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If you are a first-time home buyer in Wayzata, MN, understanding your policy may initially seem confusing. However, most policies have the same basic categories, allowing you to compare coverage between insurance plans. The professionals at Pizano Insurance can guide you through different parts of your policy so you can fully understand your coverage.
Six Essential Coverage Areas
The first thing you will see is the declarations page, which essentially summarizes your coverage. Subsequent pages will go into greater detail about how much coverage you have and its limitations. Most homeowner’s insurance provides coverage for the following:
- Dwelling
- Other structures
- Personal possessions
- Liability and medical payments
- Loss of use
- Additional living expenses
Depending on the insurer, you may be able to purchase additional types of coverage to protect your home and its contents. For example, most policies don’t cover damage from flooding, so if you want that protection, you’ll have to get it through an add-on.
Understanding Coverage Areas
Dwelling coverage protects your home and attached structures if damaged by a covered peril. This section provides coverage if you have other structures on your property, such as a shed or detached garage. Personal possessions coverage involves all your clothing, furniture, and other possessions. Consider getting a rider for additional coverage if you have valuables, such as expensive jewelry.
Liability and medical payments cover damages and medical treatment if someone sustains injuries on your property. Loss of use and additional living expenses come into play if a covered peril damages your home and it becomes uninhabitable. This coverage usually has a specified dollar amount.
If you want to learn more about homeowner’s insurance, contact the agents at Pizano Insurance in Wayzata, MN. We will gladly schedule an appointment to help you understand your options.