Many policies also provide a form of liability coverage which will cover accidents that occur in the home or surrounding property. There are many West Palm Beach home insurance agencies that you can choose from to purchase a policy.
What is Covered?
Standard home insurance includes four different types of coverage:
- Coverage for the structure of home
- Coverage for personal belongings
- Liability Coverage
- Additional living expenses if the home becomes uninhabitable
Structural Coverage
Your insurance policy should cover the cost to repair or rebuild your home as a result of fire damage or other natural disasters. If you live in an area that is common to natural disasters such as tornadoes, landslides, hurricanes, earthquakes, floods, etc., you will want to ensure that your policy specifically lists coverage for these types of disasters. A regular homeowner’s policy does not usually cover these disasters. Structural coverage does not include everyday wear and tear on the home. When you are trying to determine how much coverage you need, take this guideline into account: purchase enough to rebuild your home.
Personal Belongings
If your home is destroyed by fire, or if your belongings are stolen during a robbery, your policy will cover a certain percentage. Most policies will cover between 50 to 70%. The best way to determine how much you need is to conduct a personal inventory of your possessions. The insurance company includes personal belongings as possessions stored off premise as well. This means your possessions can be anywhere in the world, and you will be covered. Expensive items such as jewelry, artwork, silverware, etc. are only covered up to a specific dollar amount. Check with your insurance company to learn the exact amounts.
Liability Protection
Liability protection includes coverage for bodily injuries as well as property damage that causes harm to you, family members, or anyone inside the home. This protection also provides coverage for any pets as well. This means that if your child or pet ruins the neighbor’s expensive artwork, you are covered, but not if they ruin your expensive artwork. If you have to appear in court regarding any damage, your policy will cover the cost of defense and any awards. Liability coverage policy limits begin as low as $100,000 but you can purchase more if necessary.
Additional Living Expenses (ALE)
The additional living expenses portion of your policy covers any costs that are incurred while living away from your home while it is being repaired. This includes hotel bills, meals, and other necessary living expenses. This policy limit is different from your other homeowner’s policy that is meant for repairing or rebuilding your home. There are usually time limits and constraints on ALE. Check with your insurance agent to understand the stipulations. Contact any agency that specializes in West Palm Beach home insurance to get a quote.
Source by M & M insurance agency, Inc.
