We all know insurance can be complicated but here at Velox Insurance?we like to keep things simple?for our clients. That’s why we’ve put together this?overview of what’s usually covered with a typical Georgia homeowners insurance policy.
Most policies include 4 main types of coverage:
- Building Structure
- Personal Belongings
- Liability Protection
- Additional Living Expenses
Let’s explore what each of these covers so you can have an educated conversation with your insurance agent:
1. Building Structure
If your home were destroyed or damaged by fire, wind, lightning, hurricane, or any other disaster listed in your policy the building structure coverage should pay to repair or rebuild it.
Included in most Georgia homeowners insurance policies is coverage for the other structures on your property that are separated from your home like garages, sheds, or gazebos. This coverage usually has an upper limit set at a certain percentage of the overall building structure coverage amount.
It?s important to note that most standard homeowner policies do?not cover the following situations.
- Regular Maintenance
- Wear and Tear
Make sure you talk to your agent about ways to protect yourself from those types of losses.
2. Personal Belongings
If your personal belongings are damaged in a covered loss or they are stolen, the loss will be covered by standard Georgia homeowners insurance policies. Most of the policies we sell at Velox Insurance cover personal belongings for between 50%-70% of the value of the structure of the home.
In most cases, your personal belongings are covered anywhere in the world.
Most homeowners policies have upper limits on high-value items like jewelry, art, collectibles and other items. You should talk to your insurance agent about any items in your home that are worth more than $1000 to find out whether they may need additional coverage.
3. Liability Protection
If you or your family members are responsible for anything that causes bodily injury or property damage to other people liability protection can cover those costs so you don?t have to. This coverage will pay for both the cost of defending you in court and any awards the court determine?you owe up to the limits of your homeowners policy.
Liability limits for standard Georgia homeowners policies can start at $100,000 but that?s not always the amount of coverage we recommend to our clients. Individuals with significant assets or with high salaries should usually have higher limits. The best way to determine the right limits for you is to talk to a local agent.
4. Additional Living Expenses
If you cannot live in your home due to damage from a covered event, additional living expenses coverage can help cover the financial burden your family will face. This coverage can go toward hotel bills, restaurant meals and other costs that are in addition to your regular living expenses while your home is being fixed.
This amount is separate from the coverage available toward rebuilding your home but on most Georgia policies there is a time and dollar value limit so make sure you discuss this with your agent to ensure you?re adequately covered.
This article is intended to provide a high-level overview of the various coverages provided in a typical homeowners insurance policy in Georgia but it won?t replace the professional advice you can get for free from a licensed insurance professional at Velox Insurance.