Insurance ResourcesHomeowners insurance doesn’t have to be expensive. In fact, if you comparison shop for insurance you’ll find that rates can vary as much as $1,000 a month from one company to another. Click the button below to see how much money you can save by getting rate quotes from multiple companies.Understanding how insurance works is important if you want to be sure you’re getting the right coverage for your particular needs. Don’t be in the dark about your insurance. Click on the link below to get a complete guide to what homeowners insurance does and doesn’t cover.
Homeowners Insurance - What Does It Cover?
The traditional homeowners policy comes with four coverage types. This article will show you each one of them below.Coverage for your house’s structureIn as much as you may have sought the best architects and contractors for the construction of your home, there are still possible calamities that may strike. These may include fire, lightening or any other types of disasters. This coverage, therefore, covers any disaster that could happen to your house. It covers all the repair costs. There are, however, some forms of destruction, for instance wear and tear due to old age, which will not be covered by the policy. Coverage for personal effectsWhen your house is struck by a disaster, it is only natural that the disaster will damage a number of personal items in your home. For those disasters that are insured within the policy, you get your personal property replaced. In most cases, this policy will cover between 50-70% of the total insurance amount you have purchased for your home. Be sure to carry out a home inventory to ascertain the total worth of your belongings before you purchase a policy. If you choose to, this could cover all your property all over the world even if they are not within your home’s location. You may have to insure some of the expensive items you own, in case they are lost or stolen, on a separate rider to you policy. These are charged in dollar amounts. Liability protectionThis coverage protects you when someone is injured on your property and brings a lawsuit against you This policy ensures that besides covering your court defense, it covers all the court awarded penalties that may follow. It will give you protection no matter where you go in the world. In addition to that, in case someone comes into your home and gets injured in the process, there is no-fault medical coverage that will cover their medical bill. This prevents any liability claims against you. Coverage for living away from homeEven if you have the coverage for your house’s structure, it may not take a while to reconstruct your home. This is why this part of the coverage is very important. It will insure that for all the days when you are away from your home during its rebuilding, any expenses you may incur such as hotel bills are paid for.
Here’s a video showing what homeowners insurance covers