I recently read this article in Amica Today and found it helpful in explaining property Insurance and wanted to share with anyone that may be a first-time home buyer.
Feeling at home with property Insurance
Understanding your policy and coverages will help you to feel more secure knowing that you, your home and your possessions are protected.
A typical policy has 2 sections
Section I provides four categories of coverage:
- Dwelling – The is part provides protection against losses that damage the structure of your home.
- Other Structures – This pertains to structures on your property that aren’t physically attached to your dwelling, such as a shed, a fence or a detached garage.
- Personal Property – This pertains to the possessions that you’d take with you if you were to move.
- Additional Living Expenses – This part protects you against increased expenses you may incur if a covered loss makes it necessary for you to move out of your home.
Section II provides protection if a claim or lawsuit is brought against you due to bodily injury or property damage that you may be responsible for. A loss that could be covered by Section II is an injury resulting from an accident that occurs on your property, such as someone slipping and falling on your driveway.
Within both Section I and Section II, you’ll find additional details about the types of losses that are covered and those that are not. The policy also outlines definitions, special limits for certain losses, conditions and your responsibilities should a loss occur.
Depending on the type of property you have, you may not be require all of the coverages outlined above. It’s important to know that there are different types of homeowner policies available based on the type of property you want to insure. Whether your rent an apartment, own a condo in a building along with others or own a home, we can work with you to find the best policy to fit your specific needs.
We hope this information was helpful in providing you with greater understanding or property insurance. In our next issue, we will take a closer look at the auto policy. Remember, we’re here if your have questions. Amica.com