Homeowners insurance, early protection for a much better tomorrow.
Homeowner’s insurance is property protection that covers a living residence. It is a protection agreement that can give different individual protection securities, which can incorporate into the possibility of loss that can occur at one’s home. This insurance can cover loss of use, medical payments, as well as, the dwelling if the damage is associated with acceptable certain perils only. And liability coverage. For more information dial the number provided on our contact us page.
Coverage of Homeowners Insurance
This refers to the structure of the building or structure of the house these includes the foundation, the walls, and roof of the house. This can also provide additional coverage to the structures that bind to the buildings like sheds, and garages or a deck. This can be affixed to the coverage if the damage is due to certain perils like fire, lightning, explosion, vandalism and etc. Take note that this coverage is applicable only depends on what type of dwelling property you own. There’s a certain type of dwelling coverage on different kinds of dwelling property. This can also cover your other structure like the structures that do not bind to your house but inside your real premises, for example of a detached garage, etc.
The other structures can be paid by the insurer as 10% of the dwelling limit coverage.
Personal Property Protection
This is a protection for your personal belongings. For instance, the furniture you have got damaged due to fire or electric kettle has been stolen. Personal property can help you pay for the repair of that damage furniture and it can also help to replace your belongings. But you can also purchase extended coverage for your jewelry, watches and other expensive personal properties this can protect you more because it has a value that is beyond your personal property limit. You can add floaters with agreed value settlement or blanket policy for this kind of your personal belongings. Like jewelry, furs, and etc.
The insurer will pay for your personal property as like the example below.
Considering that your dwelling coverage limit under your policy is $500,000 the personal property covers 50% of the dwelling limit which means the personal property coverage limit would be $250,000
This will cover the medical expenses if one of your visitors or a person that is not living in your house got an injury inside your premises. Your Homeowners Bodily injury liability coverage can cover these circumstances. Exclusion, if the injury of the person is due to work that he/she is doing at your house. This can also cover the expenses for the treatment of your neighbor when your pet is bitten one of them. You can also add a personal Umbrella policy to your homeowner’s insurance policy, this is extra liability coverage that goes beyond the limit of homeowner’s policy. If the family of the person you have cause injury to sue you the insurance can cover you.
Loss of Use or Additional Living Expenses
This covers your living expenses when the damage of your house is due from certain perils under the insured’s homeowners policy. This will cover the basic necessities, but only the cost of living in the hotel or apartment, toiletries clothes and food. Not more than that.
Take note: If your policy coverage does not meet the 80% of your home’s replacement cost the insurance company will not pay the entire cost of the repair for the damage of your house due to named perils.
For example: assuming that your house replacement cost is $500,000, you must ensure your house for at least $400,000, which is 80% of your house replacement cost. If you have insured your building for only $360,000, and your house incurred damage that cost $280,000, the insurance company will only pay $311,110, ($360,000/$400,000x$280,000) (insured limit coverage / 80% replacement cost of the building X the cost of the damage), for the damage. You will need to use your own pocket money for the rest of the cost of the damage.