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March 20, 2019

Is Monoline Liability Coverage Right For Me?

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Buying homeowners insurance means looking closely at the precise coverage you need. Sometimes, you might feel you need less coverage than what a standard policy package offers. As a result, a monoline home policy might seem like the best fit for you. However, only buying monoline coverage might leave you exposed in a way a package policy does not. Here’s why.

What’s Monoline Insurance?

Monoline insurance covers only limited risks when compared to a homeowners policy package. Only take out a policy if you feel you have adequate protection for other assets in other ways.

Mono as a prefix means one. Therefore, monoline home insurance means, literally, one line of home insurance. Most homeowners need more than one line of homeowners insurance. That’s why people generally buy policy packages with multiple lines of coverage. However, if you decide to buy a monoline policy, you will only buy one line of coverage. That one line of coverage might be any type of home insurance.

How It Works

Let’s say, you decide on monoline home liability insurance. It will cover harm you cause to third parties through property damage or bodily injuries. For example, if a friend visits, trips over a rug, falls and gets a concussion, then this coverage can come into play. It might help you pay for the person’s medical bills, and it might help you settle damages if they sue you.

You’ll get a lot of help from a monoline liability policy. However, it might not provide adequate protection for your needs. With monoline coverage, you might not have critical coverage you might otherwise need.

For instance, a monoline liability policy might not include contents coverage, structure insurance or relocation expenses coverage. So, if your home burn downs and all you have is a monoline liability policy, then you might have none of the costs of rebuilding covered.

Think About Coverage Carefully

Monoline home insurance might prove more affordable than package policies. However, it could leave a lot to be desired. You might face significant personal costs because it won’t cover all losses from major accidents.

Still, some people can feel content with monoline coverage. Let’s say you have the money on hand to rebuild a damaged home. Then, you might find liability-only monoline coverage all the protection you need. But, tread carefully. If you don’t want to spend any money for the damage you can’t expect, then you might want to consider investing in a larger policy package.

Don’t hesitate to talk to your ACF Insurance agent to determine which course of action is the most secure. Keep in mind, if you have a mortgage on the home, you’ll likely have to carry full coverage.

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