A homeowners insurance policy provides quite a wide scope of protection. Of course this includes the actual home itself, and liability protection against slips and falls on the premises. However, there are a few areas of coverage in a typical homeowners insurance policy that you may not know about. Here are five.
1. Alternate living arrangements
If your home suffers a loss and you are no longer able to live in it, you may not have a lot of options on where to stay. You could be forced to live in a hotel while your home is being repaired, which could lead to some pretty significant costs. A homeowners policy will cover these expenses. This includes not just hotel room costs but even the cost of having to eat out at restaurants, which can quickly add up. Usually these alternate living arrangement costs are set at up to 20% of the dwelling coverage limit, which will give you peace of mind if your home becomes uninhabitable.
2. Protection for other structures
A homeowners policy extends coverage to additional structures that are part of your property but separate from your home, like a garage, shed, or fence. If a strong storm comes through and causes damage to one of these structures, your homeowners policy will take care of the costs to replace or repair the structure.
3. Landscaping
Landscaping a home can cost thousands of dollars. Fortunately, a homeowners policy can cover things like trees, shrubs, and plants. A typical policy will afford coverage up to about $500 per item. Damage caused by wind or disease is not included in the policy, but other perils typically are.
4. Personal property theft
Many people may not be aware, but a homeowners policy also will protect your property outside of your home. For example, if you have electronic equipment stolen from your vehicle, or lose your luggage with valuable items inside, your homeowners policy will pay the costs to replace it. The coverage follows you everywhere you go, so you can always be at ease knowing that your belongings are protected.
5. Building code upgrades
Occasionally a homeowners association may require upgrades be made to a property in order to meet their codes. Whether they change the codes to make them more stringent, or it is found that your home doesn’t meet them, a homeowners policy can provide coverage to make improvements to get your dwelling up to code. This type of coverage isn’t usually automatically included, so you’ll want to speak with an agent if you think it’s something that you might need.
Your home is your largest investment, so it’s always best to speak with a qualified agent, give them the details on what you need to cover, then craft a policy from there. The experts at John B. Wright will be able to make sure you are completely covered. Contact us here for more information.
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