Liberty Mutual’s cap is $15,000 per incident (or $30,000 per policy period).
ID fraud expense coverage: The best ID fraud restoration services guarantee $1 million in legal aid for victims of identity fraud.Home computer and smartphone coverage: Liberty Mutual’s electronic devices coverage isn’t an extra warranty it’s more like AppleCare, protecting me from accidents beyond wear and tear.That could be extra dwelling coverage or, in Liberty Mutual’s case, Home Protector Plus inflation protection. Home Protector Plus™: It’s always advisable to set aside some extra money to cover higher future building costs (which, incidentally, went through the roof last year).The good news is that if I need it, I can find reasonable rates through FEMA’s National Flood Insurance Program. Flood insurance: Flood insurance is always extra.Hurricane damage: Self-explanatory, but possibly a mandatory deductible depending on where you live.This is for damage from blocked sewers or drains (which I’m responsible for as a homeowner), and busted sump pumps. That comes with my Liberty Mutual policy. Water damage: Liberty Mutual’s extra water damage protection doesn’t cover storm or rain damage.(For more on my experience with Lemonade, check out my hands-on Lemonade home coverage review.) For that reason, I was more gung ho about Lemonade’s special valuables protection, which covered things I really value, like my bike and my wife’s $2,500 Leica camera. Jewelry: There was no separate deductible for Liberty Mutual’s jewelry coverage, which was nice – if I had a closet stuffed with rubies.See my State Farm home insurance review for option-packed homeowners plans with RCV coverage built in.
Belongings (replacement cost): I’m unrepentantly pro replacement cost value coverage (RCV). I would have to purchase these extra protections or endorsements. With ACV coverage, my policy would maybe pay me $500 to replace it if it got damaged or stolen. So, say I bought a designer wool rug for $1,500 five years ago. As we’ll see in a second, there’s a capped version of this coverage and an unlimited option.ĭid You Know: Understanding Actual Cash Value”]When my insurance policy pays me ACV for my lost or damaged possessions, it’s reimbursing me for their value at the time I lose them. Loss of use: If my home is unlivable for a spell, my Liberty Mutual HO-3 policy will cover the difference between my normal day-to-day living expenses and any hotel, rent, or restaurant bills I rack up. Personal liability: Liberty Mutual covers legal and medical fees if someone gets injured on my property or if someone in my family causes damage to someone else’s property. RCV coverage (see below) will drive my premium up a bit, but it’s the safer bet. Belongings (actual cash value): If I go with ACV coverage for my stuff, I’ll almost definitely have to pay out of pocket to buy it back. In that case, I’d have a pair of $1,500 deductibles to pay. This most likely won’t be an issue - unless a thief breaks into my home after a tornado rolls through. Note that with Liberty Mutual, wind and hail are a separate deductible. Dwelling (including fences, driveways, sheds, etc.): Liberty Mutual protects my property against standard perils, or accidents, like fire, storm, theft and vandalism. Liberty Mutual covered me for these items in the case of loss, theft, damage, or accident. It covers your home and belongings, as well as your liability to others in the event of an accident on your property. FYI: An HO-3 policy is the most common homeowners insurance plan in the U.S.
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