Most people who buy home insurance for their homes don’t really know or fully understand what they are covered for. This explanation breaks down the major components of dwelling coverage so that you can understand what coverage you have or will have when you purchase a home. Consequently, you will also know which coverage is right for you and your situation.
Homeowners insurance includes these coverage components:
Dwelling is normally the biggest coverage. It is basically the amount of money you would need to repair or rebuild the structure. Therefore, it is very important to understand the difference between “full replacement coverage” and “actual cash value” when it comes to insuring your home.
Other Outside Structures is normally ten percent (10%) of what your dwelling is insured for. A covered structure is any structure other than a dwelling. Other structures on the premises include those set apart from the dwelling by clear space. This coverage is for your fence, gate, tool shed, swimming pool, detached garage, etc. Structures connected to the dwelling by only a fence, utility wire, or similar connection are considered unattached. You should be able to increase this amount if you need to. Excluded from this coverage are buildings used in whole or in part for business purposes and buildings rented to anyone other than a tenant, except if used only for private garage purposes.
Personal Property is considered most of the personal belongings that the insurer owns or uses. Personal property is located anywhere in the world. Always be sure to ask your insurance agent about your jewelry, firearms, computer, silverware, fine arts, furs, antiques, sports cards, etc, as your home insurance policy may or may not cover these items.
Once you fill out the form and submit, a representative will get back to you with a quote within 24 hours. If you send it in during a weekend, however, expect us to get back to you on the Monday right after the weekend. So click here now! and get your homeowners insurance quotes.