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Knowing Your Homeowners Insurance Coverage
Aside from trying to find the best premium rates for your
homeowners insurance, it is also necessary for you to know what’s covered in
it. Your home is one of your most expensive investments so
it is only right that you adequately protect it against
risks and costs of maintenance and repair, so that you
wouldn’t have to take care of the expenses on your own.
If you haven’t tried shopping for homeowners insurance
before, then this article can help you become familiarized
with the coverage. Insurance policies vary, and there are
always add-on features such as disaster protection that you
can add in it. However, most of them cover things like
personal property protection and loss of use.
Property Protection
This inclusion in your insurance policy includes protection
for the house itself, along with your garage, sidewalk,
retaining walls, and your personal property. The house and
its fixtures are protected, such as appliances, heating
systems, and others. Personal property includes cash,
jewelry, and clothing and these are also covered in your
homeowners insurance.
Liability Protection
The liability protection provided in your insurance policy
may vary but generally, it includes personal liability as
well as medical expenses. Personal liability protects you
against lawsuits filed by others as a result of injury or
property damage caused by an accident that happened in your
property. On the other hand, homeowners insurance may also
cover medical expenses of non-household members brought
about by personal injuries that have taken place in your
home.
Supplemental Premiums
As mentioned, there are add-ons that can be included in your
premiums. However, more often than not, you would have to
pay extra to have these included. Here are some of them:
• Flood insurance: If it has been determined that your
property is within the special flood hazard zone, you will
be required to get flood insurance on top of your basic
homeowners insurance.
• Earthquake insurance: If your area is prone to
earthquakes, then you can get a separate policy for this
type of insurance.
• Endorsements: Although the basic homeowners insurance
policy already includes personal property protection, high
value items such as antiques and jewelry should encourage
you to purchase endorsements so that you can get higher
coverage for your valuables.
Shop around for homeowners insurance so that you will get
the most value for your money and have a policy that will
cover everything that needs to be protected.
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