What is included in a standard homeowners insurance policy? | III

A standard homeowners insurance policy includes four essential types of coverage:

Covering your home structure. li> Liability Protection. Additional expenses in case you can not live in your home temporarily due to fire or other disaster that is insured on your policy. 1.

This part of your policy pays for repairing or rebuilding your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other damage.

disaster listed in your policy. You will not pay for damages caused by flood, earthquake or wear or damage due to lack of maintenance. When you buy the coverage for the structure of your home, it is very important that you buy enough in case you have to rebuild it. Many standard policies also cover structures attached to your home such as garage, tool shed or a gazebo. Generally, these structures are covered by about 10% of the amount of insurance you have for the structure of your property. If you need more coverage, talk to your insurance agent about acquiring a higher one.

2. Coverage for your personal belongings

Your furniture, clothing, sports equipment, and other personal belongings are covered if stolen or destroyed by fire, hurricane, or other disaster as stipulated in the policy. Most companies provide coverage of between 50% and 70% of the amount of insurance you have for the structure of your property. So if you have a $ 100,000 insurance premium for the structure of your property, you would have between $ 50,000 and $ 70,000 of coverage for your belongings. The best way to determine if you have sufficient protection is through an inventory.

Valuables such as jewelry, furs, dishes and silverware, are also covered, but usually there is a dollar limit should be stolen. Generally, you are covered between $ 1,000 and $ 2,000 for all your jewelry and furs. To secure them for their full value, purchase a special personal property endorsement and insure the object for the value of your valuation. Coverage includes "accidental disappearance", which means that it covers simply by losing that object. And no deductible.

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Trees, plants and shrubs of your property are also covered in standard homeowners insurance. It is usually covered by 5% of home insurance - up to about $ 500 per object. The vegetation in your garden is covered in case of theft, fire, lightning, explosion, vandalism, riots, and even against a plane crash. There is no coverage for damages caused by wind (or hurricane) or diseases in plants.

3. Liability protection

This portion protects you against lawsuits for bodily injury or property damage that you or a family member causes another person. This also pays for damages caused by your pet. So if your son, daughter or dog accidentally ruin your neighbor's expensive rug, you're covered. However, if they destroy your carpet, you will not be covered.

The portion of liability of your policy pays, therefore defend you in court, as for any money to be paid as a result of a court decision-up to the limit of your policy. You are covered not only in your home, but anywhere in the world.

Your policy also provides you with no-fault medical coverage . In the event that a friend or neighbor gets hurt at home, he or she can simply introduce the payment of your medical bills to your insurance company. In this way, the expenses are paid without a formal claim against you. Generally, you get a value of $ 1,000 to $ 5,000 for this coverage included in your standard policy. However, it does not pay the medical bills of your family or pet.

4. Additional expenses

This pays for the extra costs of living outside your home because you can not live in it because of fire, storm or other disaster provided by your insurance. It covers hotel bills, restaurant meals, and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses varies from one company to another. Many policies provide protection for about 20% of your home's insurance. However, you can increase this amount with an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited time.

If you rent part of your home, this coverage also reimburses you for the rent that you should collect from your tenant if your home has not been destroyed or affected.