Are you a new homeowner? If so, then you may not be aware of what your homeowner’s insurance covers. It will keep you protected against damages to your home, a home loss in the case of natural disasters, theft, or other unfortunate accidents.
A homeowner’s insurance policy is a contract between the provider and the policyholder. It consists of four basic sections.
A physical structure of your home
Personal belongings within your home
We help to protect you and your business from more liability.
When you’re forced to live somewhere where you can’t work, many coverages will help pay the bills.
The structure of your home and its contents is typically covered
Your homeowner’s policy should include coverage for major damage to your home due to natural disasters, like fire, hurricane, hail, or lightning. Make sure you read the plan so you know that all things are covered.
Buildings such as garages, sheds, and gazebos may be included in some insurance policies. Make sure you check with your agent to make sure these structures are covered. Read the details of your policy so that you know exactly what you’re insured for.
The standard policy will not cover damage caused by flooding, earthquakes, or routine wear and tear. It is important to keep this in mind when buying insurance for the structure of your home: Buy enough coverage to rebuild it if necessary.
Check the policy to make sure you have coverage for your personal belongings through the homeowners insurance.
The All-Risk Insurance covers you in the event that any of your possessions inside your home are stolen or destroyed. This could include furniture, clothes, sports equipment, and other personal items.
The deductible for homeowners insurance is generally at 50 to 70% of the total amount of coverage on your home. An important thing to do is conduct a home inventory to determine if this level of coverage will work for you. Ask your insurance agent to confirm your calculations are accurate.
Although there are limitations on what your policy will cover for personal belongings, this type of coverage will provide you with protection all over the world- as long as you’re storing your items off-premises. Be sure to read through your explanation of benefits before signing up for any coverage.
Remember that expensive items, such as jewelry, art, and collectibles, are typically covered. However, there are a few dollar limits to keep in mind. Purchasing additional insurance will protect those items from theft. Also, you need to have a list of items and speak with your insurance agent so they can confirm they are covered.
Liability Insurance coverage:
Liability is a form of legal protection that helps you deal with lawsuits for bodily injury or property damage caused to other people.
Liability coverage is typically part of homeowners insurance that pays for damage you might have caused. if your child or pet were to damage someone’s property, it’s should be covered. The liability coverage of your insurance policy can cover in many cases both the defense and any court fees, up to the limit stated in your documents, so don’t forget to read through them thoroughly.
Homeowners insurance includes liability protection, which may provide no-fault medical coverage for someone injured in your home.
The living expenses you pay on top of your rent or mortgage.
Additional living expenses is the amount of money you’ll need to live away from home following an insured disaster. If you cannot live at your location due to damage from the disaster, these payments will help cover other costs of living.
If you’re displaced from your home due to a disaster, this coverage will cover expenses over and above your everyday living expenses. Here are some of the things that might be included: hotel accommodation, restaurant meals, transportation.
Additional Living Expenses has limits and some of them have time limits. Talk to your agent and find out what restrictions, if any, are in your ALE plan.
And remember – your insurance policy is a contract. Be sure to read and understand it before you sign it so there are no surprises when trying to make a claim later. At any time, please reach out to one of Integrated Insurance Solutions knowledgable insurance agents.
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Integrated Insurance Solutions – 843-444-1155