subject: What Does a Home Insurance Cover [print this page] What Does a Home Insurance Cover
Some of the things that are covered in a home insurance include house structures, independent structures not attached to the house, property belongings, loss of use, litigation and medical cost. Examples of structures that are not attached to the house are garage tool sheds and etc. The coverage for detached structures is limited to 10% of the total home insurance coverage. If you want more coverage for the detached structures, you have to pay an additional premium.
The personal property coverage protects the belongings in the house. It will protect the properties that belonged to you and the people that live in the house. The coverage for personal property is 50% of the total insurance coverage. Certain kinds of properties have limited coverage. The properties with limited coverage are usually subjected high theft risk. Types of properties that have limited coverage include jewelry, furs, collectibles, money and antique. You should check with the insurance company to find out a full list of the items that have limited coverage. If you want coverage for these valuable items, you can get separate insurance for them.
Loss of use coverage offers compensation if your home is damaged by a covered natural disaster to the extent that it is not fit to live in it. Loss of use coverage accounts for 20% of the home insurance coverage.
If a visitor come to your house and get injured, the insurance company will pay for his medical cost. If the visitor sues you, the insurer will pay for the litigation fee. The insurance company will only pay for the litigation cost in covered situations. If the accident happens intentionally, the insurance company will not compensate you.
The medical payment coverage will pay for the medical expenses of the person if he gets injured at your house. Accidents can happen at anytime so you must buy the home insurance to protect your finance. Without the home insurance, the medical cost can be very expensive. The medical payment coverage does not cover all the perils. For example, accidents that happen as a result of a business activity will be excluded from the coverage. The perils that are covered by the home insurance policy include theft, falling objects, aircraft, explosion, fire, glass, weight of ice, volcano eruption, vandalism and etc. The perils that are not covered in the home insurance policy include termites, flood, mold, war, neglect, wave, wear and tear, rats, pests and etc.
You can buy specialized insurance to add more protection to your house. You should check with your insurance agent to find out how to extend your coverage. When buying insurance coverage, make sure you do research and get quotes from different insurance company so that you can get the best deal.
Make sure that when you are looking at home insurance quotes that you take into consideration where you live. Areas of the country where earthquakes and floods are not uncommon will undoubtedly have higher rates than areas which do not have these problems.
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