The Basics of HOMEOWNERS Insurance
Having the right homeowners insurance means that you will be able to rebuild your house and replace your belongings following an unforeseen event that is covered. As a homeowner, it is important to do an annual insurance policy “check up” to ensure you are up to date with the local building costs as well as home inventories and remodeling of your personal belongings.
The standard home insurance policy covers damages resulting from explosions, riots, water damage (excluding flooding), fire, hail, and windstorm. It also covers other causes of loss like theft as well as the additional cost of living elsewhere when the structure is being rebuilt or repaired.
Your policy will also cater for your legal liability (up to your policy limits) in case you, your family member or your pet hurts other members of the public or their property.
Types of Coverages under a Standard Home Insurance Policy
Liability coverage: This covers damage costs resulting from bodily injuries endured by guests on your premises and other covered costs that may arise due to negligence. This could be a loss of income, pain and suffering, medical bills, and much more. This policy could also cater for your legal fees in case of a dispute.
Loss of use coverage: This will protect you if you require vacating your home temporarily as a result of an insured loss. This policy will cover the new housing and living costs that you incur.
Other structures coverage: This applies to other structures on your premises that are not connected to your home. If structures such as garages, a guest house, or a shed get damaged, this insurance may help cater for the associated expenses.
Personal property coverage: This policy protects your personal stuff in your dwellings, such as electronics or furniture, in case they get destroyed or damaged by an insured loss.
The right homeowners’ insurance will help protect the things that are most important to you. Therefore, gain that peace of mind by purchasing the right insurance protection for your home.