Types of Coverage
Homeowner’s Insurance
Homeowner’s insurance is going to replace or rebuild your home in the event of a loss. For example, if a fire caused a total loss to your house, this insurance would rebuild the house from the ground up. The value we insure your home for is the estimated cost of entirely rebuilding your house.
Outbuildings Insurance
A package policy will generally extend to cover outbuildings on your property. This would include buildings like shops or sheds. Outbuilding coverage is normally a percentage of the limit on your home.
Personal Property Insurance
The personal contents of your home are also normally covered on a package policy. Coverage extends to insure your personal property that is temporarily removed from your home. You should know that the primary difference between the comprehensive and broad forms (noted under Policy Type) is the coverage provided for your personal property.
Additional Living Expenses Insurance
This portion of the policy provides coverage for expenses you incur were you to suffer a major loss and no longer be able to reside in your home. Costs of temporary lodging, such as a hotel, as well as other additional expenses you incur as a result of your loss would be covered under this section.