ABOUT RESIDENTIAL CLAIMS
Coverage for your home:
Your homeowner’s policy pays to repair or rebuild your home if it is damaged or destroyed by a covered loss. Most policies also cover detached structures such as a garage, tool shed or gazebo. This coverage is usually 10 percent of the amount of insurance you have on the structure of the house. A standard policy will not pay for damage caused by a flood, earthquake or routine wear and tear.
When purchasing coverage for the structure of your home, remember to purchase enough insurance to rebuild your home.
Coverage for your personal property:
Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire or hurricane. The coverage is generally 50 to 70 percent of the insurance you have on the structure of the house. The best way to determine if you have enough coverage is to conduct a home inventory. Personal property coverage also extends to any items stored off-premises. Most insurance companies limit this amount of insurance to10 percent of the amount of insurance you have for your possessions. You also have coverage for unauthorized use of your credit cards. Expensive items like jewelry, furs, art, collectibles and silverware are covered, but usually for a specific amount of insurance. To insure these items to their full value, a special personal property endorsement or floater must be purchased.
Trees, plants and shrubs are also covered under your standard homeowner’s insurance. Trees and plants are not covered for disease.
Additional living expenses (ALE)
ALE pays the additional costs of living away from home if you cannot live there due to damage from a covered loss. Hotel bills, restaurant meals and other costs over and above your usual living expenses, incurred while your home is being rebuilt or repaired is reimbursable under this coverage.