Home Insurance Guide-Know the Basics to Save & Protect More

Homeowners Insurance is for more than just your home

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Home Insurance Basics - Your questions answered

Affordable Homeowners Insurance from the Best Home Insurance Companies

What are the 6 types of home insurance?

Your home is probably the most expensive purchase you'll ever make – which is why protecting it is so important. A homeowners insurance policy doesn't just help pay for damage to your home, but can also help protect your finances.

Your Home insurance coverage provides financial protection against loss due to disasters, theft and accidents. Most standard policies include six essential types of coverage:

• Coverage for the structure of your home/dwelling

• Coverage for other structures on your property

• Coverage for your personal belongings

• Liability protection

• Coverage for additional living expenses

• Coverage for medical payments

If you have additional questions feel free to call or Request more Information.

Which Home insurance company has the highest customer satisfaction?

The great news is that with PJS Insurance Services not only do you get the most affordable home insurance, but from the best home insurance companies.

This article is covering the basics of Home Insurance for Arizona & Ohio Homeowners. Other articles demonstrate available features that you can customize based on the type of your home and budget.

Home insurance is a package policy. This means that it covers both damage to property and liability or legal responsibility for any injuries and property damage policyholders or their families cause to other people. Damage caused by most disasters is covered but there are exceptions. Standard homeowners policies do not cover flooding, earthquakes or poor maintenance. Flood coverage is provided by the federal government’s National Flood Insurance Program, although it is purchased from an insurance agent. Earthquake coverage is available either in the form of an endorsement or as a separate policy.

So let's get into your 6 basic Home insurance coverages that are available to protect yourself financially...

• Coverage for the structure of your home

Your home insurance policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed in your policy.

A standard policy will not pay for damage caused by a flood, earthquake or routine wear and tear.

When purchasing coverage for the structure of your home, remember this simple guideline: Purchase enough coverage to rebuild your home.

• Coverage for other structures on your property

Most policies also cover detached structures such as a garage, tool shed or gazebo, some insurers classify a pool under here as well, generally for about 10 percent of the amount of insurance you have on the structure of the house.

• Coverage for your personal belongings

Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disasters. The coverage is generally 50 to 70 percent of the insurance you have on the structure of the house.

The best way to determine if this is enough coverage is to conduct a home inventory.

Personal belongings coverage includes items stored off-premises—this means you are covered anywhere in the world. Some companies limit the amount to 10 percent of the amount of insurance you have for your possessions. You also have up to $500 of coverage for unauthorized use of your credit cards.

Expensive items like jewelry, furs, art, collectibles and silverware are covered, but there are usually dollar limits if they are stolen. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for its officially appraised value.

Trees, plants and shrubs are also covered under standard homeowners insurance—generally for about $500 per item. Trees and plants are not covered for disease, or if they have been poorly maintained.

• Liability protection

Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter (or even your dog) accidentally ruins a neighbor’s expensive rug, you are covered. (However, if they destroy your rug, that is not covered.)

The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit stated in your policy documents.

Liability limits generally start at about $100,000, however, it’s a good idea to discuss whether you should purchase a higher level of protection with your insurance professional. If you have significant assets and want more coverage than is available under your homeowners policy, consider purchasing an umbrella or excess liability policy, which provides broader coverage and higher liability limits.

• Additional living expenses (ALE)

ALE pays the additional costs of living away from home if you cannot live there due to damage from an insured disaster. It covers hotel bills, restaurant meals and other costs, over and above your usual living expenses, incurred while your home is being rebuilt.

Keep in mind that the ALE coverage in your homeowners policy has limits—and some policies include a time limitation. However, these limits are separate from the amount available to rebuild or repair your home. Even if you use up your additional living expenses your insurance company will still pay the full cost of rebuilding your home up to the policy limit.

If you rent out part of your house, this can also cover you for the rent that you would have collected from your tenant if your home had not been destroyed.

• Medical payments for others

This coverage provides no-fault medical coverage, so if a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses can be paid without a liability claim being filed against you. It does not, however, pay the medical bills for your own family or your pet.

Serving Mesa, Gilbert, Queen Creek and the state of Arizona. PJS Insurance Services should be your first and last stop when looking for Arizona Home insurance.

There is a difference. To find out how our Independent insurance agency in Mesa can help you find the right AZ Home insurance coverage, please contact PJS Insurance Services. Give us a call today at (602) 750-0616.

Now serving Toledo, Sylvania, Ottawa Hills and the state of Ohio. PJS Insurance Services offers you more choices to find affordable Ohio Homeowners Insurance.

Experience the difference. To find out how your Ohio Independent insurance agents can help you find the Best Home insurance Toledo OH, please contact PJS Insurance Services. Give us a call today at (419) 318-9130.

Home Insurance in Arizona or Ohio-have more questions?

Call PJS Insurance Services at (602) 750-0616 in Mesa, AZ or (419) 318-9130 in Toledo, OH.

Feel free to go to the main Home Insurance Basics page for more information. There are a lot of different types of coverages for a lot of different types of households. Here to help with the lowest prices from the best companies.

Select your choice below for additional information and coverage options to customize your plan or send me your questions here.