Are you looking for home insurance? Your home coverage needs determine the policy choice you make. However, your selection often makes the difference between being fully covered or underinsured. Here are the types of coverage you should have in your main home insurance.
Building insurance covers any cost incurred to rebuild or repair your home and property. Ordinarily, the policy covers all the structures within your home premises. Such buildings may include your residential house and garage. It may also encompass structures such as garden sheds, a swimming pool, and the perimeter fence. In addition, you may want to protect pipes, cables, and drainage systems on your premises.
All these structures face risks that may lead to destruction and damages. For instance, a loss can occur through fire, vandalism, theft, and natural hazards like earthquakes and storms. In such incidences, your homeowner's insurance will cover the cost of rebuilding and repairing the structures. However, ensure that the policy also covers the cost of demolition and site clearance for old structures.
Home insurance is also split to cover content insurance. The general definition of items covered in content insurance includes any belonging you can carry when you move into another house. Ask yourself, what items do I stand to lose in a home other than the buildings? Such contents may include furniture, utensils, house furnishings, electronics, tools, sports gear, clothing, and jewelry. There are several threats to these items, including burglary, fires, or water leakages. Having content insurance ensures that you do not have to pay for the cost of replacing your belongings. The insurer will either pay an amount that factors in the depreciation cost of the item or will replace them with new stuff.
Accidental Damage Coverage
Ordinarily, accidental damage cover may not be part of your homeowner's insurance policy. Such a policy covers any unexpected damage to building structures and the contents. These accidents may be a result of non-intentional actions by you or your visitors. For instance, accidental damages could cover repairs if you accidentally drilled through a pipe or poured staining liquids on the carpet. The policy would also cover the cost of replacing electronics broken by a visitor or a child. Accidental damage coverage protects you from non-intentional causes of property damages other than known hazards.
Personal Possession Coverage
Personal possession coverage offers protection for any item that you usually take away from home. These personal items may include computers, phones, or jewelry. Such property can get stolen, damaged, or lost away from your home. Having personal possession coverage would meet the cost of replacing these mobile items.
Insurance policies are very specific on the extent of coverage they offer. Ensure you read through the policy wording and ask questions to determine your level of protection. Go for comprehensive home insurance for full protection.