قالب وردپرس درنا توس
Home / Insurance / What does the home insurance cover? Your guide to home insurance.

What does the home insurance cover? Your guide to home insurance.



What does a standard home insurance cover? The short answer to that question is: your home and what is in it. But if you've ever researched a typical policy, you know it's more complicated than that and not all content is covered.

Policies differ from company to company and from individual to individual. So no two policies will be alike. But here's a summary of what most homeowners' insurance policies cover.

Property Coverage
As you might expect, your home's structure is covered. These items in and around it are also protected by your homeowner's policy:

  • Heating and cooling systems
  • Kitchen appliances
  • Furniture
  • Electronics
  • Clothes, jewelry0909 and other belongings [09] your property (garage, countertops and storage sheds, play buildings, etc.)

Loss of use
If you can not live in your home until the damage can be repaired, most insurance policies will help pay for living expenses during this time. If you earn rent from a tenant in your home, your insurance can also compensate you for the loss of this income.

Liability protection
Most insurances include a liability component, which will pay for medical expenses if someone not living in your home is damaged on your property. For example, if your neighbor stumbles and falls on your front walkway and files a claim against you, your homeowner's insurance policy would help pay for their medical bills up to the limit of your insurance. If the same neighbor files a lawsuit against you and the event is a covered loss in your insurance, your liability protection can also help cover legal defense costs on your behalf.

Examples of covered events [1

9659005] Damage to your home from fire and smoke
  • Damage to your home due to a weather event (wind, hail, lightning, etc.)
  • Damage to your home from external forces
  • Losses due to theft or vandalism [19659006] Damage to your neighbor's property from something that came from yours (eg a dead tree falls on your neighbor's fence, roof, etc. and you are considered negligent in causing the damage)
  • Body damage and medical fees due to your dog biting someone
  • Bodily injury and medical fees arising as a result of someone being injured on your property
  • What is not covered?

    • Costs beyond the limits of your insurance [05] –59; the higher the limits, the more expensive the insurance. For example, most standard insurances will limit the amount of compensation for jewelry to $ 2,000 (some cover less). If you have expensive jewelry or valuable artwork, you can add additional coverage for a fee.
    • Damage from floods and earthquakes – If you live in a flood- or earthquake-prone area, you must purchase a separate insurance for to cover these events, as they are not covered by most standard insurance policies. To see if you live in an area with a high risk of flooding, visit the Federal Emergency Management Agency (FEMA) website. coverage is usually available at an additional cost.
    • Damage due to neglect and poor maintenance – If the damage to your home has been caused by lack of maintenance or general wear and tear, unlike an external event, it will usually not covered.

    Cash value versus replacement cost

    • Cash value policy – When you have a claim, a basic homeowner policy will generally state the cash value of the property to be replaced consideration of the depreciation. This means that if the lightning strikes your 10 year old air conditioner, the cash value will not provide enough money to replace it with a brand new unit.
    • Replacement Cost Policies – Most insurance companies offer an upgrade to your standard policy that provides the full cost of compensation for the damaged property. In the previous example, a replacement cost policy would give you the full amount you need for a new air conditioner. Reimbursement cost insurance is a bit more expensive, but if your budget allows, they are well worth the investment.

    Frankenmuth Insurance offers both cash value and reimbursement costs for homeowners, as well as a premium insurance called Ultra Home Guardian. This policy goes beyond standard insurance to give you more comprehensive protection and extra peace of mind.

    We also offer insurance that is designed specifically for tenants, condominium owners and manufactured homes. Talk to one of our local, independent agents today about comprehensive coverage to protect the home you love.


    Source link