Global Courant
Congratulations! You are about to become a full-fledged homeowner. Before you pass over the lengthy home buying process and start basking in the first moments of home ownership, make sure you are up to date with the home insurance process.
After putting so much time, effort, and money into buying your new home, you want to make sure your home has the proper coverage it needs.
Of course, you’re probably not even sure of the type of varying coverage you need.
While there are standard home insurance policies, every home and homeowner has individual risks that need to be addressed. And while insurance can seem like a thorny process, it’s easier to understand when viewed as piece by piece coverage.
The insurance people list six main forms of coverage so that even a layman can understand the information.
The six essential forms of homeowners insurance
1. Your home coverage: This coverage protects you from damage to the actual buildings of your home. If there is a covered damage – which has arisen as a result of events such as fire, storm, theft and/or vandalism – you will receive compensation up to the limits for repairs or renovations. To assess your coverage needs in this area, you and your insurance specialist can estimate how much it would cost to remodel your home. Additionally, if the home is mortgaged, your lender will require explicit types of coverage as well as itemized limits and deductibles.
2. Your other structures: Any detached garage and the like, such as a shed or a fence, is covered by this cover. Coverage is generally up to 10% of the amount of your home insurance policy, but you can request wider coverage if you think you need it.
3. Your Personal Property: This aspect of the insurance protects you against damage or loss related to your personal property. This includes furniture, sports equipment, computer systems, kitchen appliances and so on. A standard policy will cover actual cash value, but if you think it’s better to cover replacement costs, you can opt for it. Both forms of cover are subject to the limits and deductibles set out in the policy.
4. Your Loss of Use Coverage: In the event that your home is so damaged from a covered peril that you cannot live in it during repair or remodeling, this form of coverage will pay for your temporary living expenses.
5. Personal Liability: This coverage protects you from a lawsuit if you or other members of the household injure another person or cause damage to someone else’s property.
6. Medical Payments: This type of coverage covers the medical expenses of the injured in your premises.
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