If I can only sell my house for $150,000 why insure it for $300,000?

Many people make the mistake that insurance coverage amounts to the market value of their home. However, in the event of total loss, a home that sells for $150,000 in a given housing market most likely can not be rebuilt to the same level of quality as it was before the loss with just $150,000. With the costs of construction, materials, and the rate of inflation, the cost of rebuilding your home to the same quality as it was prior to the loss will likely exceed the current market value of the home.

What is inflation guard?

Inflation guard enables us to increase policy limits in order to keep up with the ever growing national inflation rate. At Chautauqua Patrons our inflation rate increases 1% quarterly giving a total increase of 4% by years end.

What are added living expenses?

Added living expenses are expenses that we cover if the policy holder is unable to live in their original home due to events that make it unfit to live in. Examples of these expenses are: hotel room rates and meals.

What is replacement cost?

Replacement cost is the amount of coverage that is offered in the event that there is a loss in regards to your home or property. This cost is an estimation of the amount of money that it would take to rebuild your home if a loss occurs. This applies not only to partial losses but total losses as well.

Are there discounts available?

Yes, discounts are available. There are a number that can apply ranging from 1% to 15% discounted premium. The most common discounts include having installed smoke detectors, fire extinguishers, and/or alarm system with certificate of installation.

Are there deductibles on premium rates?

Yes, the policy comes with a deductible that you can request to be higher or lower. Chautauqua Patrons has a large credit for high deductibles. Please contact your local agent for more details.

Are premiums different in various locations or how close the house is to a fire department?

Yes, premium rates differ due to the age of the building, type of building, and location in relation to the local fire department.

Are premium rates affected by the construction type of the building?

Yes, the rate differs according to what material the building was constructed out of, such as brick or frame.

Is mold damage covered under certain situations and if so, is there a limit

Mold damage in covered only if it is due to a covered event such as water damage. Most policies have a mold limitation for the payment of mold restoration services. Contact your local agency for more details.

Are there exclusions in coverage policies?

Yes, common exclusions include,but are not limited to: flood, earthquakes, neglect, wear and tear, acts of war, and intentional acts.

Is umbrella coverage available?

No, Chautauqua Patrons does not offer umbrella coverage.

My child is heading off to college this fall. What insurance issues does this raise?

Typically, if your child is living in college or university housing, their personal property is covered under your homeowners insurance policy. However once your child moves out of college or university owned housing, this coverage may change. Check with your local agency for more information.