The Actual Dwelling
Homeowners insurance covers your actual home and an attached garage. Note that the land where your house is situated is not included in the policy. That’s primarily because it remains intact even if you lose your home.
Get full replacement of your house. Depreciation, inflation, or market value isn’t considered when you get replacement coverage. Thus, it reimburses you for the full cost of repairs and rebuilding of your house.
A detached garage, sheds, and other buildings on your property aren't covered by your homeowners insurance. While replacement value for these structures is less expensive than your actual home, it can still cost significantly depending on its construction and design.
Anything inside the house is not part of its structure. Home contents comprise of the second largest cost factor in home insurance. Coverage for your personal belongings should range between 50% and 75% of the replacement cost of your house.
Keep an inventory of your belongings when you insure your home. Note, however, that jewelry, art, and other collectibles may need additional insurance.
Liability coverage provides coverage for lawsuits filed by others against you. It may cover damages or injuries happening within your home.
When someone gets injured within your property, a medical coverage can help you pay for the treatment. Bear in mind, however, that this doesn’t pay for your own (or your family’s).
Fights and intentional acts are not covered, though. If you or anyone in your family intentionally injures someone, your medical coverage will not protect you.
Additional Living Expenses
If your house is deemed uninhabitable, this coverage will pay for your temporary home. It will pay for the cost of meals and other living expenses while your home is being restored or rebuilt.
When calculating the estimated cost of your insurance, start with the replacement cost of your home. Then, add the costs of each coverage that you want to buy. Once you have the estimate, consult your agent for discounts or other ways to lower your premiums.
We know that your home is an important investment. That is why here at Robert Nichols Insurance Group, we want to make sure that you get the right insurance coverage for your home. We’ll ensure that you get financially protected at the lowest possible price. Consult one of our agents and ask for a quote. Call us at (561) 406-6153 or drop by at our office today.