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Does Homeowners Insurance Cover Water Damage

December 31, 2018 - voltus - Insurance - 177 views



Does Homeowners Insurance Cover Water Damage

Homeowners Insurance – Different Types Available

Your house is most precious and expensive material in this world and must be protected. Homeowners insurance provides financial protection and liability protection of your home and possessions. Your houses must be insured for 100% of its value in such a way that relates to the insurance company will pay the exact cost to rebuild your home. If you do not have enough home insurance, then you will be paid only part of your house values, which may not be sufficient to repair or replace items lost or damaged. 100% insurance rule replaced an earlier recommendation to insure your house for 80% of all the cost. While previous statistics have shown that the total destruction of the house was unlikely, the most recent statistics about the weather disasters and the devastating consequences show the exact picture.

Note that the value of your home should be determined by the replacement cost of structures and contents inside the house. The terms of home insurance standards have been defined only by the Insurance Services Office, so no changes in coverage, but only in price of the policy vary from the company to the company. Most financial institutions lend the amount for the mortgage customers for home insurance. You must not completely rely on the coverage as it covers only the home and not the possessions. It’s more important to check with your insurance agent for more coverage and compare home insurance quotes with all leading companies for best quotes.

There some basic and standard home insurance policy which you must know when you like to insure. You have to think twice and take the advice of your insurance agent before choosing the policy.

Personal Belongings Coverage

This coverage is called personal property coverage in your home insurance, which protects your personal belongings in your home. Policyholders should take inventory of their property, which consists of recording the dates, serial numbers and costs of purchases of furniture, jewelry, art, appliances and other things. Inventories should be kept in a fireproof safe or a computer outside the building. The total value of investment property is usually set at half the price of coverage of the original structure.

Personal Liability Coverage

This personal liability coverage helps to cover the compensation for the third-party if he injured or property damage in your property. Usually most insurance companies recommend this coverage and can cover up to $300,000 in a single occurrence. It is also recommended to have additional coverage if policy holders required.

Temporary Dwelling Coverage

This policy covers the temporarily living expenses for a short period of time until your damaged house is rebuilt or repaired. It covers also your car storage cost, restaurant bills and even your pet’s expenses. Temporary dwelling coverage pays up to 20% of the sum your home’s structure is insured for.

Home Structure CoverageThis coverage is mandatory as it covers the unattached structure of your home such as auto garage, barns and even fence damage. It covers from snow, vandalism, theft, fire accident and water leakages. Always cross check with your insurance agent for exclusions that lead to the additional coverage. There is another additional coverage like flood and earthquake coverage, which can be included when policyholders needed.

Does Homeowners Insurance Cover Water Damage

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