Home Insurance Products

Homeowners Insurance

Types of coverages:

The four types of homeowners insurance coverage are:

  • Structural — Covers damage to your home or dwelling.
  • Personal Belongings — Covers damage to items in or on your home or dwelling.
  • Liability Protection — Covers your legal responsibility for injuries or damage to other people or property.
  • Additional Living Expenses — Covers costs for temporary housing, meals, etc., while your home is being restored or rebuilt.

Structural and Personal Belongings coverages are available on an actual cash value (ACV) basis or at full replacement cost.

ACV coverage considers the current market value of an item based on its age and condition. So, if you purchased a television for $400 four years ago, the value today would be significantly less than it was when you purchased it. ACV coverage would depreciate the item's value to determine the current value.

Full replacement cost considers the current cost to replace an item, and is typically the best option.

Your responsibilities

Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video - using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your home insurance policy doesn't cover damages caused by poor or deferred maintenance on your part.

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Condo Insurance

Condo Insurance Coverage Options

Condominium insurance covers personal property, liability and parts of the unit that are your responsibility. It may also protect you from certain assessments levied by the condo association. You’re also covered for costs you incur over normal living expenses if you have to vacate your condominium.

Renters Insurance

Renters Insurance Will Cover

  • Your possessions.
  • Liability if someone sues you for an injury they got at your home.
  • Possessions when they are away from your rental home, including in your car.
  • Additional living expenses. If you can’t stay in your home or apartment because of something like fire or pipes exploding, your renters insurance policy will cover some of the costs for living somewhere else while repairs at the residence take place. 
  • Living expenses coverage is usually limited to either a specific period of time, or what the renters insurance company considers a “reasonable length of time.”
  • To prevent abuse, there is a cap on the amount of additional living expenses the insurer will pay, usually a percentage of the total renters insurance liability limits.

Flood Insurance

Flood Insurance is offered through the National Flood Insurance Program. Although the government actually provides the coverage, Roeding Insurance issues the flood insurance policy through one of our participating companies, and in the event of flood damage, would also service your claim.

Life Insurance

Types of Life Insurance - Term Life Insurance

  • Term life insurance policies cover you for a specific period of time - some as short as one year.
  • Term life insurance pays (unless there are claims issues) beneficiaries if you die during insured time period.
  • Term Life insurance isn't subject to federal or state income taxes to your beneficiary.
  • Term Life insurance is inexpensive to purchase when you’re young, but more expensive to purchase if you buy it when you’re older.
  • Though you can usually renew your term life insurance, there is potential for a huge risk if you get sick during the term.
  • If you get sick, you may still be able to buy a policy, but often at startlingly high prices.
  • If you want to continue renewing the policy, be sure to ask your life insurance agent what the premium will be.
  • When you reach a certain age, some term life insurance policies revoke the right to renew. Be sure to ask your life insurance agent about this.

There are Two Types of Term Life Insurance to Know About:

Yearly Renewable Term Life Insurance

  • Coverage for a longer term (20 years, for instance)
  • Costs of policy are spread out over time
  • No big increases in annual premium
Convertible Term Life Insurance

  • Life Insurance is renewable annually
  • Option to convert to a permanent life insurance policy is available
  • Typically has lowest cost and highest death benefit
  • Risk for being dropped or premiums skyrocketing in the event of sickness is higher

Types of Life Insurance - Cash Value Insurance

Cash-Value life insurance policies are run differently than term life insurance. They cover you for your whole life, rather than just a part, as in term life insurance. Since purchasers of whole life insurance are guaranteed to take up on their policy eventually, premiums are higher in the beginning so that the funds can be invested. As with term life insurance, there are different variations on Cash-Value life insurance policies.

Whole Life / Ordinary Life Insurance

These life insurance policies will accumulate cash value over time, like a life insurance policy with a savings account attached. The premiums are set at the time of life insurance purchase and never change.

  • Permanent life insurance coverage.
  • Premium amount determined by purchaser's age and health at time of purchase.
  • Cost of life insurance policy is spread out over your entire (expected) life.
  • As policy accumulates cash value, you may take this cash out or borrow against it.
Universal Life Insurance

This flexible life insurance gives you the ability to change your premium or death benefit at any time. You can also skip premium payments if you need to, and some policies allow you to invest the cash value of your policy in other high end investments such as mutual funds, etc. in order to build your policy more rapidly.

  • Permanent coverage.
  • Substantial changes to coverage usually require a doctor’s visit and a bill of clean health.
  • Universal Life Insurance gives the owner of the policy a great deal of control over the policy.
  • Investment grows in a tax deferred status.

Variable Life Insurance

Variable Life Insurance is a combination of Whole and Universal coverage. The death benefit is dependent on the insurance company’s success with the investments you choose (bonds, stocks, or money markets). With successful investments, the cash value and death benefit of your policy will increase.

  • Permanent coverage.
  • Most won’t let your death benefit drop below a certain amount.
  • For a guaranteed death benefit, you may be charged. Ask before signing anything.

An independent life insurance agent will help make sure that you’re with a solid insurer. Companies are rated A to F (A+, A, A-, B+, B, B-, etc.). There are over 2,500 companies in the US selling life insurance – with so many options, it is even more important that you utilize a professional to ensure you get the best insurer for your individual situation.
Life insurance can be the greatest asset you ever give your family. Let Roeding Insurance help make sure you’re with the right life insurance company for you – and one that is safer to invest in. Our agents will get you the best life insurance benefits and premiums available to you.

  1. Accumulated growth may be taxable upon withdrawal. If the policy is a Modified Endowment Contract (MEC), tax penalties may apply prior to age 59 ½. Consult a tax advisor on your specific situation.
  2. Policy loans and withdrawals reduce cash value and the death benefit and may be subject to other charges outlined in the contract.

Umbrella

Umbrella Insurance Policies Typically Cover

  • Liability judgments that exceed the liability coverage limits on your home and car insurance policies. 
    Umbrella insurance kicks in once the limits of your base policy (home insurance or auto insurance) are exhausted.
    Your umbrella pays for any overages (covered by your insurance policy), up to the umbrella insurance policy limits.Instances when you, your child, or your pet cause bodily injury or property damage.

Personal injuries, such as:

  • Libel and slander (when you say or write things that defame someone’s character)
  • Invasion of privacy
  • Wrongful entry
  • False arrest
  • False imprisonment
  • Malicious prosecution
  • Legal fees and defense costs.
Umbrella Insurance Policies Don’t Usually Cover
  • Punitive damages (punishment by fine for actions or behaviors deemed reckless or outlandish by the court)
  • Intentional acts
  • Liability claims related to a business you own (you will need a separate business insurance policy for that)

Vacant Homeowners

A homeowners policy isn’t designed to protect a vacant home. If an insurance carrier finds out you’re insuring an unoccupied home with a homeowners policy, you may end up with a reduction in your coverage, or even a denied claim. There are reasons why a homeowners policy isn’t designed to protect a vacant home. We have carriers who specialize in insuring vacant properties, and can provide you with vacant home insurance at competitive rates, some with term options of 3, 6, or 12 months.

There are many reasons a home you own may need vacant insurance:

  • You’ve moved, but your home is unsold. 
  • A property you own is being renovated. 
  • You rent out the house, but are between tenants. 
  • You are selling a house to close an estate. 
  • You purchased the home from a foreclosure sale.