Knowing what coverages your home insurance policy offers makes all the difference in securing your home. Emergencies such as house fires can happen fast, so having the right policy secures your property when disaster strikes.
Standard homeowners insurance offers coverage for fire damage. This coverage typically extends from the interior of the property all the way to detached structures such as barns, fences and sheds.
If you’re misplaced from your home as repairs are made, standard policies also pay for temporary housing and food.
It’s crucial to note when choosing a policy, some plans do not offer replacement costs for items. Instead, they may offer fair value price. Replacement cost is how much the item is originally worth, whereas value cost is the amount it would currently sell for in the market.
Many damages caused by natural disasters are also covered under standard homeowners insurance. These perils include, but are not limited to:
It’s reported by the National Fire Protection Association over 300,000 house fires happen yearly.
Dwelling coverage protects your home structure if fire damages occur. Personal property coverage financially compensates for personal belongings damaged by fire.
Having the right coverage and understanding compensation options is important to make an informed decision when choosing the best plan to protect your household.
Marilyn Mayberry has had the honor and privilege of engaging in one of the most exciting careers imaginable. She has marketed the American dream of home ownership for over 40 years. Marilyn is the Associate Broker for her own boutique brokerage Real Estate Today LLC in Farmington Hills. Her company offers a complete line of residential and commercial services to buyers and sellers.
Buying or selling real estate is probably one of the most important decisions anyone will make in a lifetime. Marilyn’s passion for the real estate business assures that the transaction will be handled with the highest degree of professionalism. This philosophy has allowed her to build a community of lifelong relationships.
