So what Home Insurance Coverages are there?
If you’re wondering about Home Insurance coverages, then you’ve come to the right place! Let’s talk about how Home Insurance covers you.
Obviously, every home is unique, so Home Insurance coverages can vary. For this reason, you need a carefully crafted policy.
So what is Dwelling coverage?
If you ever have to rebuild or repair your home after a loss, then Dwelling coverage pays for it. Basically, it covers the actual structure, or the main house.
Generally, the cost to replace your home can change over time based on things like:
- The cost of raw material
- Labor
- Supply and demand
Of course, this number is a starting point that banks use when approving a mortgage. For this reason, BMIS can help you understand how much it might cost if you had to rebuild.
So what is Other Structures coverage?
If you have a structure that’s not permanently attached to your home, then Other Structures coverage pays for it. For example:
- Fencing
- Driveways
- Sidewalks
- Buildings (i.e. sheds and garages)
Usually this coverage is 10% of your Dwelling coverage, but you can get more if you need it.
So what is Personal Property coverage?
In short, Personal Property coverage is for your personal belongings.
For example:
- Clothing
- Furniture
- Electronics
- Appliances
If you turned your house upside down and shook out the contents, then anything that fell out would be Personal Property.
So what is Liability coverage?
If someone is hurt at your home or their property is damaged, then Liability coverage pays when you’re to blame.
What’s more, the coverage generally applies anywhere in the world.
If you’re sued, then your personal liability coverage should be high enough to protect your assets. For this reason, an Umbrella policy might be needed to provide extra coverage.
So what is Loss of Use coverage?
If you had to live somewhere else after your home is destroyed, then Loss of Use coverage pays for it. For example, Loss of Use coverage might pay for things like:
- Temporary housing
- Reasonably priced meals
- Moving costs
- Temporary storage of your personal property
- Parking fees
- Laundry and dry cleaning
Basically, it covers your living expenses for a short time. Even though this coverage is optional, it’s certainly one to consider.
So what is Medical Expense coverage?
If people are injured on your property, then Medical Expense coverage pays their expenses. However, it does not cover health care costs for you or other members of your household.
So what is Scheduled Personal Property?
If you have valuables or collectibles, then you might want to consider Scheduled Personal Property.
The standard Homeowners Insurance policy limits coverage for things like:
- Jewelry
- Guns
- Collectibles
- Rugs
So if you want to increase that coverage, Scheduled Personal Property is how you do it.
If you like this article, then you’ll love what else BMIS has in store.
If you found this information on Home Insurance coverages helpful, then we invite you to check out our Learning Center. You can find that here.
What’s more, BMIS can help you find Homeowners Insurance that meets your needs and budget. Because we’re an independent agency, we work with many different companies. In other words, we do the shopping so you can get the best value for your insurance dollar.
To start your quote, contact our office or fill in some basic information below to get started online. By all means, we’ll make the process simple for you!
