Dwelling Insurance Coverage
Dwelling insurance is the part of your homeowners insurance policy that can pay for the repair or rebuilding of your home if it is damaged by covered risk. Most Dwelling insurance plans cover a wide variety of damages including fire, lighting, wind, hail, theft, and more.
Dwelling insurance is often the most expensive part of a home insurance bundle. This is because dwelling insurance covers the cost of reconstruction for your house. Home reconstruction costs, including labor and materials, can go up due to changes in the market and the effects of inflation. Remodeling and improvements can also result in higher replacement cost.
For specific details on your own policy, you may want to ask your insurance agent about your own dwelling insurance policy.
Other Structures Insurance
Other Structures Insurance helps pay to repair or replace structures other than your home, such as a fence, detached garage, statue, or shed if they are damaged by a covered risk. For instance, if a tree falls on your detached garage, other structures coverage may help pay for repairs.
Other structures coverage is usually automatically calculated as 10 percent of the main structure. For example, if your house is insured for $300,000, you'll usually have $30,000 in protection for your garage, fence, etc. You can adjust this amount to more than 10 percent if you need extra protection.
Personal Property Insurance
Personal property is the stuff you own — furniture, electronics, artwork and clothing. Most insurance policies usually include personal property coverage regardless if you own a home or are renting an apartment. This type of coverage helps pay to repair or replace your belongings after a covered loss, such as theft or fire.
Most homeowners, renters, and condo policies will include personal property insurance. Just like other structures insurance, the coverage is usually a percentage of your total homeowners' policy. The percentage can range from about 20-50% of your total coverage limits. For example, if your homeowners home structure coverage is $300,000, then your personal property coverage could range $45,000 - $150,000.
The personal liability coverage within your homeowners policy provides coverage to pay for claims of bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible.
Most homeowner's insurance policies have a minimum of $100,000 in liability coverage. But it is recommended you should buy at least $300,000—and $500,000 if you can, since Liability claims can arise out of bodily injuries, which at times can be costly.
Home policy coverage can be confusing however when it is broken down into parts then clarity on what you purchase can help you find the best value!
Learn more about Homeowners Insurance here.
If you would like to know more about your own home policy or would like to see other options feel free to contact us at 805-558-8437 or email us at email@example.com.