Some home protection plans have a coverage for medical payments that caters for people who are injured while on your property regardless of who caused the injury. The cost is calculated by an insurance agent or an appraiser after checking the extent of the damage. Dwelling coverageĪ dwelling coverage or dwelling insurance which is equal to the cost to replace your home helps pay for rebuilding or repair of a home’s structure if damaged by a covered event. Buy a warranty to protect your home that is right for all your needs. But, with a home warranty plan that provides coverage for systems and appliances you are good to go. Expensive appliances and system repairs in your home can be quite expensive to repair. Items like clothing, furniture, appliances, and most possessions in your home are covered if damaged in an insured disaster. Freestanding garages and other structures on the property might also not be covered since they are separate from the main house. It’s therefore important to review your insurance coverage and check if there are any limitations. However, damages from natural calamities like floods, earthquakes, landslides and other damages from things like poor maintenance, sewer backups, and expensive jewelry aren’t usually covered. Your insurer might compensate you enabling you to repair or completely rebuild your house in such a case. Damage to your house (interior and exterior)ĭamage caused by vandalism, fire, hurricanes, lightning, or other disasters can be covered. Expensive belongings might require additional coverage. Have an inventory of all your possessions and their actual cash value. The coverage can be used to replace all of your belongings. Home protection plans cover various things which include Personal propertyĪll the possessions in your home besides the structure in case they are destroyed, vandalized, or stolen. Here is a beginner’s guide to buying a home protection plan that outlines some of the basics of home insurance, what it entails and finding a plan that offers the right insurance coverage for you. But, as a homeowner, you need to make sure that your home is adequately insured. Getting your property and belongings insured can be a complicated process, especially if you don’t know where to start. Even if it’s not your own home, you still need insurance to protect your items. The home protection plan protects your home and belongings against damage or a break-in where items are stolen. Nearly all mortgage lenders require you to have home insurance before agreeing to finance your home. ![]() Home insurance is a necessity and oftentimes is neither an option nor a luxury.
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