Knowing what coverages your home insurance policy offers makes all the difference in securing your home. Emergencies such as house fires can happen fast, so having the right policy secures your property when disaster strikes.
Standard homeowners insurance offers coverage for fire damage. This coverage typically extends from the interior of the property all the way to detached structures such as barns, fences and sheds.
If you’re misplaced from your home as repairs are made, standard policies also pay for temporary housing and food.
It’s crucial to note when choosing a policy, some plans do not offer replacement costs for items. Instead, they may offer fair value price. Replacement cost is how much the item is originally worth, whereas value cost is the amount it would currently sell for in the market.
Many damages caused by natural disasters are also covered under standard homeowners insurance. These perils include, but are not limited to:
It’s reported by the National Fire Protection Association over 300,000 house fires happen yearly.
Dwelling coverage protects your home structure if fire damages occur. Personal property coverage financially compensates for personal belongings damaged by fire.
Having the right coverage and understanding compensation options is important to make an informed decision when choosing the best plan to protect your household.
Beth is a Michigan native, who was born and raised in the Kalamazoo area and had former residences in Vicksburg, Dearborn Heights, Grosse Pointe, and Portage. Additionally, she has lived in Illinois, the Philippines, California, and Colorado. As a resident of Clarkston for over 15 years, Beth really knows the local area and is very knowledgeable of Metropolitan Detroit market. With a second home in Harbor Springs, she is familiar with the Little Traverse Bay real estate market as well.
