John GrochowskiIf you’re considering purchasing either home insurance or landlord insurance, then it’s important to know what is covered, and what is not. Home insurance covers the structure of a building from property damage caused by fire, storm, theft and other disasters. It also covers possessions within the home, including clothing, furniture and valuable items in the home. Visit https://www.mobile-home-buyers.com/wisconsin/sell-my-mobile-home-green-bay-wi/ to get the inside story.
Here are tips for choosing the right insurance coverage for your home:
Know what standard home insurance covers
Standard home insurance policies cover the building itself from damage, as well as damage to furnishings from fire and other disasters. It also covers possessions in the house, including clothing, furniture and valuable items. Other items that may go un-covered include personal documents, money, jewellery and art objects. If a fire does occur in your home, standard home insurance will cover the cost of replacing any damaged items.
Consider purchasing a higher limit policy
If you want more coverage than standard home insurance provides, then consider purchasing higher limit contents or furnishings policies. For example, a higher level is provided for the replacement value of furniture and fixtures that are stolen or damaged by fire or other disasters. To get more information, click on https://www.webuyhouses-7.com/wisconsin/we-buy-homes-green-bay-wi/.
Consider purchasing a higher limit policy
If you want more coverage than standard home insurance provides, then consider purchasing higher limit contents or furnishings policies. For example, a higher level is provided for the replacement value of furniture and fixtures that are stolen or damaged by fire or other disasters.
Be aware of hidden ‘living expenses’
In some policies, your home may be covered for certain ‘living expenses’. These are defined as a certain amount of money that you may need to pay to cover reasons such as inclement weather, utility bills and rent. These amounts are usually awarded annually, and the amount increases each year. If you have been paying these amounts but your home is not covered for them, then seek coverage outside of the policy.
Know what is not covered
While standard home insurance covers damage to the structure of your home, it doesn’t provide coverage for damage to anything inside. You may still be required to purchase fire insurance for your home if you have an open flame or gas-burning appliance in your living area, such as a fireplace. It is also common practice for landlords who have tenants in their property to assume landlord insurance to cover any damage that occurs in the rented property.
