Dublin, Ohio Home Insurance

The city of Dublin is known for many of its outstanding attractions, from beautiful tree-lined neighborhoods to delectable dining options, as host of the annual Memorial Tournament to its St. Patrick’s Day parade and Dublin Irish Festival.  But to more than 40,000 people, it’s simply home.  And we think that’s worth protecting.

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Whether your home is located in Muirfield Village, on the course at Tartan Ridge, or tucked away in beautiful historic Dublin, there’s no doubt that your home is unique.

And because your home represents you, and only you, an off-the-shelf homeowners policy just won’t suffice.  You deserve better.

You deserve to work with someone who truly cares.  Someone who will spend the time with you to understand your needs, and then structure a home insurance policy that’s specifically designed to meet those needs… no more, no less.

How to Insure Your Dublin Home

The first step is to start with the value of your home, and this is the most critical point when determining value:  you need the Replacement Cost of your home, not its market value.

Why?

Several reasons, but the most important being that if your home is totally destroyed (think fire or tornado), you need coverage to rebuild your home.  At that point, market value (what you could sell your home for) is irrelevant.

What matters is the cost of construction materials and labor at the time you need them.

So how do you determine the Replacement Cost of your home?

There are a number of factors, unique to your home, needed to accurately calculate its Replacement Cost.  Some of the most common are:

  • Year of construction
  • Type of construction (2-story, ranch, split level, etc.)
  • Square footage
  • Foundation (slab, crawl space, basement)
  • If there’s a basement, is it finished?  If so, what percentage of the basement is finished?
  • Number of bedrooms and bathrooms
  • What type of kitchen (fully customized with top-of-the-line finishes or basic features that get the job done)

The list goes on.  In fact, there are more than 60 additional factors that should be taken into account to accurately determine the Replacement Cost value of your home.  And to make sure you have enough coverage in the event of a loss, each needs to be considered.

There are several methods you can use to determine the Replacement Cost value of your home; some of them with obvious downsides:

  1. You can hire a professional appraiser and stipulate that you need the Replacement Cost value of your home, not its market value (downside here is the expense)
  2. You can guess what the value would be (certainly not recommended since there are so many factors to consider – if you guess too high, you’re paying unnecessary premium, too low and you could be left footing a huge bill when your coverage isn’t enough to pay for a claim)
  3. One of our Licensed Advisors can work with you to complete the Replacement Cost Evaluation for your home.  We utilize the same software insurance companies use to determine the replacement cost value of your home.  We will provide you with the results, and it’s no cost to you.

What else do I need to know when insuring my Dublin home?

Once you’ve determined a Replacement Cost value you’re comfortable with, the next step is to decide what type of homeowners policy is right for you.

If you’re renting, a Renters Policy (commonly referred to as an HO4) is what you’ll need.

Own a condo?  Then the Condo Policy (known as the HO6 in the insurance industry) is the right choice for you.

But if you own a home, the decision is not so easy…

There are two types of coverage for you to select from:  the Homeowners Policy Special Form (HO3 in insurance lingo) and the Homeowners Policy Comprehensive Form (HO5).

While these two forms share many similarities, there are several major differences mostly dealing with the types of claims these policies will cover.  In short, the HO3 provides coverage for a limited number of claim situations, whereas the HO5 is much broader, covering many types of claims that would not be covered by the HO3.

In fact, there are 16 types of claims that would be covered by an HO3.  If you suffer a claim that doesn’t fall into one of the 16 described in the policy, you wouldn’t have coverage.

In addition to helping you determine the amount of coverage needed to protect your home, a Licensed Insurance Advisor from H&H will also go through the 16 types of claims covered on an HO3, compare that to the coverage provided by the HO5, and then help you determine which policy makes the most sense for your unique situation.

Do I need Liability Coverage with my Homeowners Policy?

In short, yes.

Why?

If someone is injured while visiting your home (for example, a guest is bitten by your dog, they slip on ice – hey, Dublin winters can be brutal and sometimes sidewalks go for a few days before they’re shoveled), the right liability coverage provided by your homeowners policy will protect you.

The good news is, nearly every homeowners policy available in the market today includes Liability Coverage as part of its policy.

The downside is, you have to determine what amount of coverage is right for you.  And you have options… many options!

Some policies can be as low as $100,000 of coverage, while others can provide $1 million or more of Liability Coverage.  It’s up to you (and ideally, the help of your Licensed Insurance Advisor) to select the coverage amount that’s right for you.

And keep in mind this critically important fact:  you don’t need to have $1,000,000 in assets to be sued for $1,000,000.

Selecting the amount of Liability Coverage that’s right for you is hugely unique, depends on numerous factors, and is not a decision that should be taken lightly… and especially not one that you should leave up to a 1-800 number or online insurance provider.

After all, all your assets, including your home, savings, investments and even future wages are at risk if you don’t have enough Liability Coverage at the time of a claim.

What if I own high-value items such as jewelry, fine arts or collectibles?

Nearly all homeowners insurance policies place a limit on the amount you can receive for certain high-value items in the event of a claim.

For example, some policies will pay a maximum of $1,500 for all jewelry damaged or stolen.  This might be more than enough coverage for you.  Or, this amount of coverage might not come close to covering your $18,500 ring that could be stolen.

Coverage for your personal property, whether it’s regularly in your home (such as certain types of collectibles) or leaves your house every time you do (think of that $18,500 ring), is a component of your homeowners insurance coverage that warrants your careful consideration.

In the event you own any high-value items, a specific endorsement (or rider) can be added to your homeowners policy so that you have the correct amount of coverage in the event of a claim.

The Licensed Advisors at H&H can help you identify what types of high-value items might not be covered by your homeowners policy, and then provide you with suitable options for insuring these items if you desire.

Conclusion to Insuring Your Dublin Home

While TV commercials do their best to convince you otherwise, homeowners insurance is hugely complex.  Your unique situation is not adequately addressed by an off-the-shelf insurance policy.  At a minimum, you need to:

  1. Determine the correct Replacement Cost value of your home (not the market value, or what you paid for your home)
  2. Decide what type of homeowners policy is right for you, whether it’s the Special Form (the HO3) or the Comprehensive Form (the HO5)
  3. Consider the Liability Coverage options available to protect you in the event of a lawsuit, and then decide what amount of coverage best meets your needs
  4. Assess any high-value items you have in your home, such as jewelry, watches, furs, fine arts, guns or other collectibles; these types of items typically aren’t covered by homeowners insurance

This list is just the start.

The complete process for properly insuring your Dublin home includes a total of 17 unique, critically important steps designed to ensure what you call home will always be there, even in the face of catastrophe.

H&H has been obsessively protecting and caring for its clients since 1920.  We believe that people are more important than policies, and that’s how we think our clients should be treated.  We care deeply about our clients, and about protecting everything that’s important to them.

We’re honored when clients like Mark Muirhead say they’re the type of individuals you can count on, and who honestly care about their clients from a business and personal standpoint.”

And with Licensed Insurance Advisors located in Dublin, we know how important it is to protect all that’s important to you.

If you’d like to learn more about our 17-step process to insure your Dublin home, and to experience what it’s like to work with a Licensed Insurance Advisor that truly cares about you and protecting all that’s important to you, Request a Proposal and we’ll get to work right away on a solution that’s perfect for you.

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