Homeowners: What Does My Homeowners' Policy Cover?

This week we are breaking things down.

Insurance is confusing, let us be honest about that.

We do this day in and day out so for us, we get used to talking about all the insurance jargon and sometimes… we assume you know what we are talking about.

SO! We thought we would dive deep into each of the basic coverages on a homeowners’ policy.

DWELLING COVERAGE

This is the first coverage you’ll see on your policy. This is the coverage that protects your home in which you live, should there be a catastrophe. Dwelling coverage can also help protect other structures attached to the home such as a garage, deck, or porch.

OTHER STRUCTURES COVERAGE

This coverage provides protection for structures that are not attached to your home. Structures such as a detached garage, tool sheds, and fences.

PERSONAL PROPERTY COVERAGE

Yes… this means your belongings. If you were to pick up your house, flip it upside down and shake it, everything that would fall out are items that would be covered under this coverage. Personal property coverage provides protection to your belongings should they be damaged by a coverage risk. There is an opportunity to extend coverage for items such as jewelry, watches, and furs. Anything that carries a high value.

LIABILITY COVERAGE

Liability coverage provides protection to someone who is not living in the home is injured on the property. For example, a visitor trips on a broken piece of cement in your walkway. This coverage would help cover the expenses resulting from legal representation or medical bills. Liability limits can be increased by purchasing a personal umbrella policy.

In the next few weeks we will cover each of these coverages in depth to help you better understand what you're paying for and how it will help you when the time of a claim occurs. Need a breakdown in your coverages? Click the link below! 

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