BECAUSE WE ARE BROKERS, WE CAN HELP YOU GET THE BEST RATE FOR YOUR PERSONAL INSURANCE NEEDS.IF YOU NEED TWO OR MORE PERSONAL POLICIES, WE CAN HELP YOU SAVE MONEY BY BUNDLING YOUR POLICIES TOGETHER WITH A SINGLE COMPANY.
When your home is damaged or destroyed, you need your claim settled by an insurance company that understands this simple fact. At Cordell Insurance Agency, our Insurance Ninjas can help you find the homeowner’s insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and fair pricing. We serve clients all over Nashville, Middle Tennessee and Kentucky.
Whether you’re a home, mobile home or condo owner, a renter, or a landlord, Cordell Insurance Agency will work with you to find a home insurance policy that fits your needs. We specialize in making it easy to choose the insurance coverage that gives you the best value for the best price.
Whether you own or rent, insuring the place you call home can help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.
Homeowners policies differ by which losses are covered, which coverages you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.
Worried you aren’t completely covered? Consider an umbrella insurance policy that extends your coverage.
INVENTORY YOUR HOME AND PERSONAL BELONGINGS
Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video – using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your policy doesn’t cover damages caused by poor or deferred maintenance on your part.
Every home is unique – talk to us today to find out how to get the best price and value on homeowners insurance for you.
Property or Dwelling Coverage typically pays to repair or rebuild your home if it’s damaged or destroyed by an insured event like a kitchen fire or windstorm.
When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued.
Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world.
This covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.
If you can’t live in your home because of a covered loss, your home insurance policy will pay additional living expenses—commonly for up to 24 months—while damage is assessed and your home is repaired or rebuilt.
Your home is filled with furniture, clothes, electronics and other items that mean a lot to you. Personal Property Insurance helps replace these items if they are lost, stolen or destroyed as a result of a covered loss.
If you have special possessions such as jewelry, art, antiques or collectibles you may want to talk to your agent about this additional coverage. It provides broader coverage for specific items.
Landlords may have the option to buy optional liability coverage for the risks posed by tenant-occupied dwellings. Visit our Landlord Protection Insurance page for more information.
The cost to rebuild your home is its replacement value. This can be very different from the estimated market value or actual purchase price. In most cases, it costs more to rebuild the home you own than to buy a new one.
How much home insurance is right for you?
Based in Old Hickory, your Insurance Ninja at Cordell Insurance Agency understands the home insurance needs of our customers. We’ll work with you to estimate the replacement cost for your home and to adjust your policy limits from time to time as needed.
It is critical that you provide us with accurate, updated information about your home and contents. If your dwelling limit accurately reflects your home’s true replacement cost, some companies will pay more than the limit if a covered loss is greater than the limit on your policy.
Once a review of your home and possessions indicates you are properly insured, it’s a good idea to reexamine your coverages and limits from time to time, especially whenever you make additions or improvements. Your Insurance Ninja can help you re-evaluate your insurance needs, just give us a call at 615-847-3669 to speak with one of our agents.
Be Sure You Have Enough Homeowners Insurance
Here are some steps you can take to reduce the danger of being seriously underinsured:
Call your Insurance Ninja at Cordell Insurance Agency. If you have questions or concerns about the limits in your policy, ask us to show you how those amounts were calculated. This will also give you an opportunity to make us aware of any overlooked information.
Read your policy. Certain property, such as jewelry, and certain perils, such as earthquake, flood or sinkhole, are better insured separately. Knowing what is covered and for how much will help you insure properly. If there is anything in your policy you don’t understand, contact your Insurance Ninja at 615-847-3669 and ask for an explanation.
Review. At each annual renewal of your policy, you receive a new Policy Declarations page showing limits of coverage and optional coverages. Review this information. If you do any significant remodeling or add a family room, extra bedroom or bathroom, etc., tell us about these changes so your coverage limits can be adjusted to cover the improvement.
Consider carefully whether your policy provides all the protection you need. Does it provide coverage for extra costs resulting from building code changes? Does it automatically increase coverage limits annually to keep pace with inflation? Does it provide additional funds if the cost of rebuilding your home exceeds the policy limits?
Make sure you know
Will your insurance company stand behind agreed upon repairs after a claim? Some companies are willing to put this guarantee in writing.
Does your policy include replacement cost coverage for contents (clothing, furniture, appliances, and other personal property inside your home)? If not, you can add it by endorsement. The cost is small, the protection valuable. Replacement Cost Coverage pays for losses to your possessions at the cost of brand new items. Without this option, a covered loss to your personal possessions would be depreciated by their age and condition, reducing the size of your claim settlement.
If you have an art collection, antique furniture, jewelry, or other valuable possessions, talk to your agent about supplemental coverages, such as fine arts or scheduled property endorsements, to adequately protect your investment in these items. The cost is modest for the extra protection, and often the deductible is waived.
Consider whether you should have more coverage for personal property (contents) than your policy provides. Personal property coverage is usually 70% of the coverage limit for the structure. Your limit may be lower than 70%. Supplemental protection is available for a small additional premium.
Inventory your home. Prepare an inventory of personal property items, update it periodically, and keep it in a safe place outside your home, such as a safe deposit box at your bank. It will save you hours of time trying to list everything damaged or destroyed if you need to make a claim. It will also help ensure you don’t forget some items. Your Insurance Ninja can advise you on ways to simplify the job of preparing a personal property inventory such as videotaping each room with descriptive information on the sound track.
