HOME INSURANCE
We’ve got a home insurance policy that’s customized just for you:
We’ve got a home insurance policy that’s customized just for you:
The structure of your house
This part of your policy pays to repair or rebuild your home if it is damaged or destroyed by fire, wind, hail, lightning or other disaster listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, it is important to buy enough to rebuild your home.
Most policies also cover structures that are detached from your home such as a garage, shed or gazebo. Generally, these structures are covered for about 10% of the amount of insurance you have on the structure of your home.
Liability protection
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets.
The liability portion of your policy pays for both the cost of defending you in court up to the limit of your policy. You are also covered not just in your home, but anywhere in the world.
Your policy also provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. It does not unfortunately pay the medical bills for your family or a pet.
Your Personal Property
Your furniture, clothes, sports equipment, tv’s, computers, laptops, PC’s, and other personal items are covered if they are stolen or destroyed by fire, wind or other insured disasters The best way to determine if this is enough coverage is to conduct a home inventory.
This part of your policy includes off-premises coverage also. This means that your personal property is covered anywhere in the world, unless you have decided against off-premises coverage.
Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. Generally, you are covered for between $1,000 to $2,000 for all of your jewelry and furs. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for its appraised value. Coverage includes accidental disappearance, meaning coverage if you simply lose that item. And there is no deductible. An example to this would be a wife’s wedding ring.
Trees, plants and shrubs are also covered under standard homeowners insurance. Generally you are covered for up to about $500 per item. Perils covered are theft, fire, lightning, explosion, vandalism, riot and even falling aircraft. They are not covered for damage by wind or disease.
Additional living expenses
This pays the additional costs of living away from home if you cannot live there due to damage from a fire, storm or another insured disaster. It covers hotel bills, restaurant meals and even other reasonable expenses, over and above your customary living expenses, incurred while your home is being rebuilt.
Keep in mind that this coverage in your homeowner’s policy has limits, usually a percentage of the amount of coverage you have on your home, and some policies include a time limitation. But the amount of this coverage is separate from the amount available to rebuild or repair your home.
Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20 percent of the insurance on your house. You can increase this coverage, however, for an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited amount of time.
If you rent out part of your house, this coverage can also reimburse you for the rent that you would have collected from your tenant if your home had not been destroyed.