Although it’s almost summer, Homeowner Insurance 101 – Class is now in session!
Let’s review the basics:
Your home insurance policy has 2 sections: Property & Liability.
Section 1, Property
Coverage A, Dwelling – The amount of coverage assigned to your dwelling should reflect the amount it would cost to completely repair or rebuild your home should it suffer a covered loss.
Coverage B, Other Structures – Typically 10% of Coverage A, Other Structures Coverage is for other structures (mailbox, shed, dog house, swimming pool, garage etc.) on your property detached from your dwelling. Coverage can be increased by endorsement.
Coverage C, Personal Property – Typically 50 – 70% of Coverage A, Personal Property Coverage provides coverage for your personal possessions such as furniture, clothing and appliances are covered. Certain types of possessions, such as jewelry, fine arts, antiques & collectibles, are excluded or have limited coverage.
Coverage D, Loss of Use – Typically 20% of Coverage A, Loss of Use Coverage pays for housing and other living expenses (like meals and laundry) if you suffer a loss that makes your home uninhabitable.
and
Section 2, Liability –
Coverage E, Personal Liability – Personal Liability Coverage provides on & off premise lawsuit protection and will provide coverage for bodily injury or property damage for which you are legally responsible.
Coverage F, Medical Payments – This coverage is available to others (not household residents) and will pay medical expenses up to, traditionally, $1,000.
These 2 sections make your standard home policy a “package” policy consisting of property and liability coverage.
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