Whether you just moved to California or you have lived here for a long time, you need home insurance. Your policy may vary depending on the options you choose. Still, Wynn Insurance Agency of California wants you to understand what goes into a standard policy, so you know your starting point.
A standard policy covers property damage, liability, other structures, and living expenses. Only property damage incurred from a named peril – a hazard discussed explicitly in the policy – gets paid for by the policy. This typically includes fire, wind, lightning, etc. In California, earthquake coverage requires a separate policy. Throughout the US, the peril of flooding requires a National Flood Insurance Program (NFIP) policy.
The coverage applies to all four areas, but liability is not typically incurred during one of the perils. For example, if property damage occurs due to fire, the standard homeowners’ policy covers the structural damage to the home, plus the damage or loss of personal property inside the home. If you have house guests at the time of the fire, their property is also covered. The other structures that are part of the policy refer to detached garages, sheds, workshops, fences, etc. It typically provides about 10 percent of the coverage. The living expenses component pays for a finite amount of time to stay in a hotel or apartment while the home gets repairs.
The liability portion of the home insurance policy covers the settlement costs and attorney fees for any incident occurring on your property or involving your personal property that harms another. If someone falls down your front steps and breaks their arm, this policy portion covers their medical bills. If someone gets hurt in a fire while staying in your home, that gets covered.
Contact the Wynn Insurance Agency of California to discuss your home insurance TX options. You can add coverage in numerous ways, including a raised liability limit and added property coverages. The agents at Wynn can help you determine the ideal coverage for your home. Contact us today.