What You Need to Know About Your Basic Home Insurance Coverage

Knowing what your Georgia home insurance covers will give you an idea of what to expect if in case something happens. Each insurance service provider have their own policies and coverage. But all insurance provider share the basic type of coverage. Your home insurance is like your safety net to help you recoup your loses if something happens to your property. It also protects your mortgage lender in the event that your house is damaged or destroyed by natural calamities.

Here are some of the basic policies that each insurance provider have:

• HO-1 Policy

An H0-1 Policy covers damage caused by 10 different events, including fire, windstorms, hail, and even explosions. It also covers any damage caused by smokes, civil unrest and volcanic eruptions. Only a few of the states still has this type of insurance.

• HO-2 Policy

HO-2 Insurance policy offers a much broader coverage. This policy will cover 16 different types of events including fire, lightning, and even damage caused from theft and any civil unrest. This policy will surely cover your expenses if in case your heating unit ruptures your roof or even bursting pipes.

• HO-3 Policy

HO-3 Insurance policy covers all possible causes of damage to your property which includes possession loss. Exclusions may vary from policy to policy, depending on your home insurance provider.

There are four main types of coverage that are listed in your insurance policy. These properties are the ones that your basic home insurance will cover if in case any damage or loss might happen to your property:

• Dwelling: This refers to the very structure or foundation of your Georgia house.
• Other Structures: Other structures refers to any structure that is separate from your house and is connected by any other form of connection. An example of it is a detached garage, green house, and a tool shed.
• Personal Property: This refers to the all the contents within your home. However, not all items are covered by your insurance. Items like money, jewelries, and fire arms are covered under different forms of insurance.
• Loss of Use: Loss of use happens when the house or dwelling is no longer inhabitable. The insurance company will cover the cost of additional living fees for maintaining a normal standard of living.

These are just some of the things that you have to remember before getting a home insurance. Make sure to ask questions that aren’t clear to you. Read the policy before signing the contract. Ask your dealer or an insurance representative if you have any questions regarding your policy. Make sure to choose an insurance provided that has good customer service feedback to make sure that you’ll be properly assisted anytime you have some questions.