Coverages Of Homeowners Insurance

Homeowners insurance, or home insurance for short, protects your home and belongings in case of damage, theft, or liability claims that may arise on your property. 
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But what exactly does homeowners insurance cover? In this article, you will be learning about just that. You will learn what policies could save you from financial distress and your policy's limitations.

Liability Protection
This policy provides coverage for injuries of other people who are not involved with your household and do not live with you, like visitors that get into an accident on your property.

Dwelling Protection
This policy is one of the basic coverages of a typical homeowners insurance policy and helps cover the home's structure in which you live. Dwelling protection may also help cover other structures attached to the home, such as a garage or a deck, against certain risks.

Other Structures Protection
Most homeowners insurance policies cover other structures on your property which are separate or detached from your home. Like a garage, fence, or shed.

Personal Property Protection
Another basic coverage is Personal Property Protection. And other policies that come included with this policy are:

Actual Cash Value
Actual cash value covers the cost of your house, including the value of your belongings, after deducting depreciation. Depreciation refers to the current value of those belongings and not how much you paid for those items.

Replacement Cost
The coverage of Replacement cost policies is similar to actual cash value, which covers your home and possessions. Still, without the depreciation deduction, you would be able to repair or rebuild your home up to the original value.

Guaranteed or Extended Replacement Value
Guaranteed replacement value policies will cover the increased replacement costs and provide the homeowner with assistance if construction prices increase. 

Conclusion
Remember that not all incidents affecting your living conditions are covered in a typical homeowners insurance policy for natural disasters like floods and earthquakes. 

You would have to get a separate policy for those. But any damage caused by vandalism, theft, fire, lightning strikes, windstorms, and hail is all covered in your average policy.

At Best Insurance Group, LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (970) 674-5000. You can also request a free quote by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!