Protecting Your Home – House Insurance Should Cover These Factors

Protecting Your Home – House Insurance Should Cover These Factors – There are certain things that are covered in a standard house insurance policy and others that are considered optional. Below is a list of the 6 most important things that should be included in the policy that you choose. Remember, it’s great to save money but because the biggest financial investment for most people is their home, house insurance is very important and should provide adequate protection.
1) Protection of the structure of the home. This is standard and simple. It covers the cost to rebuild or repair your home in case it is damaged or completely destroyed by fire or natural disaster. Read the fine print of the policy and find out if things like flood and earthquake coverage is provided or not. Often, separate policies are needed for those coverages.
2) Personal property coverage. The house is not the only valuable thing, the stuff inside it holds a lot of value as well. You should make sure that there is ample coverage for all of your possessions in case they are stolen or destroyed.
3) Coverage for the expense of staying elsewhere. This is commonly referred to as “loss of use” coverage. If your home needs to be repaired or even rebuilt, you obviously can’t stay there during the process. This coverage pays for you to stay somewhere while the work is being done.
4) Personal liability coverage. This protects you financially in case you are ever sued by someone who gets hurt on your property. There are many different options here so make sure to choose coverage that you are comfortable with.
5) Medical payments coverage. This option will pay for the medical bills of the person who gets hurt at your house, even if they don’t sue you. Often, having this coverage can help you to avoid a lawsuit.
6) Separate structure coverage. This provides coverage for your garage, work station, tool shed, storage shed and any other structure on your property that is not attached to the main house.