One of the most common policies throughout America is home insurance. Who could live with the uneasiness of having their home protected? However, maybe you have it even more protected than you could imagine, and we’re going to show you that now. Just this week the secret coverages that you are paying for without knowing it were revealed, and now we are going to show them to you.
Your home insurance has secrets: find out what you pay for without knowing it
Many homeowners don’t realize just how much their home insurance policy covers. While we all know it protects our dwelling, most of us don’t read the fine print closely enough to understand all the extra coverage we’re paying for. It´s not the same in your case? Maybe not, we know.
Did you know that standard home insurance includes coverage for other structures on your property, personal property inside the home, loss of use of your home, personal liability, and medical payments? It’s easy to overlook these coverages when reviewing your policy, but they provide substantial extra protection.
In this article, we’ll break down the key coverages included in a standard home insurance policy. Understanding exactly what you’re paying for can help ensure you have adequate protection for your most valuable assets. Read on to learn about the secret coverages hidden in your home insurance.
The secret coverages of your home insurance: you won’t believe them
We want to dive deep into your home insurance to show you which are the coverages you are paying for without knowing it (and that you could easily see in your policy, on the other hand). Chances are that you have some of the ones we’ll show you, although they don’t have to be all of them.
Medical payments coverage
Medical Payments Coverage is not a standard home insurance extra but if you are willing to spend an additional little to make the insurance policy more solid, Medical Payments Coverage feature will help you pay for the person’s medical expenses, while you or anyone else might be at-fault for the incident.
It is only under such circumstances that you can obtain compensation for someone who is injured during an accident that takes place on your property. Policy provides for payment up to the limit you select (which may be $1,000 to $5,000) for medical bills of this individual.
Personal liability coverage
Personal liability insurance is a vital part of your homeowner policies which most people don’t quite perceive its essence. In this coverage, you will be safe if a person gets hurt at your house and there is a damage to someone else’s property due to your lack of caution.
Unlike all other types of insurance, personal liability coverage – in fact covers the fight in courts and the damages that you, your family members or even your pet cause to the bodies or belongings of others. Or let us say your dog runs into the road and causes a fatal accident, as a result you could incur a financial loss.
Loss of use coverage
Loss of use coverage is one of the most overlooked parts of a home insurance policy, yet it can provide critical help when you need it most. This coverage pays for additional living expenses if your home becomes uninhabitable due to a covered loss like fire, smoke damage, or water damage from a burst pipe.
Many homeowners don’t realize their policy includes this coverage or underestimate how much temporary housing could cost if disaster strikes. But you could easily spend thousands of dollars on hotels, furniture rentals, restaurant meals, and other expenses while your home is being repaired or rebuilt.
As you can see, the secret home insurance coverages are giving thousands of people across America more than a surprise. In reality, they are not a problem, since you have them included in your policy, but a negative circumstance may occur: you may lose the right to one of them because you are unaware of them, so it is essential that you review your documents and check what you are paying for and what you are not paying for.
