There are different insurance packages available under Arvada homeowners insurance that will protect your home and your belongings. It’s important to know which risks an Arvada homeowners insurance poiicy covers and which risks it excludes. Each policy will include the same basic coverages like protection against fire, windstorm, and theft. However, it’s important to review your policy’s exclusions because events you think are covered, like flood, are probably excluded on your Arvada homeowners insurance policy.
The following coverages are the most basic insurance coverages to an Arvada homeowners insurance policy:
1. Damage to Real Property
Real Property applies to your home’s structure or dwelling. Your dwelling limit will also usually include coverage for other structures on your property like a detached garage or shed at a smaller specified amount (i.e. 10% of the dwelling amount) as well.
The dwelling limit can include some additional coverages for removing debris, the increased cost of construction, cost of reasonable repairs to protect your dwelling from further damage, the removal of trees and shrubs, and any fire department service charge for responding to a claim.
2. Damage to Personal Property
Personal property is usually defined to protect any property and personal belongings within the walls of your home owned by you or other family members living in the home.
Your personal property insurance limit is usually calculated as a percentage of your dwelling value (50 to 75%). It’s important to note that your personal property coverage will limit the amount it will pay on certain items like jewelry, guns, computers, silverware, and expensive antiques.
3. Additional Cost of Alternative Living Expenses
Most Arvada homeowners insurance policies will pay the expenses of alternative living expenses (i.e. hotel) for covered claims to the dwelling or personal propety. The policy limit is usually a percentage of the dwelling’s value as well (i.e. 20%).
4. Personal Liability Coverage
Personal liability coverage protects you and your family against claims (non-auto or business related) that result in bodily injury or property damage to others. The amount of coverage available is usually $50,000 to $500,000 in liability protection. For amounts higher than that, you should consider purchasing an umbrella insurance policy.
5. Medical Payments
Medical payments is a small sub-limit coverage designed to pay small medical bills and expenses for people injured on your property. This coverage is considered a “no-fault” coverage meaning that it doesn’t matter who was negligent as the policy will pay the limit regardless.
If you are interested in an Arvada homeowners insurance quote or wouldl like to find out if your current insurance coverages are adequate for your situation, please don’t hesitate to contact our office.