Home insurance, also referred to as homeowners insurance, can help provide financial protection from disasters, accidents and theft. Most policies consist of 4 must-have kinds of coverage: additional living expense insurance (ALE), liability protection, personal property protection, and coverage for your home’s entire structure. Here’s a closer look at these common home insurance policies:
1) Personal Property Coverage
Personal belongings such as electronics, furniture, sports equipment, clothes, and other items can be covered if they are stolen or get damaged as a result of fire, hurricanes or other kinds of natural disasters (depending on what types of loss are covered in your plan). Expensive items such as furs, art collectables, and jewelry are all covered, but they usually come with a dollar limit. Shrubs, plants, and trees may be covered up to a certain limit—but not if they were wiped out by disease.
2) Personal Liability Insurance
Liability protection helps protect you from lawsuits which stem from bodily injury experienced by people on your property. Some policies also cover animal liability insurance, which can be important if you have pets. The limits of liability protection typically start at $100,000. However, most experts suggest that you should get a much higher limit. If you have a significant amount of assets or if you want additional coverage which goes outside the scope of your homeowners policy, consider getting an excess liability policy (ELP) or an umbrella policy. Both kinds of policies can provide higher liability limits and umbrella insurance can provide wider coverage.
3) Home Structural Insurance
A home structural insurance policy covers the cost of repairs to your home in the event it gets damaged by hail, lighting, fire, hurricanes or other natural disasters (as listed in your policy). In most cases, your policy will also cover detached structures on your property such as garages, tool sheds and even gazebos. It’s important to note that a traditional policy will not cover damages caused by wear and tear or earthquakes. As a general rule of thumb, it’s generally a good idea to take purchase enough coverage to cover the cost to rebuild the entire house in the event of disaster.
4) Additional Living Expense Insurance
Additional living expense (ALE) insurance covers expenses associated with displacement in the event that you cannot remain in your home due to damages from a natural disaster. ALE covers expenses such as hotel fees, restaurant meals, transportation and more while your home is being repaired. ALE coverage comes with an abundance of limits such as time limitation. However, these limits are unrelated to the coverage to repair or rebuild your home. For instance, even if you use the entirety of your allotted ALE, the insurance company will still pay the total amount to rebuild your house (as long as your plan covers the amount of work necessary).
Homeowners insurance helps rebuild lives after disasters
When disasters strike, Wimberley Insurance Agency’s homeowners insurance is there to help rebuild lives. With their comprehensive coverage, homeowners can have peace of mind knowing that they are protected in the event of a disaster. Wimberley Insurance Agency’s commitment to their clients makes all the difference.
If you’re looking for homeowners insurance in San Marcos, TX, contact Matt Patterson Insurance Agency to discuss your goals and to get a San Marcos Home insurance quote. Visit Our website today!