Body-Borneman Insurance Services
Welcome and thank you for choosing Body-Borneman for your insurance needs. You will find, as have clients from our over seventeen thousand (17000) client base have found, that in our fifty four (54) years of operations, we have always put clients needs and care first. Our commitment to customer satisfaction, providing value to our customers, low costs and customer retention is second to none. Established in 1962, our staff of now over forty (40) is well equipped to handle any and all your insurance needs. We boast special in-house niche services, providing a dedicated claims department, bond department and the ever valuable risk management department. With 4 locations in the state of Pennsylvania, at 230 E. Schyulkill rd. Pottstown, at 1389 East Boot rd. West Chester, at 400 Franklyn Av. Phoenixville and our main, state of the art head office at 17 E. Philadelphia Av. Boyertown, we more than adequately cover the state of Philadelphia as well as licensed to operate in numerous other states including Arizona, Delaware, Florida, New Jersey, New York, Ohio, California, Maryland, Alabama, Colorado, Mississippi, New Mexico, Indiana, Texas, North Dakota, North Carolina, South Carolina, Connecticut, District of Columbia, Georgia, Illinois and Massachusetts. We are the leaders in Home insurance; Auto insurance including commercial auto insurance and private auto insurance and Business Commercial insurance including commercial property insurance. Contact us at any one of our locations to speak to a Body-Borneman Insurance agent to start getting the coverage you need at the lowest costs.
What Is Home Owners Insurance?
The first home owner’s insurance contracts came into existence in the United States in 1950. Prior to this, home owners would have to purchase separate policies to guard against the various calamities that might befall a home or residence. Insurance Law reform in the late 1940’s paved the way for this occurrence and now home owners can select home owner’s insurance policies that cover a whole slew of possible outcomes, as well as confer benefits without actual activating of policy. Home owners insurance (HOI) or hazard insurance, is a category of property insurance that covers private residences against possible damage or destruction. Home owners insurance does not compensate at the market sale value of the lost property, but rather the rebuilding value. This calculation also takes into account historic value, renovations and other enhancements made to the property. For example, let’s say your house is valued on the housing market at one hundred thousand dollars and rebuild costs if completely demolished is sixty five thousand dollars. If the home is covered against fires and subsequently burned down in an accidental fire, the amount covered by your home owners insurance policy would be sixty five thousand dollars, the rebuild value, plus any additional benefits. Typically, a home owner’s insurance policy would encompass the following:
- Damage to Home Interior or Exterior- this relates to damage from possible hazards such as fire, lightning, vandalism, hurricanes and other named disasters or negative effects. Once covered, the policy holder is covered for the costs of repair or even rebuilding damaged or destroyed property. Property can relate to buildings or structures that exist on the land but may not be attached to the main property and are not used for business such as walls, fencing or a garage. Exclusions to the named perils are usually flood, earthquakes and acts of war. Poor home maintenance is also usually excluded. To cover these named exclusions, home owners may attach riders to existing policies or choose to purchase separate insurance coverage against specific events.
- Loss/Damage to Personal Belongings- Home owners insurance also covers your clothing, furnishings, electronics, appliances and any other contents of your home. In the event of a named peril occurring, home owners can claim for losses of not just the building asset, but also any listed items that may have been damaged or destroyed. With regards to personal belongings, home owners can also purchase special “Off Premises” coverage for specific items, such as jewelry, which provides coverage for losses that occur anywhere, outside of the home included. Items are usually reimbursed from fifty percent to seventy percent of value (50%-70%). Clients may pay for additional floater policies which allow for appraisal of items at their full value. Home contents value is assessed using a “home inventory”, where the homeowner lists all the insurable items they would like to, along with values for each item. This list is then ratified by the insurance underwriter.
- Personal Liability for Injuries or Damages- This portion of the policy protects you from actions that may arise from persons not living at your home becoming injured there as a guest, or becoming injured by your property when they were not interfering with it. Thus you, the policy holder, will be covered if, for example, a tree branch from a tree in your yard blows off after strong winds and breaks your neighbors’ vehicle’s windscreen. You would also be covered if your dog escapes from your property and bites someone passing by, or even if a guest slips and falls, injuring themselves and incurring medical expenses. Lawsuits between friends and neighbors are a fairly common occurrence and even if a friend who has been injured on your property does not intend to sue, medical bills would have to be covered out of pocket without adequate coverage. Policy holders also get coverage for family members, so should a child cause damage at the residence of another, coverage is provided. If your child breaks a glass at a friend’s house, with shards causing injury to a playmate, your policy will provide coverage for the medical expenses, as well as further necessaries should the other party decide to file a lawsuit, suing you for pain and suffering.
- Replacement Home Rental- This part of the policy provides for the situation where the residence has become uninhabitable, whether through damage or complete demolition. If your home sustains major damages during a named peril, such as your roof blowing off and all doors blowing out during a hurricane, you will not be able to reside at your home for a period of time. This ensures that you have a place to stay, without breaking your own pocket with additional housing costs. Typically, rent, meals and other named incidental costs are covered, with daily and total limits stipulated.
Home Owners Insurance Considerations
There are a few facets to consider when purchasing a home policy. Some of these are beyond the control of the home owner or insurance underwriter, while others may be adjusted as required. The key in home owners insurance is to manage those aspects that can be altered, so as to minimize premiums. Key factors that will have an influence on insurance premiums are:
- Building Age and Construction Type- Depending on the age of your home, it may cost more to insure. Older homes may be more prone to issues with plumbing, gas lines, electrical or mold. A residence made out of wood has higher susceptibility to fire and may cost more to insure. Newer, modern homes usually lack these vulnerabilities and so usually cost less to insure.
