Understanding Homeowners Insurance
Whatever choice you make, knowing and understanding your house insurance policy coverage is important
. A Home Owners Insurance Policy is designed to protect home owners against certain perils.There is usually a deductible when filing a house benefits claim unless noted. Individual house benefit policies are determined by named perils and exclusions in a policy.
Consult your agent or insurance company regarding any exceptions that may apply. Whether you buy your home owners insurance policy online or with a local agent, the typical house owner's benefits policy is divided into property liability and liability protection.
If one was to look at a real estate premiums declarations page, which is usually the first page in a real estate owner's insurance policy, they would see Property Protection. This protection is usually broken down into four additional sections.
These sections include (A) Dwelling, (B) Other Structures, (C) Personal Property, and (D) Loss of Use. Dwelling coverage typically covers your house, attached structures, fixtures in the house such as built-in appliances, plumbing, heating, permanently installed air conditioning systems, and electrical wiring.
Other Structures coverage typically include detached structures such as garages, storage sheds, and fixtures attached to the land including fences, driveways, sidewalks, patios, and retaining walls. Detached structures used for business purposes are not covered under a personal house owner's premium policy.
Personal Property coverage typically includes personal property including the contents of your property and other personal items owned by you or family members who live with you. This protection can be based on actual cash value or replacement cost.
Home benefits policies may provide limited coverage for small boats; however, most house premium policies do not cover motorized vehicles unless they are unlicensed and used only at your house. Some items may have coverage limits such as firearms, artwork, business property, electronic data, jewelry, and money.
Extra coverage is usually available by adding endorsements to your policy. Loss of Use coverage typically includes living expenses over and above your normal living expenses.
This applies if you cannot live in your house while repairs are being made or if you are denied access by government order. There is also Additional Property, which covers real estate owner's insurance policies that may provide such as the removal of debris along with damaged trees and shrubs, fire-department service charges, property removal or theft or illegal use of credit or transfer cards.
It also insures collapse of buildings and glass breakage if caused by covered perils. Endorsements can also be added to your house owner benefit policy at an additional cost to provide extra protection.
These endorsement include guaranteed replacement cost coverage, extended replacement cost coverage, inflation guard, scheduled personal property, and secondary residence. It also includes theft coverage protection and credit card forgery and depositor's forgery benefits.
Guaranteed replacement cost premiums will pay the cost to rebuild your house as long as you have met the requirements of your home benefit policy. Extended replacement cost benefits insures your house for a specific value and usually adds a 20-25% extended limit if reconstruction costs run over.
Inflation Guard increases the amount of your real estate owner benefits to keep up with inflation so that you can maintain adequate premiums to replace your house in the event of a loss. Scheduled personal property protects articles such as jewelry, furs, stamps, coins, guns, computers, antiques, and other items that often exceed normal policy limits in your regular real estate owner's benefits policy.
It often provides benefits that are broader than the benefits in the home insurance policy. There normally is not a deductible for this premium.
Increased limits on money and securities provide additional premium for money, bank notes, securities, and deeds. Secondary residence provides protection for a second house such as a summer residence.
Theft premium protection broadens the theft premium to include personal contents in your motor vehicle, trailer or watercraft to be covered without proof of forcible entry. Credit card forgery and depositor's forgery premium provides protection against loss, theft or unauthorized use of credit cards.
It also covers forgery of any check, draft, or promissory note. No deductible applies to this endorsement.
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