Everything Covered by Standard Homeowners Insurance

Monday, June 29, 2020, 6:00 AM | Leave Comment

Insurance plans for homeowners come in several types, and each plan has broad categories that may include several related items.

The standard plan is one of the most common types on the market.

You can take a look at the main areas covered by this kind of insurance to see if it is a good fit for you.

  • Structural Coverage

    A basic category that winds up on standard insurance policies is coverage for the dwelling itself. If the structure sustains any damage due to inclement weather events or other disasters listed on the policy, this section should lay out how you are covered and how repairs can begin. Most companies that offer standard plans like this will also include coverage for detached structures like garages or sheds. The values for this coverage can go up to 10 percent of the coverage on the home.

  • Belongings Coverage

    Your personal things and equipment are covered for reimbursement should they be destroyed by any of the disasters outlined in your policy. Loss of belongings due to theft is usually included in this section as well. It is worth noting that this kind of homeowners insurance takes into account the personal items that you might store somewhere outside the home. Standard plans like this can include some coverage should your credit cards be used without your authorization.

  • Liability Coverage

    Liability protection is what keeps you covered if you or members of your family happen to cause injury to another person or damage to their property. Pets are generally considered part of the family for the purposes of this insurance. This part of your plan will cover your court costs and amounts that might be awarded to the other party up to the sum that is stipulated in the policy. No-fault medical coverage to take care of anyone accidentally injured while on your property comes with this coverage. The standard policy is fine for many people, but you can consider purchasing umbrella coverage that expands it if you have significant assets.

  • Expenses Coverage

    You may have what insurance companies consider additional living expenses if your home is too damaged to act as a proper shelter. In these cases, the company will defray the costs you might incur from things like a hotel stay. Keep in mind that there could be time limits placed on this kind of coverage. However, the payments involved here are separate from the ones you will get in order to repair your home.

The standard plan provides for areas that are deemed either essential or basic coverage. In many cases, this kind of policy should take care of most problems the average homeowner might face.

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