All coverage will generally be based either on replacement value or present fair market value. Replacement value coverage will cost more, but will ensure you can “replace” what is lost by buying new. Fair market value will take account of depreciation of the value of what is being replaced and so may not cover the full cost: but it will give you lower premiums too.
Here are the major areas that homeowners insurance often includes, or can include at your option, besides just the house itself:
1. Detached Structures
In years gone by, most garages were detached and thus covering your garage was normally a matter of detached or “other” structures coverage, which is often an add-on.
Today, most garages are attached, but you may be able to cover only your “living area” and exclude the garage for cheaper cover. But then again, you want to protect your garage!
Other detached structures you can often get covered include: sheds, fences, driveways, outdoor swimming pools, gazebos, pergolas, and detached decks/patios. A detached business office on your property will not normally be covered, however.
2. Personal Property
You can also buy “contents insurance” as part of your homeowners insurance, and in fact, some contents coverage will likely be included on even a basic policy.
There may be limits, however, to how much coverage you can add for high-priced items like jewelry or rare paintings. If an object is stolen out of your car while it is parked at home, it can be covered if you have comprehensive coverage, but even here, items used almost exclusively in the vehicle (like new auto-installed stereo systems) probably won’t be included.
Your home appliances, furniture, curtains, and expensive china, however, are all examples of “contents” that may well be coverable, depending on the insurer.
3. Personal Liability
It’s not likely that you will be held liable for a personal injury to someone visiting your home: but it can happen, and if it did, the cost could be overwhelming.
Thus, personal liability cover is a standard component of most homeowners insurance policies. It will cover things like medical expenses, lost wages, death benefits, and legal expenses stemming from a home accident to someone other than you, your family, or home residents.
A slip and trip, a dog bite, or any number of other accident types are covered. And some policies even include cover should you accidentally damage a hotel room/lobby while away from home (and become liable for the repair costs).
To learn more about the full range of items that homeowners insurance can cover, or for a free quick quote, contact Flagler County Insurance Agency today!