Whether you own or rent, there are different packages of homeowners insurance offered to protect your home and belongings.
Each package policy usually contains four types of coverage: property damage, additional living expenses, personal liability and medical payments. Homeowners insurance policies apply to most owner occupied 1-4 family homes, and are modified slightly for apartments and condominiums.
Property damage coverage helps pay for damage to your home and personal property. Other structures such as tool sheds, detached garages and their contents are also covered. You should check with your agent or your insurance company to determine if the amount of coverage on other structures is sufficient.
Personal property is the contents of your home and other personal belongings owned by you or family members who live with you.
Homeowners insurance policies may provide limited coverage for small boats; however most homeowners insurance policies do not cover motorized vehicles unless they are unlicensed and used only at your home. Your insurance agent or your insurance company can help you find appropriate coverage for your car, boat, snowmobile or other recreational equipment.
Some forms of personal property, such as, silverware, computers, guns, money, expensive antiques and jewelry, have limited coverage under your homeowner’s policy and may need additional insurance. This coverage can be added to your policy as an endorsement.
Additional Living Expenses
Most homeowners insurance policies provide additional living expenses that will pay some expenses if your home is damaged by an insured event to the extent that you cannot live there while repairs are being made, or if you are denied access to your home by government order. These expenses could include limited motel, restaurant and warehouse storage.
This coverage protects you against a claim or lawsuit resulting from (non-auto and non-business) bodily injury or property damage to others caused by your negligence. This coverage applies to you and all family members who live with you. You should check with your agent or insurance company to determine if the amount of personal liability coverage is sufficient.
Regardless of who is at fault, this coverage pays medical expenses for persons accidentally injured on your property. Medical payments do not apply to your injuries or those of family members living with you or to activities involving your at-home business. You should check with your agent or insurance company to determine if the amount of medical payments coverage is sufficient.