One thing to consider about homeownership is the knowledge that your house could be damaged at any given time, under a variety of different circumstances. One of the basic coverage’s of a homeowners insurance policy is dwelling protection, which helps cover the structure of the home in which you live, as well as other structures that are attached to it, such as a garage or a deck, against certain risks.
Homeowners insurance coverage doesn’t just help cover damage to your home. It may also provide coverage for the personal belongings you keep within it. Suppose your electronics are stolen from your home or your furniture is damaged by a fire. Personal property protection may help pay to repair or replace your belongings if they are damaged or destroyed by a covered risk.
Many insurers offer optional coverage that may further help protect the stuff you own. For instance, you may be able to purchase extended coverage for items such as jewelry, watches and furs that have values above your personal property coverage limits.
A deductible is the amount you’re responsible for in the event of a covered loss. In most covered loss cases, you are responsible for any amounts up to your deductible level and your insurance would cover anything beyond that up to your coverage limit. For example, if you select a $1,000 deductible and have a $4,200 covered loss, you would receive a claim payment of $3,200 after deducting the $1,000.
A homeowners deductible applies to each claim. If you have more than one claim in a policy period, you will be responsible for the deductible amount for each individual claim regardless of the number of claims you have during that policy period.
If your home becomes uninhabitable due to a covered loss, we pay for those extra costs of housing, eating expenses, etc. up to the applicable limit.
Your Shaefer Insurance agent can help you when you are deciding if you need to purchase this coverage.