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Standard Home Insurance

Many people are uncertain about what exactly is covered under a standard homeowners insurance policy. Let’s check out some basic coverage types and how they fit into your home plan.

What Is Covered by a Standard Homeowners Policy?

* Structural Coverage for your home.
* Liability Coverage
* Personal Contents Protection
* Temporary Living Allowance ( in the event you are displaced and need to rent a hotel or other abode for a particular period due to an event that has caused severe damage to your home )

standard home insurance

You should carefully study every type of homeowners coverage in depth, so you make sure you get the policy that adequately covers your property and contents. After all, for most people, their home is their biggest personal financial asset. Reviewing each section in detail will help you get a better policy and could even save you much money.

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  1. Your home structure

The home structure is an essential part of your plan. It is the backbone of your homeowners coverage. In the event your home is ruined by things such as fire, windstorm, hail or many other natural phenomena, this important coverage will pay for repairs or replacement. It is important to note that it will not payout for damages resulting from an earthquake or flooding. You will need to get divide coverage for the certain type of insurance. Many insurers will bundle it into your policy although it is more expensive than many others.

You cannot make a claim for any regular wear and tear that occurs, even if significant damage happens. Most structures that are not joined to your homes such as a garage or storage shed will be covered in your policy. Although there are usually restrictions, such as reimbursement up to 10% of the value of your prime property. Get your free homeowners insurance quote today and get the best online rates available.

  1. Liability Coverage

This sort of assurance will cover you for lawsuits resulting from bodily harm or damage to personal property, that you or your family inflict on other persons. Liability home insurance will also cover any damage caused by one of your pets to another person, such as a mail carrier. With millions of pet bites each year, it is smart to get a good amount of this coverage.

You will be assisted with payments for legal defense costs in court, as well as any monetary judgment awards up to the limit of your home-owners policy. Liability home limits usually start out at $100,000 and go higher. Make sure you get a dollar amount that suitably covers you from a potentially expensive legal claim.

Many insurance pros recommend getting $250,000 of coverage or more. It is also important to note that you can get umbrella coverage with an additional $1,000,000 in protection for around $250-$300. Other items covered in your policy are no fault medical costs bills. So if a friend slipped and banged his head skateboarding in your garage that required medical attention, you will be covered.

  1. Personal Contents Protection

Do you have expensive items in your homes like a big screen TV, antique furniture and the like? With home contents protection, your personal items will be insured in the event a robbery occurs, or a natural event like a fire or hurricane destroys them. Usually, an insurance company will use a simple formula of between 50% and 70% of the insurance amounts of your home for this type of coverage.

So if you have $200,000 in basic insurance, you will have content protection for between $100,000 and $140,000. Before you vote on the amount of coverage you should get, do a quick home inventory evaluation. Add up the total value of all your contents and see what dollar amount you need to replace everything. Get cheap home contents insurance now with a free, no obligation online quote.

  1. Temporary Living Allowance

This valuable coverage is so important in the event your home is destroyed in a horrible event such as a fire or tornado, and you need a temporary place to stay. You will be covered for hotel costs, restaurant, and other daily living expenses while your property is repaired or rebuilt. Many policies have time restrictions and other safeguards to prevent abuse and fraud but, for the most part, are very generous.

Most home insurers are flexible and allow for plenty of allowances to adequately assist policyholders in times of crisis. Many home insurance companies allocate 20% of the insured amount on your house to apply towards temporary living allowances, although it can vary from company to company.

Now that you understand the four fundamental pillars of your home insurance policy, it is time to check rates and get a great plan. Get your standard home insurance quote today and save up to 30% in just a few short minutes. Get started now and found special discounts that you can use to save even more.