So what does a standard home policy have to offer?
Coverage for the Structure of your Home
A standard home insurance policy pays for the reconstruction or repair of your home in case it is destroyed by the following:
- Other disasters included in the policy
However, you are not covered for damages caused by routine wear and tear, flood, or earthquake. Bear in mind that when you get coverage for your home, you should buy enough so that you can rebuild your home from scratch.
Many standard home policies may also cover detached structures from your home (e.g. gazebo or garage). In general, these structures have 10% coverage of the amount of insurance you have on the structure of your home. But if you need more than that, you may talk to your agent for additional coverage.
Coverage for your Personal Belongings
Most insurers provide coverage for about 50 to 70 percent of the amount of insurance you have for the structure of your home. Thus, for every $100,000 worth of insurance on home structure, you’ll have $50,000 to $70,000 worth of coverage for your personal belongings – and this includes off-premises coverage.
What is covered?
- Sports equipment
- Other personal belongings
While expensive items (e.g. jewelry, furs, art collection, and silverware) are covered, there are usually limits if they are stolen.
Liability coverage protects you against lawsuits in case of bodily injury or damage to property that a household member causes to other people. It also includes coverage for damages caused by pets.
Unfortunately, this type of coverage has its limit. In general, it starts at approximately $100,000. But experts suggest that you get at least $300,000 worth of insurance.
Coverage for Additional Living Expenses
This coverage would pay for the additional costs incurred when you live away from home when it is being fixed. It provides coverage for hotel bills, restaurant meals, and other expenses incurred while your home is undergoing reconstruction.
A family needs an intact home. What better way to ensure that than to get home insurance. Insurance Strategies – The Cooksey Agency is an independent agency that will provide you with the best insurance options out there. We offer home insurance products that will help protect your home for a reasonable price. You may call us at (757) 819-6896 or visit us at our office today. Get a free home insurance quote from us, click here.