Insurance companies have a wide range of coverage options available for homeowners. These options provide coverage and protection for their personal belongings, medical payments to guests, additional living expenses and repairs to his house.

Common Elements of Insurance Policies

Insurance policies have some important elements in common. It is important to understand these elements when considering to buy home insurance:

Protecting your belongings

• Provides protection for most of your belongings, property goods or personal items
• This protection applies to mobile belongings in case of a loss covered by your policy, such as your stereo, bicycle, computer, furniture and clothes
• You can increase the limit of coverage for personal belongings

Liability protection for the family

• Provides protection for damages that you may be legally liable to pay:
  • Personal injury or the damage of other’s property

Medical protection for guests

• Covers the medical expenses of guests who are accidentally injured on your property as a result of a loss covered by your policy. These costs include:
  • Necessary medical expenses for your guests, no matter who’s to blame

Coverage for additional living expenses

• Pays for additional living expenses that may arise if your home becomes uninhabitable after a direct physical loss covered by your policy
• Costs covered may include accommodation, food and other living expenses and will be up to the amount and the time specified in your policy

Beyond these common elements, insurance policies have a deductible. The deductible is the portion of a covered loss you agree to pay before the insurance company becomes responsible for payment under the policy. A higher deductible means lower insurance rates.

Customize your policy accordingly

Besides the common features available in home insurance, insurance companies may offer additional coverage options that let you customize your policy and give you peace and tranquility:

Cost replacement coverage

• Covers most of your belongings in case of damage, it’s subject to the limits of coverage specified in your policy

Additional coverage for personal belongings

• Increased coverage limits to protect your personal belongings, including but not limited to: jewelry, watches, collections, personal electronics, computers, cameras and others

Coverage for compliance with building codes

• Provides protection if you need to repair your house according to current building codes if it’s damaged or destroyed

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