Know the Limits of Standard Homeowners Insurance Coverage

A homeowner’s insurance policy covers a wide range of items, including your possessions and home structure. You will also have liability protection, and in most places, money to cover a few extra unexpected expenses. Understanding what your policy covers is a great way to be compensated if anything disastrous happens. Here are four areas covered by the homeowners insurance and the limits of their coverage:

1. Home Structure

One of the key points of coverage in a homeowner’s policy is the coverage offered to your home structure. This type of coverage ensures that you will have the funds to rebuild your home so that you can continue to use the property for its intended purpose. It also allows for coverage for roof damage that is caused by various types of storms. With sufficient coverage, you could add many new features to your home, upgrading its curb appeal and increasing the potential value.

2. Personal Belongings

Your homeowner’s policy will also cover the cost of your personal belongings if they are lost, stolen, or damaged in any way. While your homeowner’s insurance policy will cover most of your possessions at or slightly below face value, it may not offer sufficient coverage for antiques or collectibles. You may want to try and get a new policy just for the more personal and most expensive items in this situation. Keeping an itemized list and a video inventory will allow you to keep track of each possession. Such records are beneficial when it comes to verifying the condition of items as well.

3. Accidental Liabilities

Almost every life insurance policy covers some form of liability. You are liable for a visitor’s injuries if they have an accident on your property. This means it is up to you to cover the cost to repair their vehicle and cover the cost of any surgical procedures they may want to perform. It is also up to you to lower your liability risk by adequately maintaining your property. Proper maintenance both inside and outside your home, reduces the risk of slip and fall accidents and will keep your home looking its best all year long.

4. Additional Living Expenses

Suppose you experience a devastating loss, and your home becomes currently uninhabitable. In that case, you may need a little extra money to make sure you have everything you need for work/school or any other activities you may be involved in. For many, this type of event may require that you spend a few nights in a hotel. If you have a policy that allows for these additional living expenses, you won’t have to worry about where you will lay your head at night. Insurance companies often include additional living expenses because they understand that a family’s first thoughts should be on taking care of themselves.

These are the areas covered by standard homeowners insurance and the limits of their coverage. Are you looking for assistance with home insurance in New York? Contact the experts at the Scavone Insurance Center in White Plains, New York today.

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