Basic Coverages
Liability - Generally recognized as Part E of your property policy, liability coverage on a residence policy protects you from a claim or lawsuit that is brought against you for bodily injury or property damage as a result of a covered event occuring on your property or an action by you or your household. Generally, actions that are your fault damaging others or others property, the slip, trip and fall exposure of people visiting your property and general liability protection comprise the features of this coverage.
Medical Payments - Known as Part or Coverage F on your policy, this covers the necessary medical payments resulting from a covered accident that requires medical attention. It is generally limited to $1,000 of coverage. It is paid separately from your liability coverage.
Property Coverage - This element, generally referred to as Part or Coverage A, protects the primary structure being insured. It not only protects your residence property, it also generally provides coverage for building materials and supplies on or next to your residence if they are being used for construction, alterations or repairs to the structure.
Detached Property Coverage - Coverage or Part B, provides coverage for your outbuildings not used in a business or provided as a rental. This may be a detached garage, gazebo, guest cottage, greenhouse or other such property that requires protection. It is generally provided as an amount equal to 10% of your Coverage A-Building coverage amount.
Personal Property Coverage - Coverage or Part C of your policy provides protection for your furniture, clothing, silverware, etc. that exists within your home. A common way to understand what is covered under Coverage C is to imagine turning your home upside down and shaking it. What may fall out is generally covered under this coverage. It covers your property owned or used by you anywhere in the world. Coverage C is generally an amount equal to a percentage of your Coverage A - Building protection. Each company is different in the amount they may provide. Certain limits and coverage definitions apply. Making sure this is correctly accounted for is something a licensed, experienced insurance agent can do for you. Email an agent to have one of our agents call and help you determine how best to account for this coverage.
Loss of Use - Coverage or Part D protection provides insurance for your expenses should your property be uninhabitable under a covered loss. Reimbursements for living expenses above and beyond your normal daily expenses in order to maintain your standard of living is generally what's paid under this coverage. Hotel, restaurant and other pertinent expenses comprise these payments. This coverage too, is generally expressed as a percentage of your Coverage A - Building coverage amount.
Other Coverages - Debris removal, Trees, Shrubs and Plant coverage, Credit, ATM, Forgery and Counterfeit money protection, Identify Theft, Reasonable Repairs, Property Removal, Collapse, Fire Department Service Charges as well as other specific coverages, features and benefits exist under a typical property insurance policy. Email an agent to have one of our agents call today!
Important Property Insurance Considerations:
- Investigate and secure the right type of insurance for your property
- Insure your property for 100% or more of its replacement value
- Ask about security and age of building discounts
- Know the limits of all your coverages
- Create an inventory or make a video record of your personal property
- Secure coverages of this type with the advice and input of a licensed insurance agent
- Email an agent to get your program started today!
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