If you would like to list high value items such as jewelry, art and antiques, firearms, expensive cameras etc. you can possibly get better coverage. You will have to present a recent appraisal, bill of sale, trade book, declarations page from prior insurance, or receipt.
Listing items separately will likely cost you more in premiums.
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Home Insurance Gives You Both Property and Liability Protection
Homeowners insurance will cover your house and personal belongings in the event of any damage or emergency. People are often misled about what is actually covered in their homeowners insurance policy. Let’s talk about specifically what homeowners insurance covers so you can better understand your protections.
What Does HomeOwners Insurance Cover?
The Structure Of Your Home and Additional Structures
This is what’s also known as dwelling coverage. It will cover any damage to your home up to the limit of your dwelling coverage. This will cover things like the foundation of your home, walls, floors, plumbing, and anything else that is tied to your home.
In a standard homeowners insurance policy, damages will be reimbursed up to the amount that they would cost in the current market. Some insurers will offer extended replacement cost coverage, meaning that if prices suddenly increase then your policy will still cover the replacement costs.
A homeowners insurance policy will also cover your personal belongings. This includes belongings that you store in your home and belongings that you store in other places. The personal property coverage included in your homeowners insurance policy will also cover a guest’s personal belongings as long as it is on your property during the time of the damage.
It covers your personal property at the actual cash value of the property, which differs from dwelling coverage. This means that the money you get in return will only be equal to the depreciated value of that personal property. If you dislike this element of your homeowners insurance policy, most insurers will let you upgrade your personal property coverage to replacement cost.
It is important to remember that certain elements of personal property protection have limits on how much you can be reimbursed. Make sure you inquire with your insurer about the protection limits on certain types of items.
Additional Living Expenses
If something causes damage to your home that is covered within your homeowners insurance policy and that damage causes you to live outside of your home, your policy will cover your living expenses for that time.
This can include things like hotel expenses, restaurant bills, and rent income from your property. Keep in mind that your coverage may be limited in terms of time. Some policies do cover you until your home is fully repaired. If you run out of coverage, you will have to pay for additional living expenses out of pocket.
In addition to the property coverage and additional living expenses we have talked about, homeowners insurance also provides liability protection. This means that they hold you liable for another person’s injury, or any damage to their property. This will also include court and medical expenses related to the event.
Keep in mind that there is still a limit associated with your policy. It will only cover up to this limit in expenses. When starting your homeowners insurance policy they give you an option for how much coverage you want in liability protection. This will typically range from $100,000 to $500,000.
If you seek more protection in terms of liability, there is an option for a personal umbrella that will cover more than the $500,000 max coverage. If you add a personal umbrella to your insurance policy, it will provide you with a broader range of protection and better coverage limits.
Additional Things That May Be Covered
There are additional things that you need to consider that vary based on different coverage policies and insurance providers. These additional coverage aspects can also vary based on your location. It is important to have a conversation with your insurance provider to learn about the different nuances of your homeowners insurance policy.
Owning a pool is pretty straightforward in terms of the structural coverage provided in your homeowners insurance policy. Where things get tricky is when you start to talk about the liability protection associated with your pool.
Due to the $100,000 limit associated with typical liability protection, most insurance companies suggest that you add a personal umbrella to your homeowners insurance policy. This will increase your coverage amount and give you more protection.
It is important to check with your insurance provider whether your breed of dog is covered under your homeowners insurance policy. Typically policies will cover any liability from dog bites, but certain breeds are often excluded. Have a conversation with your insurance agent on whether you will be covered.
Trampolines can be tricky because whether or not you are covered will vary by your policy as well as the state you are living in. They will generally be covered by both property coverage and liability coverage, but you should ask your insurance agent whether or not it is excluded from your policy.
Keep in Mind That Neglect is a Thing
If you have a homeowners insurance policy, remember that some things may not be covered if you were neglectful in caring for them. For example, if you have roof damage in your home, it may not be covered.
If something in your home is old and you never took the steps that were required to fix it, this is classified as neglect. This just stresses the importance of doing your part to take care of your home. A homeowners insurance policy is not going to magically pay for everything, and you still need to regularly maintain your home.
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