A lot of unexpected events may happen to our precious homes. Usually something that’s out of our control such as fire, accidents, flood, hail and theft. Homeowners insurance is quite necessary if you want to protect yourself from such perils. It can help you pay to repair your home or replace your belongings when they get damaged or destroyed from such events.
There are four key types of protection that the typical home insurance offer –dwelling, personal property, other structures and liability coverage. In this article, we’ll discuss each of these types and what they cover.
If your home is damaged, dwelling coverage may help pay to repair or rebuild the house. Dwelling insurance usually covers damages by fire, lightning strikes, windstorms, hail, explosions, theft and falling objects. However, it does not cover damages from floods, earthquakes, sewer backups, and damage that occurs from lack of maintenance. You may always purchase separate insurance policies to protect your home from the aforementioned risks.
Personal Property Protection
Personal property coverage may reimburse you for the value or help to pay the repair of your belongings if it is damaged or destroyed by a covered risk. Examples of what personal property coverage may help protect include furniture, clothes and electronics. You may purchase extended coverage for items such as jewelry, watches, furs or anything that has values above your personal property coverage limits.
Other Structures Coverage
This is for the other structures that are in your property but are not attached to your home. Such as tool sheds, a detached garage, pool houses, barns and fences. If you don’t have these additional structures, you may wonder if you can remove this coverage off your home insurance policy and save the 10%.
The answer is a no. Policies are built to ensure adequate protection for the majority and not the exceptions. Most homeowners have some additional structures and this is why a home insurance policy is built this way.
Liability protection may help pay for costs resulting from an injury to someone else or damage to their property if you are found liable. It may help cover a guest’s medical bills (if they become injured in your home), your legal expenses (if you are sued) or costs of repairing damage you accidentally caused to someone else’s property.
Not all policies are alike. Remember, coverage limits and deductibles may apply. However, you can always adjust your coverage limits if you wish to do so and naturally, you have to pay your deductibles first before your insurance benefits can help you cover a loss. Make sure to read your policy or to ask your agent about your coverage limits and deductibles. Normally, you’d be able to adjust them to fit your needs.
At Filer Insurance Inc., we work hard to make sure that our clients are well-protected with home insurance policies that they can afford. To learn more about how we can help you, please contact our agency at 305-270-2100 or Click Here to request a free quote.