HOME INSURANCE PROTECTS MORE THAN YOUR HOUSE
Home Insurance coverage typically extends to more than the physical structure of your home, while a standard homeowners policy helps provide protection for your house. Starting from personal belongings to the shed in your backyard or even medical bills if a guest is injured on your property, a homeowners insurance policy may include coverage for:
Your dwelling:
For your Dwelling, you’re covered if your home and attached structures, like a deck or garage are damaged by a covered peril, dwelling coverage may help you pay for the repairs.
Other Structures:
The other structures covers to pay for repairs or replacement for detached structures on your property, like a fence or shed, if they are damaged or destroyed by a covered peril.
Personal property:
Personal property covers to pay to replace certain belongings, including furniture and electronics, that are stolen or damaged by a covered loss.
You and your family:
If you and your family member are found legally responsible for accidentally damaging someone else’s property or injuring someone, liability coverage may help pay for related repair costs, legal fees and medical bills.
Guests:
If the guests visitor is accidentally injured at your home, your policy’s guest medical protection may help pay for their resulting medical bills.
Additional living expenses
If you cannot stay in your home after a fire or other covered claim, your additional living expenses insurance coverage may help pay for temporary increased living costs, such as hotel bills. In short the coverage for Home Insurance are as follows:
- Comprehensive insurance: Comprehensive Insurance coverage to protect your property against damage from fire, smoke, storms, vandalism, theft and other hazards.
- Temporary living expenses: Temporary living expenses means if your home is uninhabitable after a covered claim.
- The option to add coverage: The option to add coverage for valuable personal property, such as jewelry and musical instruments.
- Replacement Cost : Replacement cost Coverage that replaces your lost personal belongings with brand-new equivalents of the same quality.
- Optional Coverage: optional coverage is various optional coverage are available so that you can tailor coverage to suit your needs and lifestyle.
It’s necessary to keep in mind that all coverage do come with limits — the maximum amount your policy will pay out after a covered loss. When selecting your coverage limits, be sure to take into consideration things like the potential cost of rebuilding your home or replacing your belongings if they are damaged or destroyed by a fire or other covered peril.
Your deductible: your deductible is the amount you’ll pay before your insurance benefits kick in to help reimburse you for a covered claim.
Having a home insurance policy won’t prevent damage to your home or belongings, but it may help provide a financial safety net should the unexpected occur. If you have a homeowners insurance policy in place, you may be better equipped to weather a storm or crisis — knowing that your homeowners insurance may help cover the cost of damage and get on your feet again.