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Things Covered Under a Home Insurance Policy

Thursday, 04 June 2009 07:10

A home insurance policy is a must-have for every homeowner since it not only protects your property against damages in the event of fire but helps in other causes as well. A general home insurance policy will give you the protection for the home and its belongings.

Here are some of the basic things that fall under a home insurance policy:

Structural Coverage – Under this policy if your home gets damaged or destroyed then it pays to have you’re home rebuilt. To determine how much coverage you need, estimate the square-foot building cost in your area then multiply the amount by your home's square footage. You can take the help of a builder or a realtor for calculating this figure.
Liability Coverage – This coverage pays for damage done to others and their property, when you are at fault. In addition, it also pays your legal fees if you're sued.
Personal Property Coverage – It includes anything in your home, such as clothing, appliances, furniture, etc. but not part of the house structure. Take an inventory of everything you posses to calculate how much personal property coverage you require. Once you've jotted down everything, add them up according to each item's value to get an appropriate coverage amount. However keep in mind that expensive items like jewelry, antiques and collectibles may not be covered under certain coverage policies, so you need to get extra insurance to cover them.
Off-Premises Coverage – It generally covers basic living expenses if your home becomes unsuitable to live due to fire or other causes. This coverage is important for people living in high-risk areas that are prone to natural disasters. You'll have to purchase extra coverage since most policies don't cover floods and earthquakes.

So make sure to read your policy thoroughly before signing on the dotted lines. It is important that you clear all your doubts beforehand. Ensure that the insurance policy you pay for is appropriate and priced right for you. It is highly advisable to get and compare quotes from different insurance providers.

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