WHAT’S ON YOUR HOME INSURANCE QUOTE?
When you look over any quote for home insurance, some pretty standard coverages will be included.
Here’s a quick overview of what those coverages mean:
THE BASICS
Dwelling
Your Dwelling is your house, and anything attached - anything that is screwed in place, mounted, bolted, or built-in. This is also the single most important coverage to make sure is adequate – not having enough means you don’t get your house back the way it was.
Other Structures
Other Structures is any type of building or structure not attached to the house – garage, fence, deck, pergola, pool, etc. If the fence is bolted to the house or your garage is connected by a breezeway, then it’s dwelling, otherwise, it falls under Other Structures coverage.
Personal Property
Simply put, your Personal Property is all of your stuff. If you turned your house upside down and shook it, it’s everything that falls out. This includes your furniture, clothing, electronics, personal effects – even things that are not inside the house such as your lawn mower. Most companies cover these things no matter where they are in the world, even your baggage when you travel, but check your policy for specifics.
Loss of Use
When your home has damage that makes it unlivable, Loss of Use coverage pays for your temporary living expenses elsewhere. That could be hotel costs, house rental, increased food and travel expenses, and even furniture rental.
Personal or Premises Liability
We live in a lawsuit-happy society – if you injure someone or damage their things, whether intentional or not, you’re legally responsible for paying for it. Your home insurance defends you in a lawsuit and provides payment for settlement under this coverage. Coverage may be limited to just your premises or could apply elsewhere, so check your policy specifics.
Medical Payment
Much like Liability coverage, Medical Payments covers others who are on your property, but this pays regardless of fault, at your request.
Deductible
Your deductible is your share of the costs to repair your home or personal property. If your things are damaged, you pay this amount of the damages before insurance picks up the bill, assuming it’s a covered situation.
OPTIONAL COVERAGES
Water Backup
Some companies also call this Backup of Sewer or Drains – If your pipes back up into the home causing damage to your things or the house, itself, this coverage pays to clean it up and repair the damage done.
Roof & Siding Matching
Most contracts are written that an insurer only has to repair the damaged part in a claim. For roofing and siding, if what you have is no longer available, it can be left unmatched, leaving an eyesore and may even reduce the value of your home. Many companies offer this matching option, which will re-shingle or side the undamaged parts to make the repair unnoticeable.
Equipment Breakdown
If your appliances, heating/ air systems, and other equipment servicing the home break down, many companies offer coverage built right into your policy. Beware: many exclude wear and tear, so don’t lean on this to replace your home warranty, but it may be a nice piece of security.
Underground Service Lines
This coverage is for those lines under your home or going out to the street buried under the yard – plumbing drain and water supply lines, gas lines, and even some electrical lines may be included here.
