What standard home insurance typically covers

Standard home insurance usually provide coverage for your home, personal belongings, liability insurance, and additional living expense.

08:57 10 May 2013

Taking out standard home insurance is definitely a must for all homeowners. Having your insurance company cover your expenses should anything disastrous happen to your house can definitely give you peace of mind.

A standard home insurance policy typically offers four basic coverage points. These include:

• Coverage for your home. This covers the main structure (which is the house) against causes of loss or damage. These include fire, hail, freezing, lighting, falling objects, etc. Keep in mind that this does NOT protect your house from earthquake, routine wear and tear, and flood. However, you can get additional coverage for higher premium.

 

• Personal belongings. Aside from the main structure, a standard home insurance typically provide coverage on your personal belongings for the same causes of loss as the home is covered. Generally, you can insure all your belongings for 50 to 70per cent of your house’s worth.

 

• Liability coverage. This provides protection should anyone gets hurt or other’s properties are damaged because of your house falling down, for example.

 

• Additional living expenses. With this coverage, your insurance company will pay for your hotel and living expenses if you are forced to leave your house while it is being reconstructed.