What’s Covered Under Home Owner Insurance Plans?

What’s Covered Under Home Owner Insurance Plans?

By purchasing a new house, you’re making an investment in you and your family’s future. A home is more than just a place to sleep, cook your meals, and collect your belongings. It’s a place that you can feel comfortable and secure, knowing that you have a place to call your own. But it is a serious commitment, which comes with a lot of responsibilities. From moving into maintenance to planning for the future, it can all bit a bit overwhelming. Choosing from the variety of Home Owner Insurance Plans on the market is one important responsibility that cannot be overlooked.

Standard homeowner insurance includes coverage of four areas for potential damage. It covers the structure of your home, which means that you’ll be covered in the event of fire, hurricane, or other natural disaster. To be sure you’re fully prepared should the worst occur, purchasing enough coverage to fully rebuild your home is a good bet. It is relevant to note however that this basic coverage does not pay to repair water damage due to floods.

The personal belongings kept in your home should also be covered by a standard insurance plan. If your things are destroyed due to one of the above mentioned natural disasters or stolen in a home robbery, this allows you to rest assured that you will be able to replace them. Typically this adds up to at least half the cost of your structural insurance. In deciding if this will be enough coverage, it’s useful to inventory your belongings and estimate their value. A different policy should be acquired for any items of extreme value such as jewelry and art, as there is a dollar limit imposed on these if they are stolen.

Liability insurance covers you in the event that someone sues you over personal injury or property damage caused to them at your home. This includes no-fault medical coverage, which means that if anyone other than a resident is injured on your property, he or she can submit the bill to your insurance provider.

Finally, additional living expenses are typically provided to cover bills like hotels and meals that could be accrued while your home is being repaired or rebuilt. More coverage can be purchased to increase the time frame in effect.

If you are a new owner looking into Home Owner Insurance Plans, visit Iotx.com to investigate your options. You can also follow them on Twitter for more updates.

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