Homeowners Insurance is a form of property insurance that covers losses and damages to an individual’s house. Homeowners insurance also provide liability coverage against demage caused by perils such as fires, storms, or burglary. Most insurance companies may not include earthquake and flood coverage but you can purchase some additional coverage. In homeowners insurance, you can always add some additional coverage at any time as per changes requirement.
What Does Homeowners Insurance Cover?
Homeowners insurance coverage may vary in different companies. But most the insurance policies cover all financial loss or demage of your property. You may be able to purchase additional insurance policies to help protect your property and belongings against those types of risks.
DWELLING PROTECTION :
Dwelling protection helps cover the structure of the home in which you live. Dwelling coverage protection will pay to repair or rebuild your home if damaged. Dwelling protection also cover attached structures such as a garage or a deck, against certain risks. Other structures on your property such as sheds and fences. You will likely want to buy enough dwelling coverage to cover the estimated cost to repair or rebuild.
You dwelling protection coverage limits are based on the estimated cost of rebuilding your home. When you will comes improvements and updates to your home, the amount of coverage need will increase for dwelling protection coverage.
OTHER STRUCTURES PROTECTION :
Other structures protection coverage may include attached structures with your home such as sheds, fences, garage etc. Other structure coverage will pay for any financial losses of your attached structures of your home. If you’re making improvements to your property, such as adding a gazebo, you may want to review your other structures coverage limits to help ensure you have enough protection in place to help pay to repair or replace unattached structures after a covered loss. You can always adjust your property coverage limits based on your individual needs. For this, you should discuss your needs and coverage requirements with your insurance agent.
Personal Property Coverage :
Personal property coverage can pay you for the personal items in your home that may be damaged or destroyed by a covered cause of loss. This type of coverage, designed to help protect your belongings, may help provide protection in the event of a covered loss, such as theft or fire.You can usually adjust your personal property coverage limits based on your individual needs. Personal property coverage usually has certain limits on what it will pay to replace an item or category of items in cause of any demage or loss.
DOES INSURANCE COVER LOST ITEMS?
No, personal property coverage do not provide coverage for lost items. For example, if you lost or misplace your belongings in a hotel room, then insurance coverage will not pay for such type of personal property loss. Discuss with your insurance agent to learn about the specifics of your coverage.
Personal Liability Coverage :
When someone not living with you is injured while on your property then personal liability provides liability coverage. For example, if someone falls down your stairs, or your child accidentally throws a ball through a neighbor’s window, breaking an expensive vase, you may be held legally responsible for the damages caused. You can always purchase personal liability umbrella policy to increase your personal liability coverage according to your needs and requirements. Before purchasing any policy coverage, you must read your insurance policy to learn what is covered or excluded.