Homeowner Insurance Policy is designed to protect homeowners against certain hazards.
There are usually deductible. When filing a home insurance claim unless specified. Individual home insurance policies are determined by hazards and exceptions in a policy. Consult your agent or insurance company regarding possible exceptions.
Whether you purchase a homeowners insurance policy online or with a local agent, a typical homeowners insurance policy is divided into 2 parts:
- Part I: Property Protection of Household Insurance
- Part II: Protection of Domestic Insurance Liability
If someone looks at the home insurance declaration page, which is usually the first page in the homeowners insurance policy, they will see Part I: Property Protection. This protection is usually divided into four additional sections:
A. Stay
B. Other Structures
C. Personal Property
D. Loss of Use
Coverage A. Housing typically includes your home, attached structure, home fixtures such as built-in equipment, plumbing, heating, permanently installed air conditioning systems, and electrical wiring.
There is a large percentage of people who lack their residence because they do not understand how to determine the exact value for the number of dwellings. The sum insured should include the cost of reconstruction and not the real estate value. Other Coverage usually includes separate structures such as garages, storage sheds, and ground-mounted equipment including fences, driveways, sidewalks, terraces, and retaining walls.
Separate structures used for business purposes are not covered by personal homeowner insurance policies.
Coverage C. Personal Property usually includes personal items including the contents of the House and other personal items owned by you or family members who live with you. This protection can be based on actual cash value (ACV) or replacement cost. Home insurance policies may provide limited restrictions on certain items, for example, small boats, however, most home insurance policies do not cover motor vehicles unless they are not licensed and are only used in your home. Some items may have coverage limits such as firearms, artwork, business property, electronic data, jewelry, and money. Additional coverage is usually available by adding support to your policy. Usage Coverage D. usually uses living expenses above or above your normal living expenses if you can not stay home while repairs are made or if you are denied access by government orders.
There are also Additional Property Ownership which can be provided by the owner of the insurance by the homeowner such as the removal of debris along with damaged trees and shrubs, the cost of fire service, property removal, theft Or the use of credit card or illegal transfer, collapse of buildings, and damage glass if caused by a closed hazard.
Endorsements can also be added to your homeowners insurance policy at an additional cost to provide extra protection. Examples of support include:
- The coverage of a guaranteed reimbursable cost will pay the cost of rebuilding your home as long as you meet the requirements of your home insurance policy.
- Renewal of extension The fee coverage guarantees your home for a certain value and usually adds a 20-25% limit if reconstruction costs accelerate.
- Inflation escorts increase the amount of insurance owners of your house to keep inflation so you can maintain adequate coverage to replace your home in case of loss.
- Scheduled private properties protect items such as jewelry, animal fur, stamps, coins, firearms, computers, antiques and articles others that often exceed normal. The policy limit in your homeowners insurance policy. Often provide wider coverage than coverage of home insurance policies. Usually not deducted for this coverage. Increased bounds of money and securities provide additional coverage for money, bank notes, securities and deeds.
- Secondary residence provides protection for second homes such as summer residence.
- Protective theft coverage extends the scope of theft to include personal content into motor vehicles, trailer or boat to be covered without evidence of forced infestation.
- Credit card forgery and counterfeiters provide protection against loss, theft or unauthorized use of credit cards. It also includes counterfeit checks, drafts, or promissory notes. Not deduc