HOMEOWNER & DWELLING FIRE INSURANCE COVERAGE

Homeowners what is covered

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 or (deferred maintenance).

Personal property coverage is the type of insurance that can help protect the items in your home, like your furniture. Your belongings are likely worth much more than you might think, and if they're damaged or lost, personal property coverage could help you cover the cost of replacing them.

Liability protection - Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people

Additional living expenses – ALE ALE pays the additional costs of living away from home if you cannot live there due to damage from 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.

In summary a property insurance policy provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft. Property insurance can include homeowner’s insurance, renter’s insurance, flood insurance and earthquake insurance.

This is only a summary of many benefits of Homeowner insurance coverage, for more information review the video below, complete our online questionnaire, and schedule a time with an Insurance Corner property insurance professional today.

Specialty property condo / townhouse is covered different, usually the owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex. Here something you need to know about insuring a condo or townhouse.

1.What does your master policy coverage what to expect?
2. How expensive is the association assessment deductible?
3. How much coverage is appropriate, what do I need to cover?
4 Are you covered for flood with association? Do I need my own wind coverage damage?
5. What is loss assessment coverage?

Condos Bare walls all real property from the exterior framing inward but does not cover the fixtures and. installations within the condo unit. So, things like granite countertops, bathroom and kitchen fixtures, and the flooring are not covered by the master policy. This condo owner will probably have the greatest coverage need, within the interior surfaces of the perimeter walls, floors and ceilings of individual units. This condo owner should factor in all interior wall, contents, flooring, cabinetry, and fixtures when assessing cost to settle any insurance claims losses; prepare an inventory cost to restructure after a loss. will probably assist you later if needed.

Everything else is owned by the condo or townhouse association ownership. Knowing specifically what you own when you buy that condominium or townhouse is the first thing I recommend.

There are also variations of the two types. These details should be spelled out in the condominium or Townhouse association bylaws. Most bylaws will talk about anything within the four walls of your personal unit you own.

You can have renters insurance coverage for as little as .04 cent a day, less than the cost of a large pizza dinner each month, your personal belonging are coverage for fire or lightning, windstorm or hail, explosion, riots, smoke, vandalism, accidental discharge or overflow of water or steam, and many others unforeseen life distractions that sometimes happen. Many individual think renter’s insurances is unnecessary or there thinking my stuff is not worth much, (Don’t devalue the cost of starting over) believe me it add up. The unknown exist all around you when you’re renting property, there the potential of something happening your guess during a home visit and an accident that happen in your home; the unite next door can catch fire, you would be effect by second hand damage. Get a quote today! Option 1 Bundle Saving, Option 2 Liberty Mutual, Insurance Corner, compare and save.

Myth1. I don’t have enough stuff to need insurance coverage.
Myth 2. My landlord will cover my property if damaged,
Myth 3. Renters insurance is too expensive; how expensive is starting over, needing a place to stay, if your unit catch fire or hit by a storm.

Most insurers will not cover a property if it is left unoccupied for more than 30 consecutive days. Often the property is awaiting sale or probate, or maybe the owners have moved out while the house is vacant during trying to sales the property or not able to lease property. Their cases where people are forced to leave their homes empty while they in the hospital or even in long term care facility. Whatever the reason, it’s important to insure an empty property in case something goes wrong.

If your property is in area that vulnerable to tornadoes or hurricanes due to high winds, insurance companies are likely to exclude windstorm losses from your standard policies. Windstorm insurance will fill in this gap in coverage. Some characteristics of windstorm insurance coverage, it specifically covers losses due to damage by high winds, and hail damage as well, and you can purchase coverage on the structure and the contents to insure possession inside your home. Don’t get caught off-guard by hurricane season, if you live in a coastal area my sure you ‘re covered. In Texas there are 14 counties, parts of Harris, Jefferson, Chambers, Galveston, Brazoria, Matagorda, Calhoun, Aransas, San Patricio, Nueces, Kleberg, Kenedy, Willacy, and Cameron that’s in windstorm coast area.

Dwelling policy are sometime called investment property insurance or even second home insurance, commonly used to insure only the structure or dwelling.

Dwelling insurance is a type of insurance that covers the structure of your property and offer optional personal property coverage. It's similar to homeowner's insurance but less comprehensive. ... Dwelling insurance covers certain and specific perils, hazards that can damage your property.

Standard dwelling insurance coverage consist of, lightning, fire, wind, hail, sleet, smoke, explosions, falling objects, vandalism and theft.

There three types of dwelling insurance policy offered depend on where you live.

DP-1, (the DP-1 which pays all losses on an ACV (Actual Cash Value) basis.) DP-2 and DP-3 (Forms DP-2 & DP-3 combine the fair rental value and additional living expense coverage for up to 20% of the Coverage A limit without additional charge.

• Reasonable repairs-protect against further damage. 10% of the Coverage A amount which is an ADDITIONAL AMOUNT of insurance).
• Debris Removal
• Improvements-up to 10% of the Coverage C limit
• Fire Department Service Charge $500
• World-Wide Coverage-10% of the Coverage C limit while anywhere in the world.
• Plants
• Property Removed

The cause of the flooding meaning. Damage caused by a sewer backup is only covered by flood insurance if it's a direct result of flooding; the damage is not covered if the backup is caused by some other problem.

What covered by flood insurance?

Essential systems in the home. This includes electrical and plumbing systems, furnaces, water heaters, central air conditioners, heat pumps, and sump pumps. It also includes cisterns and the water in them, fuel tanks and the fuel in them, solar energy equipment, water tanks and pumps.

Appliances – refrigerators, ranges, and built-in appliances like dishwashers, washing machines, and dryers are all usually covered. So are portable window AC/Hear unites, and freezers and food in them, however the food inside your refrigerators is not covered.

Carpeting and window treatments– if you have permanently installed carpeting over an unfinished floor, or any other kinds of carpets over wooden floors, if you have laminate flooring and hard wood flooring your policy should cover them. Your policy should also include window blinds and curtains.

Permanently installed paneling, wallboard, bookcases, and cabinets. If you have to replace your cabinets, your policy will pay only for the ones that were damaged. That means that if some cabinets were ruined but others were not affected you might have trouble getting cabinets that match the older ones.

Foundation walls, anchorage systems, and staircases attached to the building. There is an exclusion for “loss caused directly by earth movement even if the earth movement is caused by flood.”

A detached garage, used for limited storage or parking. You can use up to 10 percent of your total building coverage toward your garage, but that amount will be subtracted from the total amount of building coverage available to you.

Personal property. This includes clothing, furniture, and electronic equipment—though only if they're not stored in the basement.

Certain valuables. Your policy is likely to cover items such as original artwork and furs, up to $2,500 in value.

Other coverage. Some events are covered even if they're not strictly floods, like groundwater seepage and mudslides. These would include a neighbor's above-ground swimming pool collapsing and water flows into your home, or a water main break that damages your home and at least one other in your neighborhood. However, damage caused by a sewer backup is only covered if it's a direct result of flooding.

Federal flood insurance coverage is also capped at $250,000 per building and $100,000 for contents, though you can purchase policies with lower limits. Higher coverage limits are available for nonresidential structure and contents policies.