Home Insurance and Your Options for Supplemental Coverage: An Interview with David Pennington IV of Advanced Insurance Strategies

Tell us a little bit about your company and the services you offer.

We are a full service insurance agency. We do everything from home and auto to multi-national corporations. We offer employee benefits and health insurance, and also do all types of bonds. We are in business to protect a person's or corporation's assets whatever the exposure may be.

What is an example of typical/basic coverage for home insurance?

The homeowner's policy has 6 basic coverages. Section I covers Dwelling, Other structures, Personal Property, and Loss of Use. Section II covers liability and medical payments to others.

When should a homeowner consider additional policies on top of their basic protection?

The homeowner should consider additional insurance when their exposures or assets exceed the standard policy. One example of this would be if your property is in a floodplain, then flood insurance would be necessary.

How should homeowners decide what supplemental coverage that they need?

They should decide that in consultation with their insurance agent. Even though it is an extremely common policy, the homeowner's coverage form is one of the most complex forms in the industry and expertise is needed to properly insure against all unforeseen insurable events.

Can you briefly explain what flood insurance and earthquake insurance policies are?

Flood and "earth-movement" or Earthquake are two causes of loss that are specifically excluded in the typical homeowner's form. They are necessary for property owner's that have the possibility of needing those coverages. For example, people who live in floodplains or those next to fault lines. Please remember though that a flood or an earthquake can occur anywhere.

What does animal liability cover?

Dog bites are by far the most common claim under a homeowner's liability policy. This coverage affords you protection when a domesticated animal under your care causes property damage or bodily injury to another. Most policies will not cover exotic animals.

What are two or three of the most popular supplemental policies for homeowners?

Auto coverage is the coverage that is most usually bundled with home, but secondary or vacation homes, boatowner's, motorcycle, and Recreational vehicle coverage is also available. The two supplemental policies that I would like to point out though are the personal articles floater and the personal umbrella policy. With the personal articles floater, it allows for scheduled coverage for jewelry, money & securities, silverware, furs, guns, and other types of property that is limited under the homeowner's form. It is a typically broader coverage than what is afforded under the homeowner's form as well. The personal umbrella sits above your homeowner's, auto, and other liability policies and offers an additional layer of coverage at an extremely affordable rate.

What's the best way for people to contact you and your company?

The best way to reach us is either by phone at 706-226-0186 or at our website, www.advancedinsurancestrategies.com. You can email us at info@ais-ins.net or follow us on Facebook.