The Standard Home Insurance Cover
A Insurance Article Contributed by Deepak Cutting
The Standard Home Insurance Cover
Such a home insurance policy offers basically the following four types of insurance protection:
Insurance Cover to the Structure of Your Home
Your home insurance policy will pay for reconstruction/repair of your dwelling unit, if it is damaged by fire, hail, lightening, hurricane or any such natural disaster, which is named in the policy document, up to the limit specified. Structures not attached to your dwelling unit such as your garage and tool shed are also included in most policies, even if they are not attached to your dwelling unit.
The home insurance policy generally excludes damage caused by flood, earthquake or routine depreciation. It is important to note the exclusions as also to provide adequate cash limit, when negotiating a home insurance policy.
Insurance of Personal Belongings in Your Home
Items in your home such as furniture, clothes and other personal items are covered by home insurance, if stolen or damaged by a natural calamity that is named in the insurance policy. For personal belongings, most people provide value up to 70% of the value of insurance provided for your dwelling unit. The best way to arrive at a safe value for household items is to conduct an inventory.
It is not necessary that your belongings are damaged or stolen from inside your house for them to be eligible for claim against your home insurance policy, unless you have specifically opted for a policy to exclude off premises insurance.
The policy provides up to $500 compensation against unauthorized use of stolen credit cards. Expensive possessions such as silverware and jewelry are also covered but with restrictions on value unless specially provided for in your specific home insurance policy. The insurance cover includes 'accidental disappearance'. The amount agreed upon as 'deductible' in respect of each claim, is not to be reduced from claims in respect of these items.
Trees & plants, if damaged in a natural calamity as defined in the insurance policy, are also included in a standard home insurance policy. Usually about 5% of the total insured value of the property is provided against such damage, up to a limit.
The Liability Protection Offered by Your Home Insurance Policy
You and your family members are protected against damage claims, should such claims result from your actions, the acts of your family members (or pets) that may have caused loss of life, injury or damage to property of others. However, should you damage your own property, that is not provided for. The standard home insurance policy will also pay the cost of legal assistance in defending yourself in a Court of law, up to a limit, in such cases.
The limit in case of liability insurance is dependant on the insurance cover purchased. Cover against libel and slander can be also purchased at additional cost.
Additional Living Expenses
This provision in your standard home insurance policy will provide for costs of living away from home during the time when your home is rendered uninhabitable as a result of damage covered by your specific policy and is under repairs. This is subject to a limit that is generally up to about 20% of the insured value of your home. This cover is an option available at an extra premium.
