Protecting your home and its contents against financial loss due to accidents, theft and natural disasters is essential. If you are shopping for homeowners insurance Lakeland FL, then you need to know what is covered and what isn’t. A majority of standard homeowners insurance policies include four basic types of coverage: for your home’s structure; for your personal belongings; for Additional Living Expenses and liability protection.
Coverage For Your Home’s Structure
Homeowners policies will pay to rebuild or repair your house if it is destroyed or damaged by lighting, hail, hurricane, fire or other disasters that are specifically listed in your insurance policy. Detached structures like a gazebo, tool shed or garage are usually covered as well. A standard homeowners insurance policy does not pay for damage that is caused by regular wear and tear, earthquakes or floods.
When buying coverage for your home’s structure, be sure to buy enough coverage to be able to rebuild your house if necessary.
Coverage For Personal Belongings
Your personal items such as equipment, clothes and furniture are covered if they are either stolen or destroyed by natural disasters such as a hurricane or fire. Usually the coverage will be 50-70 percent of the amount of insurance you have for your home’s structure. Perform a home inventory to ensure that it is sufficient coverage.
This type of coverage protects you against lawsuits for property damage or bodily injury that you or members of your family cause to other individuals. Liability protection also pays for damage that your pets cause.
The liability coverage on your homeowners insurance policy pays for the costs to defend you in court as well as any court awards – up to the maximum limit that is stated on your insurance policy. Usually liability limits will start at around $100,000. It is a good idea, however,to discuss with your insurance agent whether or not you should buy a higher amount of protection. If you want to have higher coverage than what is offered by your homeowners insurance policy or you own valuable assets, then you might want to consider buying an excess liability or umbrella insurance policy, which will provide you with higher liability limits and broader coverage.
Additional living expenses
This type of coverage pays for your costs of having to live away from our house if you are unable to live in your home due to damage that any insurance disaster causes. It covers hotel room costs, restaurant meals and other expenses that you incur while your house is being repaired or rebuilt.