• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Claim Information
  • Employee Directory
  • Privacy Policy
  • Contact Us
Call Us Contact Us For A Quote | 847.680.0888
     Home
  • Home
  • Get A Quote
    • AutomobileImage of right arrow
      • Mexico Travel Insurance Quote
      • Automobile Quote
      • Get an Instant Quote Now!
    • Bonds
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Workers Compensation Quote
    • Flood
    • HealthImage of right arrow
      • Disability Insurance Quote
      • Long Term Care Insurance Quote
    • HomeownersImage of right arrow
      • Homeowners Quote
      • Get an Instant Quote
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Watercraft & Boat
  • Customer Service
    • Automobile
    • Business & Commercial
    • Motorcycle
  • Claims
    • Automobile
    • Homeowners
  • Blog
  • Make a Payment
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Free Reports
    • Insurance Glossary
    • Frequently Asked Questions
    • News Center
  • About Us
    • About R Hobbs Insurance Agency Inc
    • Location Map
    • Employee Directory
    • Partners
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Homeowners Insurance HOME

A standard policy insures the home itself and the things you keep in it.

Read More
Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Life Insurance LIFE

Browse a variety of insurance options in order to find the right one for you.

Read More
Flood Insurance FLOOD

Learn about different flood coverage options that fit your specific needs.

Read More
Boat Insurance BOAT

Finding insurance doesn't have to be difficult. We do the work for you.

Read More
Home > Blog > What Is Covered by Standard Homeowners Insurance?
MONDAY, JANUARY 9, 2017

What Is Covered by Standard Homeowners Insurance?

Save Money and Trouble by Knowing the Ins and Outs of Your Homeowners Policy

Most standard homeowners insurance policies include four essential types of coverage:

  1. Coverage for the structure of your home
  2. Coverage for your personal belongings
  3. Liability protection
  4. Additional living expenses if you are temporarily unable to live in your home because of an insured disaster

1. The Structure of Your House

Your homeowners policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.

Most policies also cover detached structures such as a garage, tool shed or gazebo—generally for about 10 percent of the amount of insurance you have on the structure of your home.

2. Your Personal Belongings

Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disasters. The coverage is generally 50 to 70 percent of the  insurance on the structure of your home. The best way to determine if this is enough coverage is to conduct a home inventory.

The I.I.I. offers a free home inventory tool that lets you create, maintain a photo home inventory, and store it safely in the cloud. To learn more, visit www.knowyourstuff.org.

Personal belongings coverage includes items stored off-premises— this means you are covered anywhere in the world. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. You also have up to $500 of coverage for unauthorized use of your credit cards.

Expensive items like jewelry, furs, art, collectibles and silverware are covered, but there are usually dollar limits if they are stolen. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for its officially appraised value.

Trees, plants and shrubs are also covered under standard homeowners insurance—generally for about $500 per item. Trees and plants are not covered for damage by wind or disease.

3. Liability protection

Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter or dog accidentally ruins a neighbor’s expensive rug, you are covered. (However, if they destroy your rug, you’re out of luck.)

The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit stated in your policy documents.

Liability limits generally start at about $100,000, however, it’s a good idea to discuss whether you should purchase a higher level of protection with your insurance professional. If you have significant assets and want more coverage than is available under your homeowners policy, consider purchasing  an umbrella or excess liability policy, which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits.

Your policy also provides no-fault medical coverage, so if a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. It does not, however, pay the medical bills for your own family or your pet.

4. Additional living expenses (ALE)

ALE pays the additional costs of living away from home if you cannot live there due to damage from a an insured disaster. It covers hotel bills, restaurant meals and other costs, over and above your usual living expenses, incurred while your home is being rebuilt.

Keep in mind that the ALE coverage in your homeowners policy has limits—and some policies include a time limitation. However, you can generally increase the amount of ALE coverage for an additional premium.

Your ALE coverage limit is separate from the amount available to rebuild or repair your home. Even if you use up your ALE your insurance company will still pay the full cost of rebuilding your home up to the policy limit.

If you rent out part of your house, ALE also covers you for the rent that you would have collected from your tenant if your home had not been destroyed.

Contact us for all of your insurance needs!

Illinois and Wisconsin residents, at R Hobbs Insurance Agency, we can work with you to make sure you've got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at chris@rhobbsinsurance.com. We want to help you meet your goals, and make sure what's important to you is protected!



Content Source: iii.org
Posted 11:00 AM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013


View Mobile Version
Facebook
Twitter
LinkedIn
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Twitter Logo
Tweets by RHobbsInsurance

Resources

Home About Us Get a Quote Customer Service Contact Us

Contact Us

icon
  • Mailing Address
  • 250 Parkway Dr. Suite 150
  • Lincolnshire, IL 60069
  • –
  • Phone: 847.680.0888
  • Fax: 847.821.0898
  • Email us
© Copyright. All rights reserved.
Powered by Insurance Website Builder