What is Homeowners Insurance?

Homeowners insurance provides two different types of coverage:


  • It protects your home. It protects you from unexpected and costly damage to the main structure of your home, other structures on the property, personal property in the home and additional living expenses incurred by the loss.

  • It protects your assets. It provides liability coverage if an insured is found responsible for bodily injury or property damage. Liability also covers legal defense costs in these type of disputes.

Things to keep in mind when shopping

  • Just because you have a homeowners policy does not mean you are properly covered. Not all policies are the same and they should be constructed with your particular needs in mind.

  • You want to have an honest conversation with an agent about the assets you own. Your agent will help you chose the right liability limit for you.

  • Tell your agent about any expensive pieces of personal property (jewelry, furs, collectibles) These items usually have a small limit on the standard policy and would not be fully covered unless added specifically.

  • How much does it cost to rebuild your home? You should make sure that the replacement cost limit on your policy is enough to fully rebuild your house in the event of a total loss. That number could be very different from the home's market value. Be sure to let your agent know of any special features or recent upgrades to your home. Make sure your agent has a good idea of the specific attributes of your home so they can properly estimate your home's replacement value.

  • Make sure your policy has replacement cost on personal property. This means that you will be able to buy new items in the event of a loss. Otherwise, you might only receive a claims check for the depreciated amount. 

Miller and Cornell Inc.

PO Box A

112 S. York Rd

Hatboro, PA 19040