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Below are the different types of home insurance coverage.

A house can be considered as an asset. An asset needs to be safeguarded at all times. For protecting your house, it is better to choose a home insurance policy. Insurance is a profitable field and even during these times of global economic instability, this niche thrives with all the glory. Many millions from all the parts of the country are selecting for a type of home insurance service or other. In this brief article, I will be discussing certain aspects regarding the home insurance services in US.

  • Damage to a house: Covers damage to the house. The face amount of the policy for example $100,000 is the most you will receive if your house is totally destroyed.
  • Other structures: Covers damage to other structures or buildings, such as a detached garage, work shed, or fencing.
  • Personal property: Covers damage to, or loss of personal property. Personal property includes household contents and other personal belongings used, owned or worn by you and your family.
  • Additional living expense: Covers additional living expenses when incurred. This means that the policy covers the necessary living expenses up to the stated limit, incurred by the insured to continue, as nearly as possible, the normal standard of living when the house cannot be occupied due to a covered loss.
  • Comprehensive personal liability: Covers personal liability. This coverage protects you against claims arising from accidents to others on property that you own or rent. With a few exceptions, such as auto or boating accidents, it is an all purpose liability policy that follows you wherever you go.
  • Medical expense: Covers medical expenses. Coverage is limited to an amount per person and per accident for injuries occurring on your premises to persons other than an insured, or elsewhere, if caused by you, a member of your family, or your pets. An important feature of this coverage is that payment is made regardless of legal liability.

Advantages of home insurance

  • Cover the cost to bring your home up to code after a covered loss: If a grease fire ruins your kitchen, and the fire spreads to other parts of your home, your insurance policy may cover any new mandates on top of the damages caused by the fire. For example, if a law is passed requiring homes to integrate water sprinklers in your home to help combat house fires, your insurance policy may cover the cost to add the sprinklers throughout your home as well as cover the damages caused by the fire.
  • Cover damage from falling debris: If for some strange reason a satellite sank through the thermosphere, acquired earth’s gravitational pull and crashed into your roof, the damages to your home may be covered through your homeowners’ insurance policy.
  • Cover damage due to power outages: If you lived in the northeast during the infamous power outage of 2003 and had to empty your refrigerator due to spoiled food, your homeowner’s insurance policy may have covered the cost for you to restock your refrigerator. Most homeowner’s insurance policies cover refrigerator-restocking fees for up to $500 for food lost (spoiled) due to a power outage.

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