What is in a standard Homeowners Insurance Policy? 

A standard Homeowners Insurance policy includes four essential types of coverage.  They include:

Dwelling:  This part of your policy pays to repair or rebuild your home if it is damaged by a covered cause of loss such as Wind, Hail, Aircraft, Riot, Vandalism, Fire, Explosion, etc.  It will not pay for damage caused by a flood, earthquake or wear and tear.  Make sure that your policy has some form of replacement cost coverage.  Also remember that you only need to insure the structure, not the land that it sits on.

Personal Property:  If a big giant came along and shook your home around, everything that falls out is personal property.  Unfortunately, Giant shaking is not a covered loss.  Certain collectables, jewelry, artwork, antiques, etc. may not be fully covered unless they are scheduled.  The best way to determine the amount of coverage you need is to prepare a home inventory.  Some clients have used a video camera to make a record of their property.  

Liability:  This covers you against lawsuits for bodily injury or property damage that you or family member cause to other people.  Your policy pays for both the cost of defending you in court and any court awards up to the limit of your policy.  You should consider having at least $300,000 of liability coverage. 

Additional Living Expenses:  This pays the additional costs of living away from home if you can’t live there due to damage from a covered cause of loss.  Let’s say there is a fire in your kitchen and there is smoke damage throughout the house.  This coverage would pay your additional living expenses while repairs are being made to your home.

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