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Stephanie William | kellywilson

Property Standard Coverage Insurance Policy

Apr 1st 2015 at 2:35 AM

The physical structure of your home


A standard policy will ensure the cost of rebuilding your home in the case of most accidents and disasters (with the notable exception of floods or earthquakes). You can also get insurance to cover other separate structures on your property (e.g. sheds or greenhouses).

Your personal belongings

Although many of his personal belongings are truly irreplaceable, it is good to know that insurance will help cover the cost of replacing these personal effects. Most policies will ensure your personal belongings by 50 to 70% of the amount by which have secured your home (such as physical structure). The special coatings or options include the following:

"Coverage offsite (Off-Premises Coverage)" Most policies also insure your property if they are not physically in the inside of your home at the time of damage or loss (for example, if your wristwatch stolen while you are on a business trip). This is called "offsite coverage" or, in English, off-premises coverage.

"Luxury goods" Most policies set a dollar limit on the cost of repairing or replacing luxury items such as jewelry, furs and fine cutlery. If you want to increase the insured amount you have for these items to match the value calculated by specialists properly, you must purchase what is called "valuation of personal property" (personal property endorsement), also known in English as a floater.

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Risk of personal responsibility


"Personal responsibility" means in this case its obligation to the law. This implies that you are financially responsible for costs and damages related to you by his ownership. As an owner, you are responsible for the security of people who are on your property. A standard insurance policy real property contains protection against personal liability risks between $ 100,000 and $ 300,000, meaning that as the owner is secured or "covered" by that amount if someone is injured in because of the physical structure of the house or by the action of other people or animals inside the property.

As with coverage for your personal belongings, personal responsibility extends to wherever you or "covered" or members of his family including pets go and can cause damage. If you want more coverage you can purchase an umbrella policy, called against hazards or umbrella policy (policy umbrella) for an additional charge. A standard insurance policy real property typically includes coverage for personal exemption for medical expenses (no-fault medical coverage). With this type of coverage, any person who is injured while you are at home or on your property can provide due medical bills directly to your insurance company instead of having to file a claim against you.

Traveling expenses

If your home is damaged, which made ​​it uninhabitable or if the house was destroyed and needs to live somewhere else temporarily, an insurance policy real property will reimburse you a portion of the expenses incurred while was living outside their home. Expenses that your policy can reimburse include those laundry, restaurants and offices to hotels and motels. This portion of your policy may also include a clause to cover the amount of rent you could lose if you are yielding to rent a room (or several rooms) of your home and your tenant cannot continue living there for the same period.

Now that you already know the four main areas of coverage of a standard insurance policy real property, see against what types of situations or disasters, you can be assured.

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