Physical Damage Coverage
Home insurance for physical damage coverage may seem straight forward, but there are still many aspects to keep in mind when choosing the right protection plan. This type of coverage is essential for your home because it covers direct, sudden, and accidental losses from physical damage that may occur up to the amount you’re insured. Physical damage coverage is usually broken down into 3 sections:
This will cover your home and any permanently attached structures. In this section, it is important to note if your policy only includes home protection. If so, then you are not insured for any adjacent structures that you may own.
Also note that for structures to be attached, they must be permanently attached to your home. If you decide to add on to your home, make sure you notify an insurance agent so that they can add the new structure added to your plan, otherwise it may not be covered if something happens.
Adjacent Structure Coverage
This is coverage for structures not attached to your home. Examples of these are structures such as a separate garage, tool shed, fencing, etc.
When adding a new adjacent structure, you will also need to notify your insurance company to make sure you are covered.
Personal Effects Coverage
Personal effects coverage is protection for your personal property. Items such as TVs, home entertainment systems, furniture, clothing, appliances, tools or anything else you feel is of value could be covered under this coverage. Check with your insurance agent to find out what personal belongings will be covered under your policy and make sure you understand any exclusions that may apply.
Personal Liability Coverage
If someone is injured while on your property, you may be required to cover medical bills, pain, suffering, or salary loss. Depending on how severe these injuries are, you could be left responsible for hefty costs. These costs can add up quickly, which is why it is essential to have personal liability coverage on your home insurance that will pay for legal defense and damages to injured persons up to the amount you’re insured.
Medical Payments to Others
If a guest is injured at your home, Medical Payments to Others will cover the costs associated with the injuries, regardless of who is at fault.
Additional Living Expenses
ALE may apply to homeowners, renters or condo owners. It compensates the cost when you are unable to live in your dwelling or home due to an insured loss or claim, while your home is being repaired.
Fire Department Service
If your home is outside the city limits or the local fire department charges a fee (for whatever reason), Fire Department Service coverage will compensate the fees. May be subject to a separate limit of insurance and additional premium.
If your home should suffer damage and debris needs to be removed from the premise, Debris Removal coverage will reimburse the clean up costs associated with a covered loss.