Homeowners policies have differing provisions, though they generally
provide two types of coverage: Property and Liability.
Property coverage pays for:
Damages to your home
Damages to other structures on your property
Damages to your personal property
Liability coverage offers
protection, including the cost of legal representation, from covered
claims made against you or a resident family member for property damage
or bodily injury. This section of your Homeowner's coverage is broken
into two parts:
Personal Liability coverage - this coverage pays, up to your limit
of liability, when you or a resident family member is found legally
responsible for damage to the property of others or injuries to
persons who are not members of your household. For example, a delivery
person slips on the ice on your doorstep and is injured. If you are
found legally responsible, your Personal Liability coverage will cover
the damages (e.g., medical expenses, lost wages) incurred by the
Medical Payments to Others - Pays medical bills if someone
(outside of your family) is injured while on your property, or is
injured by you or a resident family member away from your property.
This coverage is available regardless of whether or not you are
legally responsible for the injury.
You're covered – Much more than you
More protection than you may have imagined is included in your Homeowners
coverage. (Of course, that statement is limited to your individual
policy.) Here are general descriptions of some surprising and welcome
benefits of Homeowners insurance:
of Use – Pays for necessary increases in living expenses you
incur if your home is not habitable after a loss.
Repairs – Pays for temporary repairs to prevent further damage
after a loss.
Removal – Pays for debris that may have to be removed after a
Removed – covers your property for any direct loss if you remove
it because it is endangered by a covered peril.
Cards – You may be reimbursed for up to $500 for unauthorized
use of your credit cards. This provision also protects you from losses
related to innocent acceptance of counterfeit money.
A few things to keep in mind...
Certain categories of personal property have limited coverage in a
standard Homeowners policy. Some examples are: money, securities,
business property, watercraft, and theft of jewelry, furs, firearms, and
silverware. Additional coverage may be secured for an additional premium.
Beyond policy limits, there are some outright exclusions to your
Homeowners policy. For example:
loss caused by the insured
business pursuits of the insured
rendering of or failure to render professional services
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