No two home insurance policies are completely the same. Different home insurance policies have different terms. But still, when the time comes, almost every standard home insurance policy covers the same aspects.
Usually, the terms of a standard homeowners policy makes the insurer liable to take care of the following expenses:
Exterior Or Interior House Damage
In case your house gets damaged as a result of the occurrence of lightning, hurricane, fire, vandalism or any other such unfortunate incident, you can expect your insurer to bear the expense of repairing your house. However, note that, by default, most standard policies do not cover damages occurred due to earthquake, flood and inferior maintenance of your house.
So, if you think that you need such protection, you may want to purchase certain additional coverages.You can get cheap home insurance coverage here.
Personal Valuables Damage Or Loss
Your furniture items, appliances, clothes and other valuables are covered by your insurer. That means, if they get damaged due to a disaster, you can claim money. You may even obtain coverage for off-premises use. That means, even if your valuables are not inside your house, you can still claim cover when they get lost or damaged! But, usually, your insurer puts a limit on how much cover your can obtain for a particular item.
In case you wish to remove such limit and get cover that is equal to the appraised value of an item, you can purchase a floater policy separately.
If you, your pets, or your family members, end up causing damage to someone else, you can get your insurer to bear your liability expenses. So, in case Fido ends up biting your next door neighbor John, you can trust your insurer to settle the medical bills incurred by John. The same holds true if Junior ends up damaging Johns oriental vase. In fact, if John suddenly slips on the tiny pieces of his broken vase and decides to sue you for his suffering and pain, you still need not worry. You will get coverage from your insurer for that, as well. Usually, standard policies provide liability coverage of up to $100,000.
However, experts suggest that you obtain at least $300,000 liability cover. You may have to pay a higher premium, but in the long run, that may be well worth the inconvenience.
Out Of House Accommodation And Expenses
If your house ends up witnessing serious damage, and it needs rebuilding, you may have to move to someplace else for a while. While the chance of something like this happening is slim, you can have your insurer pay for your expenses when you have to stay somewhere else. You can get your insurer to bear the costs of your rent, meals, bills and other expenses.
However, do not get too excited and book a room in a 7-stat hotel, though! Your insurance company will bear your costs only to a certain extent. But, you can raise the daily limit if you want to at the time of purchasing your policy.