Top Coverages Your Standard Home Insurance Provide

Irrespective of which insurance policy one buys, he/she wants to know what all coverage is included in it. The same is the situation with purchasing affordable home insurance in Burnaby. 

If you wish to know what your standard home insurance might cover, then you are in the right place. Listed below are the top coverages you can expect to receive with your investment in standard home insurance in Burnaby.

1- Personal property coverage 

One of the first coverages provided by your home insurance includes personal property coverage. As per this coverage, you gain protection for your priced possessions in the event they get stolen or destroyed. Items like electronics, furniture and clothing fall under this category. 

Remember, there is a limit of 50% to 70% of your dwelling coverage limit (discussed below). Also, this coverage is often limited to highly valued products like jewellery, furs, etc. You can easily cover these items fully by endorsing the policy. 

2- Other structure's coverage 

Other structure coverage includes everything from sheds, fences, and detached garages in the event of damage. The other structure coverage limit is set at 10% of the amount of dwelling coverage. 

However, you can purchase more coverage based on your requirement. 

3- Personal liability coverage 

Personal liability coverage is offered when you are sued by someone who got hurt on your property or is suffering property damage due to a problem caused by a member of your household. 

You can use this coverage to pay for any legal fees or make settlements. 

You can also use personal liability coverage to pay the medical bills of an individual who is hurt by your pet. While there is a limit of $100,000, you have the chance to purchase additional coverage, too. 

4- Dwelling coverage

As soon as one says the term home insurance, dwelling coverage comes to mind immediately. Besides offering you coverage against issues like hail, lightning, wind and fire, your dwelling coverage may also be able to cover the rebuilding process of your property from the ground up – if the property is annihilated by a covered event. 

Remember, separate policies may be required for certain situations like earthquakes and floods. Speak with your insurance provider about the same.  

5- Loss of use coverage

As the name might suggest, loss of use coverage kicks in when your property becomes completely inhabitable due to one of the covered events. 

While your property is being repaired or replaced, you receive coverage for your living expense, including restaurant bills and hotel expenses. Apart from 20% of the dwelling coverage limit, loss of use coverage may include time limits, too. Hence, read the documents carefully beforehand. 

Signing off

There you have it. These are some of the many things your standard home insurance in Burnaby might offer coverage for. 

If you are interested in buying a home insurance policy or wish to know more about it, consider meeting with the experts at AMC Insurance today!

Robert Cameron is the author of this article. For more details about Best Business Insurance Company in Port Coquitlam please visit our website: amcinsurance.ca