How Home Insurance Works Today you are going to learn everything about home insurance policy. This will teach you how and why you need home insurance policy even if you already have one. This is very important, home insurance policy, for all home owners. For houses being rented to others or even an investment property it is not appropriate to do so. Your homeowner’s insurance policy is consisted of six parts only. This is called the coverage or the dwelling amount is where it all begins. It should be the replacement or the rebuild cost which is synonymous to the dwelling amount. If the house gets hit by lightning and burns to the ground, how big the check has to be to rebuild that house. Other structures are the next part. Is barn part of your other structures? Is garage part of your other structures? Is the shed available? Is swimming pool part of your other structures? All of these are considered other structures. The default for other structures is 10{07e24b7d035c39aa2677972dac212149c291c5442eb18712b223406a13ad662e} of the coverage. The value of $400,000 if you have a dwelling, your other structures will automatically get $40,000 for free. You can buy it if you need more and if you don’t there’s no credit for taking it off.
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The next important thing on this list is what is known as personal property. This typically is 50{07e24b7d035c39aa2677972dac212149c291c5442eb18712b223406a13ad662e} of the dwelling amount. The definition includes everything that are considered your ‘sutff’. This is everything that if you were to move you would take with you. All of the stuff which includes your rugs, drapes, clothes, all your electronic devices. Some companies offer up to 70{07e24b7d035c39aa2677972dac212149c291c5442eb18712b223406a13ad662e} of no extra charge but it is typically it’s 50{07e24b7d035c39aa2677972dac212149c291c5442eb18712b223406a13ad662e}.
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Loss of use is the next part. The loss of use is if your house is made unusable or uninhabitable while it is being fixed. The coverage amount’s 20{07e24b7d035c39aa2677972dac212149c291c5442eb18712b223406a13ad662e} is the typical value for this. This specific case it is $80,000. You can send your laundry out, eat your meals out, and stay in a hotel if you need to with this amount of $80,000 which will be available for you to use to love elsewhere. The next coverage is liability coverage. This is if you get sued. If you’re cutting down a tree with your chainsaw for the first time and it lands on your neighbor’s car or if your dog bites a neighbor are some of the examples. This is for that type of things where you’re negligent and someone sues you. More commonly today, $500,000, or even a million are what most people choose although your limit is at $300,000 are common. This amount is payable without you having to be shown liable or negligent even if they fall off the back deck or they trip on the front porch on a nice storm. Think of it as goodwill coverage. This in a nutshell how homeowner’s insurance policy works.