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The Things You Have to Know Before Considering A Home Insurance Policy In this article, you will everything you need to know about the basics of home insurance policy. You will also learn why you need home insurance policy and what is in yours if you already have one. Home Insurance policy is for a home owner. It is not appropriate for houses being rented to others or an investment property. Your homeowner’s insurance policy is consisted of six parts only. It all begins with the dwelling amount which is called the coverage. The dwelling amount should be a replacement or the rebuild cost. If your house burns to the ground or gets hit by lightning, how much can do you need to rebuild it again? Other structures are the next part. Do you have a barn? Do you have a garage?Is the garage available? Is the shed available? Is swimming pool available? These ‘other structures’ are considered important. For other structures, the default is always 10% of the coverage. So if you have a dwelling with the value of $400,000, your other structures will automatically get $40,000 for free. There’s no credit for taking it off if you don’t need it and if you need more you can buy it.
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The next thing is personal property. 50% of the dwelling amount is the typical value. This is defined as your ‘stuff’. You would take with you everything that if you would need if you were to move. It includes basically everything from your drapes, your rugs, to your clothes and even electronic devices. Some companies offer up to 70% of no extra charge but it is typically it’s 50%.
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The next important thing here is the loss of use. A house that is made unusable or uninhabitable while it is being fixed is considered the part of loss of use for this part. The coverage amount’s 20% is the typical value for this. $80,000 is the value for this case. It will be available for you to use to live elsewhere so that you can send your laundry out, eat your meals out, and stay in a hotel if you need to the $80,000 amount. The next important coverage for this topic is called the liability coverage. This is if you get sued. If your dog bites a neighbor or if you’re cutting down a tree with your chainsaw for the first time and it lands on your neighbor’s car are some examples. These types of things are for those especially when you are negligent and someone sues you. Even a million are what most people choose but your limit is at $300,000 are common but more commonly today, the amount is $500,000. This amount is payable without you having to be shown liable or negligent even if they fall off the back deck or they trip on the front porch on a nice storm. This is considered as a ‘goodwill’ coverage. Homeowner’s insurance policy works using these six parts.