Ask Danny | Ep. 14: Solutions to Your Owners Insurance coverage Questions

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  • Ask Danny | Ep. 14: Solutions to Your Owners Insurance coverage Questions


This week, Danny Lipford chats with Michelle Tennant from Erie Insurance coverage to debate how people can discover peace of thoughts with owners insurance coverage. (3 Echoes Content Studio/Erie Insurance coverage)

This week, I’m speaking with Michelle Tennant, vice chairman of Product Administration within the Erie Insurance Private Strains division. 

Michelle has been with Erie since 2001 and has helped to develop Erie Insurance coverage’s Auto, Umbrella, and Renters insurance coverage merchandise, in addition to its Owners insurance coverage coverages.

Erie Insurance coverage has been in enterprise since 1925, and for practically a century we’ve been offering residence, auto, enterprise and life insurance coverage. 

We’re primarily based in Erie, Penn., and we serve prospects in about 12 states. We all know insurance coverage could be sophisticated so with each coverage, we’ve a educated independent agent inside your group that may information you thru the method to get the correct protection on your life. 

Insurance policy, seen on a desk beside a pair of reading glasses.
Owners insurance coverage supplies monetary safety within the occasion of a catastrophe. (Mohamad Fazil Bin Ramli/Getty Pictures)

Why You Want Owners Insurance coverage

Each house owner has owners insurance coverage however many don’t know why — what’s the function of house owners insurance coverage?

Michelle: Owners insurance coverage supplies monetary safety within the occasion one thing loopy occurs, like an accident or weather-related occasion that damages your private home.

At Erie Insurance coverage, we take into consideration this in just a few other ways.

First is the house itself — the construction. It might cowl the outside of your private home if there’s harm.

Subsequent is your private property. A coverage will cowl invaluable objects which might be essential to you inside your private home ought to these be broken or stolen.

One other factor is legal responsibility. Should you have been answerable for harm to another person’s property or somebody was injured in your property or in case your pet injures somebody.

Moreover, I’d like so as to add, one protection that Erie gives and we suggest all prospects have is guaranteed replacement cost. If your private home is destroyed, this protection will to pay to rebuild it to matter what the fee. Should you don’t have it, you would possibly come up quick up on funds and face steep out-of-pocket prices. 

Homeowners insurance agent goes over policy with young couple
Some residence insurance coverage insurance policies solely cowl a certain quantity of sq. ft, so let your agent know should you’re planning to transform. (Adobe Inventory)

What to Speak About With Your Agent

What all do you have to talk about with a house insurance coverage agent?

Michelle: You need to have an open dialogue together with your agent. Make sure that all the pieces that’s essential to you in and round your private home is roofed. 

Should you’ve reworked your private home or plan to remodel, inform your agent. Do you run a enterprise out of your private home? Make sure that to say that so what you are promoting supplies are lined. And, let your agent know if your loved ones is rising or altering.

These are only a few belongings you need to discuss together with your agent. With that info, they will get the ball rolling and discover the protection that’s best for you.

receipt book
When compiling a house stock, save receipts for big-ticket objects. Unique receipts are all the time finest, however a photocopy can work in some circumstances. (c-George, Getty Pictures)

Making a Dwelling Stock

How do you even begin the method of making a house stock?

Michelle: If a catastrophic occasion have been to occur, it may be extraordinarily overwhelming to recollect for reminiscence all the pieces invaluable in your house. 

When making a home inventory, start at a small place to begin. Perhaps your most beneficial objects or go from room to room.

Take movies or pictures and narrate or write down what every merchandise is so that you keep in mind sooner or later. Categorize clothes and preserve receipts. 

Apps are common and there’s an app for all the pieces, even residence inventories. Shortly, Memento Database and Nest Egg are just a few you should use.

You will discover a guidelines of what you want on the Today’s Homeowner page on Erie’s web site.

renter's insurance paper with pen and keys
A renter’s coverage from Erie Insurance coverage can shield your belongings after a lined loss. (designer491, Getty Pictures)

Renter’s Insurance coverage

Let’s not depart our renter mates out of the dialog. Discuss renters insurance coverage for many who are the tenants.

Michelle: Should you’re renting, it is best to undoubtedly think about a renter’s coverage. Your landlord in all probability has a coverage to cowl the constructing or construction, however not what’s inside. You’ll want some sort of protection to guard your private property. 

Erie Insurance coverage’s Secure Tenant policy covers your private property or lack of use in case it is advisable to relocate. It additionally supplies protection to guard your possessions in the event that they’re broken misplaced or stolen, even should you’re away from residence.

For rent sign in a front yard by a sidewalk
Erie Insurance coverage gives a wide range of insurance policies and endorsements to assist shield your property. (Joe_Potato, Getty Picture)

Insurance coverage for Landlords

Is there a special sort of coverage for a house owner who desires to lease out their residence?
Michelle: Landlord insurance coverage insurance policies are considerably completely different. Should you’re a house owner and interested by renting out your property, the Secure Rental product from Erie Insurance coverage is what you want. It’s principally made for dwellings rented to others for one- or two-family properties. That gives comparable protection to our residence merchandise, and with that you just’ll additionally get the guaranteed replacement cost.

General Recommendation

Speak to an area independent insurance agent to overview your coverage to ensure you have the protection that’s best for you. It gives you some peace of thoughts to know you’ve gotten the safety you want in case a catastrophe occurs.

Take a look at Today’s Homeowner page on Erie’s web site. It has lots of movies and articles about your private home to maintain you protected and ready for the surprising. 

Additional Studying

Ask a Query! (Podcast)

Ask a query and we may reply it on the “Right this moment’s House owner Podcast!” We additionally might apply it to our nationally syndicated radio broadcast or on


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