PTP Insurance Agents of Naperville, IL, an independent insurance agency

Home Owners Insurance   What is Homeowners Insurance? What's Covered? Renters Insurance Condo Insurance Articles for Homeowners Get a quote   What does home owners insurance cover? Home owners insurance can cover: real property - the physical house, garage, attached items like cabinets, light fixtures, built in appliances... personal property - furniture, clothing, non built in appliances, decorations, just about any item that is not considered to be real property other than specific exclusions like expensive jewelry and art. These items may be insured via special policies or riders. Liability - injuries to others while on your property, damage to property of others, medical payment to others. Loss coverage may be defined as replacement cost or actual cash value. Replacement cost insurance (most common) will pay an amount equal to the amount it would currently cost to replace the damaged item(s) regardless of age or the original price. Actual cash value limits the amount paid for a loss to the depreciated present value (as determined by the insurance company) of the item(s). While insurance premiums are less for the depreciated present value method of coverage, so are the damages awarded. For this reason, most people elect replacement cost coverage when working with insurance agents. If a home owner has a mortgage loan, the lender will require that the buyer purchase home owners insurance in an amount at least equal to the current balance of the loan amount as a condition of the loan. If the home is destroyed by an insured event, the bank will receive payment from the insurance company up to the current balance due on the loan. If the home owner uses the home as collateral for another loan, like a second mortgage or home owners equity line of credit (HELOC), that lender will also require be listed on the policy as an additional insured. It should be noted that these requirements for home owners insurance are put in place by the lenders, and they do not require a home owner to insure his/her equity (current market value minus the sum of all current balances of all outstanding loans) in the house. Any prudent insurance agent will advise the home owner to consider getting sufficient home owners insurance to cover the equity as well as the loans.

People to People Insurance Services Inc. - 1240 Iroquois, Naperville, IL, DuPage County - Serving Chicagoland (630) 355-2355

Naperville Illinois personal and commercial independent insurance agents, PTP Insurance Agency, serves clients throughout the metropolitan Chicagoland area which includes Cook County, DuPage County, Kane County, Kendall County and Will County; including, but not limited to, Naperville, Bolingbrook, Plainfield, Aurora, Batavia, Barrington, Berwyn, Bedford Park, Bloomingdale, Brookfield, Burbank, Burr Ridge, Carol Stream, Chicago, Clarendon Hills, Countryside, Darien, Downers Grove, Elgin, Elmhurst Glen Ellyn, Glendale Heights, Hickory Hills, Hoffman Estates, LaGrange, LaGrange Park, Lemont, Lisle, Lockport, Lombard, Lyons, Mokena, Montgomery, Oak Brook, Oswego, Romeoville, St Charles, Schaumburg, Shorewood, Sycamore, Warrenville,West Chicago, Westmont, Woodridge and Yorkville.