Secure Your Home and Belongings
At Lanham Agency, we work with a number of different insurance carriers to find a coverage policy that works for you. We aren't limited to just one company, which allows us to compare costs and coverages instead of sticking you with a one-size-fits-all policy.
Every family's home is worth a different amount, and every household needs a different insurance policy. We offer three main types of home insurance:
- Cash value coverage. This covers the current cost of your house and belongings, even if the
value has depreciated.
- Replacement coverage. This covers the cost of rebuilding your home to its original value.
- Guaranteed replacement coverage. This is the fullest coverage type and ensures that you can
replace your home for its current value, even if your policy limit is less than this cost.
There are also a variety of extra coverage options that you may find helpful. For example, a personal umbrella policy protects you from unforeseen circumstances. Also, flood damage is not included in homeowners insurance, so you may need extra flood coverage if you live in a high-risk area - although any homeowner could benefit from this coverage.
Trust a Lanham Agent
At Lanham Agency, we provide high-quality customer service and can boast several insurance business certificates and awards such as Business of the Year in 2011. We provide service to homeowners across Missouri, Iowa, and Illinois. If you need home insurance in the Ballwin, MO, area, don't hesitate to give us a call.
If you're ready for a free quote for your home insurance, call us at 636-779-5976 or send us a message and we'll get back to you as soon as we can.
Actual Cash Value
This value covers the house plus the value of your belongings after deducting depreciation (i.e., how much the items are currently worth, not how much you paid for them).
This is the actual cash value without the deduction for depreciation, so you would be able to repair or rebuild your home up to the original value. (Referred to as Total Replacement Cost at 100% insured to value)
Guaranteed (or extended) replacement cost
The most comprehensive, this inflation-buffer pays for whatever it costs to repair or build your home - even if it's more than your policy limit! Certain insurers offer extended replacement, meaning it offers more coverage than you purchased, but there is a ceiling; typically, it is 20-25% higher than the limit.
- Roof Replacement when damage is sustained by wind/hail storms
- Water /Sewer Back- Up
- Personal liability for damage or injuries caused by you or your family
- Hotel or house rental while your home is being rebuilt or repaired
- Coverage for high value items such as; jewelry, antiques, fine arts
An Umbrella policy helps you protect yourself against the possibility of devastating financial loss from unforeseen events. It protects your existing personal assets and future personal assets (like wages, your inheritance or that lottery you're planning to win) against the cost of losing a lawsuit over a car accident or an accident on your property.
Here are a few things that could increase the likelihood of you requiring an umbrella insurance policy:
- A long commute or driving during rush hour, when drivers are more likely to get into an accident
- You have a youthful or elderly driver residing in your home
- Your home has a swimming pool or trampoline
- You own a dog
- You frequently have guests over
Flood insurance is not covered by your homeowner policy, business, or other property policies. This is a separate policy with a separate deductible.
Everyone lives in a flood zone. Over a 30 year mortgage, there is a 26% chance of flooding vs. a 9% chance of fire.
Years of drought conditions and recent wildfires coupled with a strong El Niño forecast increase your chance for flooding as 25% of all claims occur in a low- moderate risk flood areas.
Ready to learn more?
Contact us today for a free quote!