Surprising Coverage Provided By Your Home Insurance Policy
A real estate purchase is one of the most significant investments that many people will make in a lifetime. Protecting your property with a valid insurance policy is essential when it comes to guarding yourself against unnecessary financial loss.
While most homeowners know that their home insurance policy will cover basic repairs or damage caused by a storm, few realize that their insurance policy can provide additional coverage that might prove useful. Become familiar with the surprising coverage you enjoy as a result of your investment in a home insurance policy.
Hotel Accommodations
In the event that your home sustains significant damage and becomes uninhabitable, you will need to leave the home during the repair process. Staying with a friend or family member isn't always an option for homeowners, so home insurance policies are prepared to provide compensation for hotel accommodations.
This type of coverage falls under the loss of use provision in your insurance policy, and it can come in handy if you are unable to live in your home for a period of time.
Appliance Replacements
You rely on various appliances throughout your home each day. Having a major appliance, like a refrigerator, suffer a sudden mechanical or electrical failure can be devastating. You may be surprised to learn that your home insurance policy could provide you with the funds needed to purchase a new refrigerator.
Some home insurance policies make allowances for equipment breakdown coverage. The unexpected failure of a major appliance and any costs related to that failure (like lost food, removal costs, or damage repair) will be reimbursed by your insurance company if your policy has an equipment breakdown provision.
Lost or Stolen Property
Discovering that your home has been broken into can be frightening. The cost of replacing valuable items that have been stolen can be significant, placing you and your family under financial hardship.
By adding a scheduled personal property provision to your home insurance policy, your insurance company will be required to pay for the replacement of any items taken during a break in.
This type of personal property coverage can also apply to valuable items that are lost in your home. Adding your engagement ring, diamond earrings, or other small items that could easily become lost to your personal property list will ensure you always have the money via your home insurance policy to replace these items if they become misplaced.
To learn more, contact an insurance company like Accredited Insurance Group Inc.
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