- Prior Claims- If a home owner is constantly making claims against their home owners insurance, by necessity and the nature of insurance policies and premiums, their own premium will rise. Constant use of home owners insurance facilities are a sign that something may need to be altered at the home.
- Location- Homes located in areas prone to any named peril will cost more to insure. If you live in an area prone to hurricanes or that has high crime rates, insurance against these perils will cost you more.
- Risk Factors- Insurance costs rise if your home contains elements of risk. If the home owner has a particularly aggressive or poorly trained pet, such as a dog, this can be considered an added risk. Without proper management, an overly aggressive pet can cost an owner a small fortune. Other examples of added risk around the home might be if the owner installed a swimming pool, trampoline or shooting range.
- Coverage Amount and Deductible- The total amount of coverage a home owner decides to purchase, as well as the size of the deductible, directly affects the premiums paid to the underwriter. Higher total insured amounts will equate to higher premiums, while lower stipulated deductibles will also cause premium costs to rise.
Standard/General Home Owners Insurance Policies
- HO0- Dwelling Fire Form- The most basic of policies, this provides coverage against smoke damage, fire damage, wind damage, hail damage, lightning damage, explosive damage, vehicular damage and civil unrest. This policy will not cover costs related to claims from personal property, personal liability or medical expenses
- HO1- Basic Form- Covering eleven named perils as well as contents, this policy type is no longer in use in many states as clients typically seek much more than the policy package offers.
- HO2-Broad Form-A wider scope policy which covers against sixteen named perils. Personal property, personal liability and medical expenses are also covered by this policy
- HO3- Special Form- This policy is thought to be the most comprehensive form of coverage. Home owners receive coverage for home and property, personal property, personal liability and medical expenses. Claims can be made on any negative impacting event that is not specifically named as exclusion on the policy, thus it is “all risk”.
- HO4- Contents Broad Form- Essentially, this is home owners insurance for those who do not actually own their residence and are either renting or leasing. The home owner is provided with lease holders possessions coverage and personal liability coverage. Named perils are covered and are usually the same as previous HO2/HO3.
- HO5- Comprehensive Form- A more meticulous version of the HO3 form, this policy type provides coverage on an open peril basis. This means that as long as the peril is not specifically named in the list of exclusions, coverage is provided. A HO3 policy can be upgraded or switched to a HO5 policy typically with zero hassle.
- HO6- Unit Owners Form- This policy provides coverage for all the named perils in the Broad Forms, but for condominium owners or shareholders of a cooperative building. This policy was developed to work in tandem with a HO3 master policy, covering areas that the HO3 may not cover.
- HO8- Modified Coverage Form- This policy is designed to assist home owners who reside in a home which has a much higher restoration value than market value. Featuring the named perils of HO3, this policy makes home owners insurance easier to access for people who have antiquated homes.
Most home insurance service providers will also make discounts available to clients. It is always a wise decision for home owners to see what sort of discounts are offered by their service provider. Discounts attached to home owner insurance policies are:
- Multi Policy Discount- Available if you already have an existing policy with the service provider, like car insurance.
- Protective Devices Discount- Home insurance service providers will give discounts to customers who have home security devices installed. These include fire alarms, sprinkler systems and home security systems.
- Claim Free Discount- Offered to clients who have not made claims over a specified amount of time.
- Exclusive Group Savings- Offered to large groups or businesses, this allows individuals to take advantage of broad insurance packages at minimal costs.
- Newly Purchased Home- Offered to new home owners, clients who have recently purchased a home.
- New/Renovated Home- Discount for clients who have newly built or renovated their homes.
- Early Shopper Discount- Offered to proactive clients who request quotes before the expiration of their current policy.
- Insured to Value Discount- Discounts for home owners who insure their property for up to one hundred percent of the costs for replacement.
Benefits of Body-Borneman Home Insurance
In the often fickle cycle of life, unforeseen negative events are a feature of the times. Your home is one of your most precious assets, as well as one of your most significant investments. Your house and contents must be covered by the best policy available for that possible rainy day. When selecting home insurance coverage, the most important factor is the replacement cost of your home. We at Body-Borneman utilize an expert Home Cost Estimator program that efficiently and effectively determines the value of your property, inclusive of renovations, unique structures or custom features. With our wide range of partners, we at Body-Borneman assure you that we will provide the lowest fees for the best coverage. Our partners all have “A+” or better rankings by insurance oversight bodies. This means that should you ever have to make a claim, there will be no issues with the provision of all the services paid for by the client. Our experts also assist clients with coverage for flooding. This peril is normally excluded from most standard home insurance policies and can be troublesome for home owners to sort out without adequate and expert advice. At Body-Borneman we will create the right flood policy for you, regardless of your flooding situation.
Why Body-Borneman is The Insurer For Your Precious Nest
When you contact us at Body-Borneman, you open up a world of options and expertise, ready and waiting to give you the best in advice and policy preparation. We pay attention to the fine details, customer needs and wants, cater for all lifestyles and ensure a quality experience every time you interact with us. Our array of partners grants us and by extension, you the client, access to literally thousands of options to build the best policy to suit your home. We are the home insurance leaders in Pennsylvania and our four locations in the state will serve you and your home with the best coverage available. Contact us at Body- Borneman for all your home insurance needs.