Insurance

Home insurance basics

DATE | 12/19/22

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Home insurance isn’t just something you buy to get a mortgage—it’s asset protection for one of the most expensive assets you will own.

Review some basics about home insurance to help you make informed decisions about your options and coverages.

What does home insurance cover?

Coverage for the structure of your home is based on current market costs for materials and labor to rebuild your home in the event of a total loss. Don’t confuse this amount with assessment values, new home prices, appraised value, or current real estate prices for comparable homes.

Coverage for personal belongings includes everything inside your home. Use a home inventory checklist like the one in our free Personal Property Home Inventory eBook, take pictures or video to help you keep track, and verify the make and condition of items.

Liability coverage protects you from claims resulting from injuries and damage you cause to other people. This coverage is intended to protect you on and off your premises. For example, someone steps in a hole in your yard and breaks an ankle or your runaway grocery cart knocks someone down, causing injury.

Additional living expenses pays for costs you might incur if you are forced out of your home because of a covered loss such as fire.

Schedule high value items

Scheduled personal property coverage is an optional endorsement you can add to your home insurance that provides coverage for a greater number of risks, and may increase the coverage limits on specific high-value items. This also provides protection from certain types of accidental loss such as droppage or mysterious disappearance. A deductible may apply to some items.

Review your coverages periodically

Make sure your home insurance coverage is keeping up with costs for rebuilding—don’t try to save on premium costs by shortchanging your coverage. This is the primary reason homeowners find themselves without enough coverage when they need it. Increasing your deductible is a better way to manage your premium costs.

Why choose Member Benefits for your home insurance?

While many companies offer home insurance, ours is the only one created exclusively for Wisconsin public school employees like you.

Member Benefits' home policy highlights

Guaranteed Replacement Cost	For homes built during or after 1950
Extended Replacement Cost	For homes built before 1950
Loss on School Premises	Up to $2000 for loss of personal property at school. All peril, no deductible!
Loss of Prep Materials	Up to $500. No deductible!

Not all policies are the same. We can help you understand the protection available and strike the right balance between coverage and price.