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new home inscurance plans 2021

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Insurance can provide protection for you your home and your personal property in this brief toipc will review some of the options available that way you can make an informed decision when deciding on your homeowners coverage the first coverage to note deals with your specific drawing this policy coverage is designed to replace your existing structure we would have similar Construction and building materials in an order to come up with the recommended coverage levels it’s important that you consult with your broker that way you’ll have an accurate estimate of the cost of materials and labour to rebuild your existing home from the ground up when evaluating you want to keep in mind that the current market price of your home or not that cost an important component included in your homeowner’s policy is called guaranteed replacement cost just in case hundreds of homes have to be rebuilt at the same time after a wildfire these reasons here in replacement cost could be an important component of your policy the next coverage component includes detached structures structures on your property that are not attached to your home including detached garages sheds pools retaining walls and more separate structures coverage of 10% of your dwelling coverage limits with this number can be increased if needed next up is personal property coverage also known as contents coverage which is designed to protect your belongings including.

Furniture clothing appliances & More basically everything that isn’t attached to your home think of it this way if you could turn your house upside down and shaken everything that would fall out is personal property or contents those homeowners policies include coverage for personal property out of insurance you have on the structure of your home so for example if your policy includes personal property coverage of 75% and your dwelling coverage amount is $400,000 you have $300,000 or 75% of the dwelling coverage amount for your personal property it’s also important to note that there are such as jewellery Antiques and other valuable items there are a wide variety of items that fall under these special limits so it’s important to review your options with your broker to best protect these items we recommend adding a floater or an endorsement under your homeowners policy may also want to mention another important coverage included in your policy called additional living expenses most homeowners policy using this coverage and the limit is usually 10 to 20% of the coverage you have on the structure this means if you were displaced from your home due to a covered lost such as Lightning rental doggy day care extra gas or food expenses next up is one of the most important and often under investigated coverage items called liability only think of someone slipping and falling on our property but that’s not the only reason another example of liability claims are animal attacks from dog bites the cat scratches injuries caused by your animals can lead to lawsuits that your liability coverage will protect you from work.

What if you or your family member accidentally starts a fire and it spreads your neighbours houses well damage to their homes personal property and loss of use as a result of this accident can lead to a liability lawsuit against you this is why having enough liability coverage is extremely important another important coverage that’s included in most homeowners policies is voluntary medical payment and property damage coverage will help by potentially resolving small claims if someone is injured on your property the voluntary medical payments portion of your policy expenses up to the limit in your policy unlike liability coverage this coverage does not require the injured to establish that you were liable for his or her injury how many extensions of coverage that are also available the following are some of the most important most insurance companies report that the largest cause of loss and largest amount of losses paid arise from water damage insurance policies do a good job of providing coverage for water damage inside the home from sources also located inside the home for example water damage as a result of a burst water pipe however lyrics the first of these is sewer backup which is protection for damage caused by water that backs up into the home from a sewer sump pump your septic tank sewer backup.