Besides making sure you have enough protection to cover possible damage to your own home and contents, you should also evaluate your exposure to liability risks. These result from damage to the property of another, or injury to a person, not a member of your household, for which you can be responsible.
In recent years it’s become common for homeowners to be sued for injuries or damages to others, even when there is no evidence of negligence by the homeowner. The reality today is, if you have any appreciable assets, you are exposed to the risk of being sued. Even if you ultimately prevail in court, your legal fees and the months or years of worry and uncertainty can be a terrible burden on you and your family.
The Personal Liability coverage provided by your Homeowners Policy usually provides a limit of $100,000 or $300,000. We recommend increasing this protection with a personal umbrella policy. Not only will it increase your personal liability, but also your auto liability. Limits are available from $1 million to $10 million and beyond. The cost of this coverage is usually very reasonable.
Keep in mind that your city or county can require certain minimum levels of coverage. The right coverage for you is unique – talk to your Insurance Ninja at Cordell Insurance Agency today to find out how to get the best price and value on home insurance for you.
Q: What are some practical things I can do to lower the cost of my home insurance?
A: There are a number of things you can do to lower the cost of your homeowner’s insurance. The easiest thing to do is request a comprehensive review of your policy and your needs from Cordell Insurance Agency.
It’s not surprising to find quotes on homeowner’s insurance that vary by hundreds of dollars for the same coverage on the same home. When you shop, be careful to make sure each insurer is offering the same coverage.
Another way to lower the cost of your home insurance is to look for any discounts that you may qualify for. For example, many insurers will offer a discount when you place both your car and homeowner’s insurance with them. Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. Be sure to ask your Insurance Ninja about any discounts that you may qualify for.
Another easy way to lower the cost of your homeowner’s insurance is to raise your deductible. Increasing your deductible from $250 to $500 will lower your premium, sometimes by as much as five or ten percent.
Q: What does homeowner’s insurance cover in Tennessee?
A: The typical homeowner’s policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowner’s insurance is required by the lender to obtain a mortgage.
Q: What is the difference between "actual cash value" and "replacement cost"?
A: Covered losses under a homeowner’s policy can be paid on either an actual cash value basis or on a replacement cost basis. When "actual cash value" is used, the policy owner is entitled to the depreciated value of the damaged property. Under the "replacement cost" coverage, the policy owner is reimbursed on an amount necessary to replace the article with one of similar type and quality at current prices.
Q: What factors should I consider when purchasing homeowner’s insurance?
A: There are a number of factors you should consider when purchasing any product or service, and insurance is no different.
Below is a checklist of things you should consider when you purchase homeowner’s insurance:
Determine the amount and type of insurance you will need. The coverage limit of your house should equal 100% of its replacement cost. If your policy limit is less than 80% of the replacement cost of your home, any payment from Cordell Insurance Agency will be less than the full cost to replace your home — you’ll have to pay the rest out of your own pocket. Also, decide if the personal property and personal liability limits are adequate for your needs.
Decide which, if any, additional endorsements you want to add to your policy. For example, do you want the personal property replacement cost endorsement, an earthquake endorsement or a jewelry endorsement?
Once you have decided on the coverage you want in your homeowner’s insurance policy, please consult us at Cordell Insurance Agency. Our Insurance Ninjas will be able to help you determine if there are any gaps in coverage that you might not have been aware of, explain the details of the policy’s exclusions and limitations, as well as recommend an insurance company that will live up to your expectations.
Q: What are the policy limits (i.e., coverage limits) in the standard homeowner’s policy?
A: Note: this answer is based on the Insurance Services Office’s HO-3 policy.
The home and other structures on the premises are protected on an "all risks" basis up to the policy limits. "All risks" means that unless the policy specifically excludes the manner in which your home is damaged or destroyed, there is coverage. The policy limit for the home is set by the policy owner at the time the insurance is purchased. The policy limit for the other structure is usually equal to 10% of the policy limit for the home.
Losses to your personal property are covered on a "named perils" basis. "Named perils" means that you have coverage only when your property is damaged or destroyed in the manner specifically described in the policy. The policy limit on the coverage is equal to 50% of the policy limit on the home. Limits for the coverage of additional expenses that the policy owner may incur, when the residence cannot be used because of an insured loss, is equal to 20% of the policy limit on the home.
The coverage limit on personal liability is determined by the policy owner at the time the policy is issued. The coverage limit on medical payments to others is usually set at $1000 per injured person.
Q: Where and when is my personal property covered?
A: Personal property (except property that is specifically excluded) is covered anywhere in the world. For example, suppose that while traveling, you purchase a dresser and you want to ship it home. Your homeowner’s policy would provide coverage for the “named perils” while the dresser is in transit — even though the dresser has never been in your home before.
Q: Do I need earthquake, flood or sinkhole coverage in Tennessee? How can I get it?
A: The standard insurance policy does not pay for direct damages caused by earthquake, floods or sinkhole collapse. This coverage may be available by endorsement for an additional charge. If you live in an area of Middle Tennessee that is susceptible to any of these natural disasters, you’ll pay more on flood or sinkhole coverage than if you live somewhere unlikely to have an earthquake, flood or sinkhole. Before you decide to buy additional coverage, our Insurance Ninjas can help you weigh the costs and benefits based on living in Middle Tennessee.
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