The best way through which you are able to offer the ultimate protection to your household against a variety of perils that is exposed to is obtaining Hone Owners Coverage policy. The insurance coverage ensures that you are able to get compensation whenever the insured property in your home is damaged. The policy covers a wide range of damages. Whenever you are planning to obtain a Home Owners Coverage policy, it is important that you get to know the provisions. This will enable you to determine the items that the policy will offer you coverage for in advance.
What is covered in Home Owners Coverage?
Below is a list of some of the elements of our standard Home Owners insurance cover.
1.Damage to Interior or Exterior of the home
In case your home is damaged by fire, hurricanes, vandalism, lightning, or other kinds of disasters, you will be able to receive compensation so that the house is repaired. The repair is conducted so that the home can be restored back to its state before the incident occurred. However, it should be noted that the policy does not cover damage that results from poor maintenance, earthquakes, and floods.
2.Damage or loss of personal belongings
Whenever you obtain the Home Owners coverage, you will be able to receive compensation in case your personal effects like clothing, appliances, furniture among other home components are damaged in the event of a disaster. Besides, you can also obtain an ’off-premises’’ coverage so that you are able to file a claim in case you lose jewelry in the event of disaster. However, it should be noted that there are limits on the amount that you will be able to receive as compensation for an item like jewelry. However, you can also separately purchase floater coverage for such items in order to get compensation for its entire value.
Apart from just the above, you are also able to get coverage for the rental house or hotel that you are staying during the period of time that your property is being repaired or rebuilt. Besides, the cover can also include your pets since it also takes care of personal liability for injuries or damage that is caused by either yourself or the members of the family.
Levels of coverage
In case you are looking towards obtaining Home Owners coverage, it is also important that you get to know about some of the levels of the policy. There are three levels of this coverage that you can choose from based on your personal needs. Below is a list of the three levels.
Actual Cash Value
The actual cash value covers the cost of the house and the value of your personal belongings. However, the actual value is determined after depreciation is deducted.
Replacement Cost
This is the actual cash value when the cost of depreciation is not deducted. This will enable you to repair the home to its original value.
Guaranteed Replacement cost
This is the most comprehensive level of coverage offered in Home Owners Coverage. It enables you to get compensation for the cost of repairing the home without regards to the limit of the policy.