The terms of standard home insurance have been defined by the Insurance Services Office (ISO), meaning what is protected under standard homeowner's insurance coverage generally will not vary from insurance company to company, however the policy rates will.
One beneficial reason for working with independent insurance agents such as our company, is we shop the top rate insurance companies and compare several rates to find you the very best insurance policy at the best price.
The following insurance definitions will give you a better understanding of your homeowners policy.
• Coverage A, or "Dwelling Coverage", refers to your home’s physical structure (rooms, floors, carpeting, tile, etc.) and the other structures connected to it, such as a garage.
• Coverage B, or "Other Structure Coverage", protects those structures not physically attached to your home, such as a garage or utility shed.
• Coverage C, or "Personal Property Coverage", generally includes appliances, furniture, and clothing, but some types of items have limited coverage or are excluded altogether.
• Coverage D, or "Loss of Coverage", takes care of housing and other expenses when a fire or other disaster leaves your home unusable and you are forced to live elsewhere during its repair.
• Coverage E, or "Personal Liability", provides coverage for claims of bodily injury or property damage sustained by others while on your property and for which you are legally responsible. You can also increase the amount of liability protection to exceed the typical $100,000 minimum.
• Coverage F, or "Medical Payments", pays the medical expenses for anyone injured while on your property for up to three years from the date of injury. Household members are excluded from this coverage.
• Property Damage covers the repair or replacement of someone’s property that has been damaged by you, a member of your household, or a pet.
• The Deductible in your policy refers to the out of pocket amount you would pay for any property loss before your insurance coverage takes over. Typically this amount ranges from $100 to $500 and can go higher. As a general rule, the higher the deductible, the lower your premium.