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Homeowners Insurance Coverage
Your homeowners insurance is important; it protects what is probably
your greatest asset. The following coverage definitions should help
you understand your homeowners policy--but be sure to consult your
insurance company representative to assure that you have the right
coverage for your needs.
Dwelling Coverage
The
dollar amount carried to cover your home and any structures attached
directly to it. Ideally, the amount of coverage you carry should
equal the cost of rebuilding your home after a total loss.
Other Structures Coverage
Covers other structures set apart from the dwelling
on the residence premises, such as a detached garage. This coverage
applies up to the limits provided in your policy and can be
increased if necessary.
Personal Property Coverage
This coverage provides worldwide coverage for
personal property owned or used by the insured.
Loss of Use
This coverage is available when you cannot live in
your home due to a covered loss. It pays living expenses, which go
over and above your normal living expenses up to the limit provided
in your policy.
Liability/Coverage
Liability coverage protects you in two ways. First,
it provides for your legal defense against a liability
claim--whether the claim is legitimate or not. Second, it will pay
any court judgments against you up to the policy limit.
Medical Payments
This pays emergency medical bills for anyone injured
on your property or any injury caused by a member of your family or
a pet, regardless of where it happens. All bills are paid, up to
your policy limit, whether or not you're legally responsible.
Homeowners policies have many other optional features
available to you depending on your individual needs. These include
earthquake and scheduled personal property coverage.
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