Preferred Insurance Center, our goal is to learn about you, your home, and your needs to make your home is adequately covered during calamity. We’ll look at gaps and help you understand your coverage. Once you understand your risk, you can determine how to handle them.

A little bit about home insurance

The first thing to understand about home insurance is that the replacement value of your home is not the market value. If your home is worth $160,000 today and burns down tomorrow, it is going to much more expensive to rebuild it than it would be to buy another home. Rebuilding a home includes lots of time, labor, and materials. So, when we insure homes, we don’t use market value at all. We use the cost it would take in the case you need to rebuild.

There are also a couple of add-on policies that many people don’t have enough coverage on. One of these policies is water backup. We see a lot of homes that don’t have sufficient coverage on water backup, which covers you when water backs out of the drain anywhere in the house. For example, say water backs out of the drain in the basement and ruins walls and flooring. Most policies consider this an add-on policy that is not covered by your main policy.

We have seen people come in to get a quote–people who have fully furnished basements–with no coverage for damage caused by water back up. That can be an expensive fix depending on how much damage it causes.

Another thing we look at is the liability. While something like damage from water is inconvenient and can be expensive, it’s nothing compared to the cost that a serious accident or injury on your property could incur. So liability is something we look very carefully at.

We mentioned earlier an add-on policy that covers water backup. This is not the same thing as flood insurance.

Flood insurance is a separate policy which comes from the federal government through the National Flood Insurance Program. It’s used to cover the damage that would occur if groundwater that comes down the steps or through windows. However, any items in the basement are typically NOT covered in this case, only items on the first and second floors.

A little bit about renters insurance

Renters Insurance is protection for your property should something happen to your rental property–including theft, fire, or other emergencies.

Like home insurance, a renters insurance policy also includes liability. Liability is used in the case you would cause damage to another person’s property or someone would have an accident or injury in your residence.

For example, say you live in an apartment building. You’re rushing in the morning and accidentally leave a pan on the stove. Not only does it cause a fire in your unit, but it also causes damage to several other units. You and your insurance are now liable for not only your apartment but all the other units that were damaged by the fire.

If you’re looking for renters insurance, we will help you determine the amount of coverage you actually need to make sure you’re adequately covered in the case of an accident or a disaster.

We’re here for you when disaster strikes

We don’t want an emergency to happen to anyone. But, in the case it would, we’re here for you no matter what.

We expect you to call us during an emergency. It doesn’t matter what time it is, whether it’s 3 p.m. or 3 a.m., we are here for you. Our team carries laptops to and from our homes, so we can be ready in case you need us.

Contact A Specialist Today

Nate Kaup
Personal, Farm & Life Specialist
Abby Timmerman
Personal & Farm Specialist