Homeowner Insurance helps you protect your home in case of any hazard, or an accident. A few of the coverages that fall under Homeowners insurance are:
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Dwelling
Dwelling coverage in the homeowner’s application helps you to pay for the repair or rebuilding of the physical structure of your home or apartment in case of any damage that happened by a covered hazard or accident. Most of the standard homeowner’s policies cover hazards or perils that might vary from state to state or depend on the geographical region of a particular area. Damage from fire, smoke, lightning strike, windstorms, hail, explosion, vandalism, theft, falling objects, etc., is covered.
Dwelling insurance coverage not only covers the home you live in but also covers the attached structures like the garage, a deck, or front and back porch if that structure is attached to your home. -
Other Structures
Other structures coverage in a homeowners application pays for repair or rebuilding of structures other than your home, like a fence, detached garage, in-ground swimming pool, gazebo, tool shed, driveway, etc., if damaged by a risk that is covered by the policy. For example, If a tree falls on your fence during a storm, the dames will be covered under other structures. Other structure coverage is usually a percentage of your dwelling coverage.
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Personal Property
Personal property coverage covers all the stuff you own in the event it is stolen or destroyed by a covered disaster. It includes clothing, furniture, sports equipment, electronics, etc. Your Jewelry can also be covered under personal property coverage, but you should keep in mind that the coverage limits are high enough to cover the jewellery amount completely.
Actual cash value and replacement cost are the two types of personal property coverage. Actual cash value typically pays the current value of an article at the time when the claim is submitted. Whereas replacement cost policy typically pays the amount to buy the new item. There are certain limits on what personal property will pay to replace an item. -
Loss of Use
Also called Additional Living Expenses (ALE), this coverage helps to cover the living and other expenses in case your house is damaged by a covered event and makes it uninhabitable while it’s being rebuilt or repaired. The cost of a temporary apartment or hotel is covered under this. A few other common living expenses which are covered are taking public transportation, boarding a pet, additional food expenses, moving costs, parking fees, etc.
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Blanket
Blanket insurance covers the common area of a townhouse or condominium. A simple homeowners insurance only covers your home and your belongings inside it. The common areas in your locality, owned by all the residents, are not covered under basic homeowners insurance. Instead, you can opt for blanket coverage to protect these areas in case of theft or damage.
Blanket coverage also comes into use when you have to cover several properties in a single location or the same type of property in multiple locations. Personal possessions can also be covered under blanket coverage. -
Personal Liability
This coverage protects you and your family members from any liability if someone gets injured in your home. For example, if you are legally responsible for someone’s injury at your home, this coverage will help to cover your legal defense case fee, settlement fees, medical bills, etc.
This coverage also covers your expenses if you or your family member has damaged someone else’s property. The amount is paid up to the limit by the insurance company. Legal defense fees, settlement fees, repair costs, medical bills, etc., are covered under this coverage. -
Medical Payments
If a visitor is injured at your home, this coverage helps to pay for their medical bills. This coverage protects you from an accident at home. If any of your guests is injured on or around your property, the medical bills can be covered under this coverage. The policy helps you to pay for x-rays, surgeries, dental charges, ambulance charges, hospital stays, etc.