Homeowners Insurance

Don
Don
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homeowners-insurance
Homeowners Insurance

Introduction

Your homeowners insurance policy covers your home and the other structures on your property, like sheds or Fences. It also covers your personal belongings and liability, which protects you if someone gets hurt on your property. Let’s review this important insurance coverage in more detail.

What’s Usually Covered by Homeowners Insurance

What’s Covered by Homeowners Insurance?

Homeowners insurance covers the following:

  • The structure of your house, including roof and siding.

  • Personal property in your home, including furniture, appliances and electronics. It can also cover cars parked on the property (but not those parked elsewhere) or any other items inside the house that you own but don’t take with you when you leave it behind. If a fire damages either part of this coverage—your home or its contents—you’ll be compensated for any loss stemming from it.

Your homeowners insurance policy covers your home and the other structures on your property, like sheds or Fences. It also covers your personal belongings and liability, which protects you if someone gets hurt on your property. Let’s review this important insurance coverage in more detail.

Personal property protection covers items such as jewelry and electronics. It also helps you replace personal items that are stolen from your home, such as televisions and appliances.

Liability protection protects you from lawsuits filed against you by someone who was injured while on your property or using one of its services (like a pool). This includes medical expenses if someone gets hurt while using it too!

Dwelling Protection

Dwelling coverage is based on the cost of rebuilding your home. It doesn’t include land value or market value of the home, which can be quite different from one location to another.

Dwelling coverage generally includes:

  • Personal property coverage (e.g., your furniture, clothes and other personal belongings)

  • Real estate protection (the building itself)

This coverage is usually based on how much it would cost to rebuild your home if it were destroyed by a covered peril. It’s important to note that this type of coverage doesn’t include the value of your land, nor does it cover the market value of your home. The land isn’t insurable, and market value can be difficult to determine. We encourage you to always insure for at least 80 percent of the replacement cost of your home.

When you buy homeowners insurance, it’s important to know that this coverage is usually based on how much it would cost to rebuild your home if it were destroyed by a covered peril. It’s important to note that this type of coverage doesn’t include the value of your land, nor does it cover the market value of your home. The land isn’t insurable, and market value can be difficult to determine. We encourage you to always insure for at least 80 percent of the replacement cost of your home.[/b]

Other Structures Protection

Other structures protection is a rider that covers your home and other structures up to 10% of the dwelling limit. This includes detached garages, sheds, fences and other outbuildings. It’s only offered as a rider to your policy, so it won’t be included with any new policies issued by us.

This coverage extends from dwelling protection, and applies to structures related to the house but not attached to it, such as a detached garage, fence or shed. Coverage is usually 10 percent of dwelling coverage limits but can be increased through an endorsement on your policy.

Examples of structures that are covered by this type of insurance include:

  • A barn on your property that you use for storage purposes

  • An addition on your home that was built before you bought it (a pre-existing condition)

Personal Property Protection

Personal property protection is one of the most important aspects of homeowners insurance. It covers your belongings inside the house, and some policies also cover items outside your home such as bicycles and garden tools. Coverage limits vary from policy to policy, but most policies include $100,000 in replacement value for personal items (such as clothing) and $300,000 for household items that are stolen or damaged during a home fire.

Some things are excluded from coverage: jewelry; collectibles like antiques or art; computers; electronics devices like TVs or stereos; vehicles over 10 years old when being replaced after an accident occurs with them because they can be repaired easily enough (even if it means replacing parts).

Conclusion

We hope this review of home owners insurance has been helpful to you. Remember, if you have any questions about your policy or how it works, please contact us at 1-800-432-1463 and we’ll gladly help!

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