Home Insurance is an insurance coverage for your home. Property or home insurance covers losses and damages to an individual’s house and to assets in the home. It may also help cover costs if you accidentally damage another person’s property or if a visitor is injured at your home. Most home insurance policies provide additional living expenses that will pay some expenses if your home is damaged by an insured event to the extent that you cannot live there while repairs are being made.
A homeowner’s insurance policy usually covers four incidents on the insured property – interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property. Every homeowner’s insurance policy has a liability limit, which determines the amount of coverage that the insured has should an unfortunate incident occur.
Home Insurance Coverages
- Your dwelling
- Other structures on your property
- Personal property
You may also be able to purchase additional coverages for greater protection. You may be able to purchase separate insurance policies to help protect your home and belongings against those types of risks.
Dwelling protection is a part of homeowners insurance policy that may help pay for the rebuilding or the repair of the physical structure of your home if it’s damaged. A standard homeowners insurance policy typically does not cover floods, earthquakes, sewer backups or damage that occurs from a lack of maintenance. It helps cover the structure of the home in which you live, as well as other structures that are attached to it, such as a garage or a deck, against certain risks.
OTHER STRUCTURES PROTECTION
The structure of the house is considered a covered property. Most insurance policies also protect your other extra home structure i.e a detached garage, tool shed or fence.
PERSONAL PROPERTY PROTECTION
Personal property provides protection in the event of a covered loss, such as theft or fire. It can also help protect the items in your home, like your furniture. Your belongings are likely worth much more than you might think, and if they’re damaged or lost, personal property coverage could help you cover the cost of replacing them.
Liability protection protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable.
Coverage for the structure of your home :
Your homeowners policy pays to repair or rebuild your home if it is damaged or destroyed but a standard policy will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.
Coverage for your personal belongings :
Personal property coverage is the type of insurance that can help protect the items in your home, like your furniture. It usually helps protect belongings, such as furniture, computers or clothing, against a covered loss such as theft or fire. Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disasters. The coverage is generally 50 to 70 percent of the insurance you have on the structure of the house.