When you’re shopping for a new home, it only makes sense to protect your biggest investment with a homeowners policy. But before you buy a new policy, it’s important to understand how it protects your home and what you can expect from your policy.<\/p>\n
It’s important to understand the definitions of a “covered property,” which can vary depending on your state, policy provider and policy type:<\/p>\n
Dwelling – Considered the structure of the house.<\/p>\n
Other structures – Tool sheds, detached garages and other structures separate from the house.<\/p>\n
Personal property – The contents of your home, including furniture, clothing and appliances.<\/p>\n
Covered peril – Considered a cause of loss, such as a theft, fire or other peril named in your policy.<\/p>\n
Loss of use – Provides protection in the event your dwelling becomes uninhabitable. Your provider may cover any necessary increase in living expenses to maintain your normal standard of living.<\/p>\n
The average homeowners insurance policy usually comes in two parts:<\/p>\n
Property coverage – This coverage takes care of your home and its contents in the event of a loss stemming from theft, vandalism, fire, tornado or other natural disaster.<\/p>\n
Liability coverage – If something happens in your home that results in another party’s injury, liability coverage can offer protection against lawsuits.<\/p>\n
As a general rule, most providers will not fully cover the cost of damage to a house unless you purchase coverage equaling 80 percent or more of the house’s total replacement value. Otherwise, you’ll only receive reimbursement for a proportionate amount of the required minimum.<\/p>\n
Keep in mind that your policy should also be reviewed every so often to keep up with the 80-percent rule, due to inflation, market events and capital improvements that cause a home’s value to increase over time. Speaking to one of our independent agents can help put you on the right footing when it comes to your homeowners insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"
When you’re shopping for a new home, it only makes sense to protect your biggest investment with a homeowners policy. But before you buy a new policy, it’s important to understand how it protects your home and what you can expect from your policy. It’s important to understand the definitions of a “covered property,” which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-238","post","type-post","status-publish","format-standard","hentry","category-home-insurance"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/posts\/238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/comments?post=238"}],"version-history":[{"count":1,"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/posts\/238\/revisions"}],"predecessor-version":[{"id":239,"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/posts\/238\/revisions\/239"}],"wp:attachment":[{"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/media?parent=238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/categories?post=238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mymidatlantic.com\/blog\/wp-json\/wp\/v2\/tags?post=238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}