The following things are covered when you purchase a standard homeowners policy:
1. Your House Structure
A standard homeowners policy bears the expenses of repairing your house in case some part of it gets damaged by hail, hurricane, lightning, fire, or other similar disaster mentioned under the terms of your policy. However, note that your standard policy is unlikely to cover any damage resulting from earthquake and flood. Ordinary wears and tears are not covered, either.
The majority of standard homeowners policies cover structures which are detached from the primary residence, too, like gazebo and garage. Usually, the amount of detached structure cover provided is capped at 10 percent of the total insurance amount. However, in case you need more cover for the same, you can customize your policy accordingly.
2. Your Valuables
If any disaster mentioned in your policy ends up destroying your clothes, furniture, or other personal belongings, you can claim cover for the same. Usually, coverage of between 50 and 70 percent of your total insurance amount is allotted for your personal items. To find out how much your valuables cost, you can get an inventory done.
The good thing is that, when it comes to protecting your belongings, your policy protects them regardless of their location. That means, even when your valuables are off the premise, you can still claim cover. Certain companies, however, limit this sort of cover to only 10 percent of your total insurance value. Also, keep in mind that you can claim a cover of $500, or less, for unauthorized credit card use.
Personal items that are really expensive, like furs and jewelries, are usually not covered fully. Most standard insurances limit the amount of cover to $2000, or less. However, in case you want to insure such items fully up to their appraised value, you can get special floater, or endorsement. Accidental disappearance is included in your cover, which means that you can claim cover in case you lose your items, without having to pay any deductible.
Your insurance also provides cover for your plants, shrubs and trees. Generally, the extent of cover provided is 5 percent of the total insurance value, and a maximum of $500 per item. Theft, explosion, fire, vandalism, riot, lightning, and aircraft damages are covered; but, damages caused by disease or wind are not.
3. Your Liabilities
Any lawsuit resulting from you or any of your family members causing property damage, or physical injury, to someone else is taken care of by the liability cover part of your insurance. Damages that your pets cause are covered, too.
Liability cover protects you in any part of the world up to your policy limit and bears the expenses of defending your stand in the court, including various court costs.
Usually, liability limit starts at $100,000. But, many insurance experts suggest that you take liability cover of $300,000 at least. You can get additional liability coverage of a million dollars by paying only $200 to $350 per year.
Your standard policy gives you no-fault medical cover, too. That means, if a guest gets hurt while present in your house, medical bills can be submitted to your insurer to obtain cover worth between $1,000 and $5,000. But, this part does not cover medical bills incurred by your family members, or your pets.
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