What coverage limits can I expect in a standard homeowners policy?

When you purchase a standard homeowners policy for your property, you may discover that there are certain coverage limits that may apply to your plan. Although there is some variation between insurance providers and the details of the policy that you purchased can depend on several factors, there are some limits to the coverage that you purchase.

Limits on Expensive Belongings

In many cases, insurance providers will offer a certain amount of coverage for your personal belongings. Most policies will protect against theft, fires and other unexpected disasters that can damage your property.

Although there is usually coverage for your personal belongings, companies may put limits on your coverage for items that are traditionally expensive, such as jewelry or family heirlooms. The limits are designed to protect the company because the items can be very expensive. You may need to purchase additional coverage for certain items.

Limited Coverage for Other Structures

A standard homeowners policy will usually offer some coverage for other structures that are on the property, such as a shed or a detached garage, but the amount of coverage can be limited. You may have a percentage of the policy that will apply to the structures and your yard when the structure is damaged, but it may or may not be enough to pay for all of the repairs. The coverage limits can vary based on the value of your house, so the exact limits will differ between plans.

Insurance for your home will often have set limitations on what is covered and what is not covered. Even when items are covered, the amount of coverage that is available in the policy may not always be appropriate for the item. Contact us to speak to an agent for more details.