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What Protection Does It Offer?

A traditional homeowners insurance policy insures the house itself and the items you keep in it. It is normally a package policy, which means it protects both damage to your structure and personal property and your liability for any injuries and property damage you or members of your family cause to other individuals. Let’s look at each element of coverage in more detail:

 

 

 

 

 

 

 

Part I: Property Protection

Dwelling: This offers protection as a consequence of damage to the structure of your residence, including fixtures, plumbing, and heating, due to a covered loss like fire or wind. You ought to have enough coverage for the cost of reconstructing or fixing your home, less the price of the land. 

Other structures: This includes coverage for separate structures, such as a garage, shed, and fixtures attached to the land, such as a driveway, sidewalks, deck, fence, and pool. 

Personal property: This protects the contents and personal things in your home, such as furnishings, clothes, and electronics. It also extends to your personal property anywhere in the world. To determine your property’s worth, we’ll provide you with a home inventory checklist to help you quickly and efficiently enumerate your belongings. We suggest insuring your possessions for their replacement cost value. Replacement cost value assures that you can replace yesterday’s purchases at today’s costs. 

Loss of use: If a covered loss causes you to have to move from your residence, such as because of a huge water leak, loss of use supplies a safety net for added expenses over and above your normal living expenses while you cannot live in your house, up to the policy limit. 

Part II: Liability Protection

This part of your policy protects against suits for bodily injury or property damage that you or your household members may cause to other individuals. It pays for both the expense of litigation and any court awards, up to the limitation of your policy. It protects you whether you are at home or out. 

If a guest is hurt in your home, medical payments coverage lets the person submit medical expenses directly to your insurance company. The advantage is that costs are paid to the hurt person up to the policy limit without a liability suit being filed against you.