Property Insurance: What does it cover?

Property Insurance: What does it cover?

There are various property insurance companies to choose from. It is important to know what is included in the type of coverage you are paying for as it suits your needs and protects you and your family from financial hardships.

A typical home insurance policy will cover the following:

  • Coverage for your dwelling: This covers your home and any attached structures such as decks or garages.
  • Detached private structures: This covers structures separate from your home, such as a detached garage, tool shed, or fence.
  • Liability: This provides liability coverage to protect you if someone not living with you is injured while on your property.
  • Personal property: This provides coverage for your valuable personal belongings in your home.

The list above refers to the standard coverage in most home insurance policies. It is important to consider the optional/additional coverage that can provide added protection and peace of mind to you and your family.

Types of additional/optional coverage:

  • Natural disasters: This includes home fires, lightning strikes, windstorms, and hail. Earthquakes are not typically covered.
  • Personal Articles Floater: This provides coverage to your policy for certain valuables, like jewelry.
  • Home replacement cost guarantee: This provides that if the damage exceeds your policy’s limits, the insurer will cover the costs to repair or rebuild your home.
  • Single limit insurance: This allows you to borrow unused coverage from one part of your policy to pay for losses under another part, if not fully exhausted as a result of the same claim.
  • Additional coverage: Including earthquake damage, water protection coverage and for a home business.
  • Disappearing deductible: Your deductible decreases every consecutive term without a claim.
  • Claim forgiveness: This includes no rate increases for reporting a claim.

The property insurance for Condominiums, includes other factors to consider, such as Unit Contingent coverage which provides additional coverage to your unit if your condos corporation’s insurance is insufficient and Loss Assessment coverage which provides coverage for common condo elements such as swimming pool or gym.

Another form of property insurance is tenant insurance. Tenants may not own their home but they own almost all the contents in the home they are renting. Most landlord insurance policies do not cover personal items owned by tenants if the property is destroyed or unintentionally damaged. Depending on the policy, Tenant insurance may provide coverage for their contents/personal property, liability and additional living expenses, when the dwelling is unfit to live in or repairs are being made, the insurer will cover any increase in living expenses. If you own a dog, it is wise to purchase liability insurance in case there is a dog bite incident involving your dog.

Finally, if you run your own business from home there is Home Business coverage available. It may cover loss or damage to your business property, business income losses, money and securities, and liability coverage.

If you or a loved has been denied coverage by an insurance company, please contact our offices for a free consultation.

From everyone at JEWELL RADIMISIS JORGE LL.P., we hope you and your family are all staying safe.

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