Home owner's insurance
- don't be left out in the cold!
Home owner’s insurance policies
have differing provisions. Typically, home owner’s
insurance provides two types of coverage: property and
liability.
Property coverage pays for:
Liability coverage offers
protection, including the cost of legal representation,
from covered claims made against you or a resident
family member for property damage or bodily injury.
More protection than you might
imagine may be included in your home owner’s insurance
coverage (limited to your individual policy). Here are
general descriptions of some benefits of home owner’s
insurance:
Loss of Use – pays for necessary
increases in living expenses you incur if your home is
not habitable after a loss.
Necessary Repairs – pays for
temporary repairs to prevent further damage after a
loss.
Debris Removal – pays for debris
that may have to be removed after a loss.
Property Removed – covers your
property for any direct loss if you remove it because it
is endangered by a covered peril.
Credit Cards – you may be
reimbursed for unauthorized use of your credit cards.
This provision may also protect you from losses related
to innocent acceptance of counterfeit money.
A few things to keep in mind...
Certain categories of personal
property have limited coverage in a standard home
owner’s insurance policy. Some examples are: money,
securities, business property, watercraft, and theft of
jewelry, furs, firearms, and silverware. Additional
coverage may be secured for an additional premium.
Beyond policy limits, there may be some outright
exclusions to your policy. For example:
-
Earthquake
-
Flood
-
War
-
Nuclear hazard
-
Intentional loss caused by the
insured
-
The business pursuits of the
insured
-
The rendering of or failure to
render professional services
-
Motor vehicle liability.
