In the event of a catastrophic loss, your San Diego home insurance policy is designed to help protect your house and property. Fire, theft, vandalism, or in some cases damage caused by weather elements, are all covered by San Diego home insurance and it is important for owners to find a reputable agent who is willing to consult with them about their home and personal property in order to adequately protect their clients if a claim arises. Having a brief understanding of this type of coverage will help you in your journey of protection.
Dwelling coverage covers the cost to repair or rebuild the house in the event of damage or loss. Most policies will have a term within the contract stating that dwelling coverage will pay either 125 or 150 percent of the dwelling limit in the event of a loss. These policies are recommended as they account for inflation costs in materials and construction costs if your policy was written several years before your claim. Each area has a different suggested cost per square foot to rebuild. Since construction prices vary by area you may want to consult local builders or contractors to get an accurate idea of how much it would cost to replace your house.
In a standard home policy, your personal property limit is generally 75 percent of the dwelling limit. Personal property is everything not attached to the dwelling including appliances, clothing, and furniture. To put it in layman’s terms, if you turn your home upside down, everything that falls out is personal property. For high valued items and antiques, insured’s can purchase stated value endorsements to ensure they are properly covered.
Liability coverage in a home policy is extremely important also. While the standard policy comes with $100,000, owners should purchase higher limits to prevent unnecessary lawsuits and wage garnishments. If a guest of your home, or even a neighbor, is injured by your negligence, they can file a claim against your coverage. Without the right coverage, you can go through years of headaches and lose assets that you worked years to obtain.
While it is a requirement to have for those with a mortgage and some liens, some people will often make the mistake of neglecting to keep a policy in force as a way to save on an annual expenses. You should always keep your San Diego home and assets protected now, so you are prepared for unfortunate events that could devastate you financially.
Let HWP take the hassle out of helping you find the best San Diego home insurance policy. Contact us today to learn more about your coverage and policy options.