In order for "loss of use" to be triggered, the damage must be related to a peril or covered event in the policy. " Loss of use" coverage, also known as "additional living expenses" or ALE, is included in most homeowners policies and provides reimbursement for temporary housing when a peril causes damage to your property or belongings that makes your home inhabitable. What is loss of use or additional living expenses? Some homeowners insurance companies will not offer coverage based on the size and breed of the dog, especially large dogs and breeds considered to be aggressive. Also, exotic pets and certain dog breeds are excluded from some homeowners insurance policies. Having certain items - like a pool or trampoline - can increase your liability as a homeowner. Basic personal liability homeowners policies typically have a $100,000 coverage limit. There are limits to standard personal liability coverage depending on your policy and insurance carrier. Some carriers offer identity theft and cyber liability as part of their personal liability coverage or as an add-on rider. Homeowners insurance offers homeowners personal liability protection if someone is injured at your property (pet bites) or sues for damages. According to Steve Wilson, senior underwriting manager at Hippo Insurance, these items may need a "personal article" endorsement or add-on rider. There are limits to standard personal property coverage depending on your policy and insurance carrier, usually $100,000. Specialty items like high-end electronics, special jewelry, furs, fine arts, firearms, and cash may not be covered. Your possessions are covered from damage or theft under personal property coverage. The type of dwelling coverage you have depends on the type of homeowners insurance policy. Your dwelling consists of your home and any "other structures" on the property, like a garage or shed. Dwelling coverageĭwelling coverage is the part of a homeowners insurance policy that can help cover the cost to repair or rebuild your home if it is damaged. You may need to purchase additional coverages based on your risk and needs. The standard homeowners insurance policy will not cover damages caused by an earthquake or flood and protection for valuable jewelry, collectibles, and some electronics based on coverage limits.Ī standard homeowners insurance includes dwelling coverage, personal belongings coverage, personal liability protection, and additional living expenses. The table below are coverages included in a standard homeowners insurance policy. Sudden and accidental damage due to short-circuiting.Sudden and accidental tearing, cracking, burning, or bulging.Accidental discharge or overflow of water or steam.Additionally, homeowners insurance provides "loss of use" in the event you need to temporarily relocate because your home is unlivable.ĭamage to your home and belongings must be from " insurance perils." A peril refers to a specific event that caused damage to your home and belongings. A standard homeowners insurance will cover your dwelling, your personal belongings, and offers personal liability coverage for injuries that happen on your property.
Homeowners insurance protects you from financial hardship should you experience a home-related loss.
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