Take a look at your homeowner’s insurance lately? It’s wise to schedule an annual review of your homeowner’s insurance policy with your agent every year to clarify any changes or revisions. But even without the helping hand of an agent, you should always be able to fully know and understand what your insurance policy entails. A while back, BMR Insurance wrote a blog about the importance of understanding your homeowner’s insurance policy. Having a general idea about your policy is great [link to first blog], but here’s the second installment to the series in which we will walk you through the complete format of homeowner’s insurance to better equip you with an understanding of the options you have.
Home Insurance Property Protection
Homeowner’s Insurance generally consists of two main sections. In this blog, we will be reviewing the first section, Home Insurance Property Protection, which is split into four subcategories: Dwelling, Other Structures, Personal Property, and Loss of Use. These sections detail specifically which areas of your property are covered in the unfortunate event of accidents or perils.
Under the Dwelling section, homeowners’ insurance policies typically offer coverage against any damages caused to your dwelling, including your home, your home’s fixtures (built-in appliances, floors, lighting, etc), and any additional attached structures, like garages. Dwelling coverage ideally provides the necessary compensation needed for any home reparation costs.
The Other Structures section covers additional structures that your home might have. This may include fixtures such as detached garages, backyard sheds, swimming pools, gazebos, fences and driveways.
Of course, insuring just your home and its physical structures is not enough. If you want to fully secure your home and personal belongings, opting for Personal Property goes without saying. Personal Property coverage offers protection for the personal items and contents of your home. It is crucial to review your personally property annually with your agent to check if your insurance policy is adequate enough to cover the value of your belongings and property. BMR Insurance also highly advises all homeowners to keep an updated and thoroughly-documented inventory of their personal belongings. Keeping inventory of your personal belongings will make your life much easier during any claims or reimbursements.
The Loss of Use coverage reimburses you for any additional living expenses you may incur due to your home’s unlivable conditions. These expenses can range from transportation fees to hotel and restaurant bills. Loss of Use coverage is vital in helping alleviate financial burdens associated with finding temporary shelter while your home is being rebuilt.
These four sections are the essentials of what your homeowner’s insurance property protection covers. Thoroughly review your insurance policy and understand what is and is not insured. If you have questions, make sure you ask your insurance agent, or you can contact BMR Insurance today at (714) 838-1911 for a free insurance consultation.