Tenants policies have different provisions
though they generally provide two types of coverage: Property and
Covers personal property for a variety of
circumstances (i.e. fire, windstorm, smoke, theft, and vandalism).
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
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
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
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.
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 many 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