A homeowner may cover their property using a standard home insurance policy. The policy doesn't cover everything, but it includes four main features in your home. Some of the essentials that this policy covers include: 

- Personal belongings.

- Your home structure.

- Liability protection.

- Additional living expense.

 

PERSONAL BELONGING COVERAGE

All your personal belongings including your sports gears, clothes, and furniture are covered in the standard home insurance. If the items are destroyed by fire, stolen, or destroyed by natural disasters you can get repayments of up to 70%. This value is calculated depending on the total amount of insurance you have on your home.

The repayment can be as low as 50%. If you purchase an insurance cover worth $200,000, you can get a reimbursement of between $100,000 to $140,000. You can carry out an assessment and create an inventory to get the actual value of your belongings.

Your personal belongings are also covered off the premise. If they get lost anywhere, you can get a reimbursement. However, some companies limit this offer to about 10% of the total value of the items.

 

HOME STRUCTURE COVERAGE

The standard home insurance policy covers your home structure if it's destroyed by lightning, fire, hail or any other calamities that are listed on the plan. The cover, however, doesn't cover damage caused by wear or tear. When purchasing an insurance policy, its always good to take a cover which will allow you to rebuild your home.

Some insurance companies cover structures that are detached from your houses like a gazebo or a tool shed. These structures can receive up to a 10% repayment in the event of it being destroyed.

 

LIABILITY PROTECTION

This feature of the standard home insurance cover protects you from any lawsuits for damage of property. It also protects you from any bodily harm that your property can cause to other parties. The cover also caters for any damages that your pet can cause. If your dog destroys your neighbor's property, you are covered in the standard home insurance policy.

The policy covers all the legal costs up to your limit anywhere in the world if your pet destroys someone's belongings. The liability limit cover begins from as low as $100,000. If you take a higher amount, you are in a safer position if either of these events happens.

Liability protection has no-fault medical cover. If your visitors or neighbor falls ill in your home, they can be treated and submit the medical bills for reimbursement by your insurance company. The cover in this situation is usually between $1,000 and $5,000.

 

ADDITIONAL LIVING COST/ EXPENSE

If the damages caused on your home can't accommodate anyone at the moment due to damages caused by an insured disaster, you can get an ALE. This policy covers all your hotel bills. Your meals and any other expenses that you need are also included. It is payable during the period which your house is being repaired or rebuild.

The coverage differs for each company, but all have limitations which include time. The coverage can be up to 205 of the value of your house. The cover is also applicable to tenants who live in rented houses.

With this information on standard home insurance policies, you can decide if its the best for you. Always pick what is appropriate for you and what you can comfortably finance. Ensure you choose a trusted company for you to enjoy the benefits of your cover.