BYLAWS COVERAGE

This endorsement covers the additional costs associated with repair or reconstruction of the dwelling in order to comply with bylaws or changes to building codes if the damage is caused by insurable claim.

UNDERGROUND SERVICE LINE COVERAGE
This coverage pays to repair or replace exterior underground water and sewer piping that accidentally breaks, leaks, tears, ruptures, collapses, or for arcing of wiring. This will not cover the cost to unclog a line that is plugged or frozen.

EQUIPMENT BREAKDOWN COVERAGE
This coverage pays to repair or replace household equipment such as furnaces, appliances, heat pumps, sump pumps, washing machine and dryer, freezers, computer equipment and many more. Types of damage that would be insured would be break down caused by mechanical or electrical damage.

FLOOD COVERAGE
Many insurance companies either have made this coverage available or will be making this coverage available in the near future. This coverage will be available for purchase for qualifying customers and will provide coverage for overland water damage and ground water damage which are excluded from coverage unless added. Changes to existing sewer back up coverage may also take place. Unless you have purchased the extended water coverage a sewer back up caused by excessive rain or flooding may not be covered.

Overland water coverage refers to damage from surface water entering the home due to sudden flood events such as flash floods.

Ground water coverage refers to damage from underground water entering the home due to sudden flood events.

CO-INSURANCE
If a property owner insures for less than the replacement cost they are essentially agreeing to become a co-insurer and will share the payment for the loss with the insurance company in the event of a claim.
The co-insurance formula is:

Amount of Insurance X Amount of Loss= Claim payout
Replacement cost

For Example: Home with replacement cost of $200,000 insured for $150,000 and has a $25000 claim:

$150,000 X $25,000= $18,750 paid
$200,000

This also applies to Actual Cash Value policies.

ACTUAL CASH VALUE
ACV means the cost at the time of loss to repair or replace your “dwelling” or “personal property” less depreciation. In determining depreciation, the Insurance Company will consider, but is not limited to the age, condition, resale value, obsolescence, and normal life expectancy of the property at the time of loss.

INSURANCE FOR FLOOD, EQUIPMENT BREAKDOWN AND UNDERGROUND SERVICE LINE
Please contact our office and let us know if you would like to have more information sent regarding these coverages or if you wish to be notified when coverages become available for your policy.
Phone: 204-326-2323
Email: info@harvestins.com