What Standard Home Insurance Maryland Covers
Basically, a standard home insurance Maryland has four types of essential coverage, and these include house structure coverage, liability protection, personal belongings, and additional living expenses (in case you are forced to temporarily leave your home due to an insurable disaster.)
House Structure
Coverage for the structure of your home to repair and rebuild your house in case it is destroyed or damaged by disasters like lighting, fire, and hurricane. However, it does not cover damages caused by an earthquake, flood, and normal wear and tear. When buying house structure coverage, make sure that it will be sufficient to rebuild your house.
A standard policy typically covers structures that may be detached from your house such as a tool shed, gazebo, or garage. These structures are generally covered for around 10% of what you pay for house structure coverage.
Personal Belongings
Your personal belongings like your clothes, furniture, and appliances are covered when stolen or if they get damaged by an insured disaster like a hurricane or fire. Coverage is usually 50 – 70% of the cost of insuring the structure of your house. Thus, it is important to do an inventory of your personal belongings before buying home insurance Maryland to make sure you are sufficiently covered.
While expensive items like silverware and jewelry are covered, there is usually a dollar limit in case of theft. Under standard home insurance policies, shrubs, trees, and plants are likewise covered for perils like lightning, fire, explosion, theft, riot, and vandalism.
Liability Protection
This part of your home insurance Maryland policy protects you from lawsuits arising from physical injuries or property damages you or your family members may have inflicted on other people. It also covers the damages your pets may have caused. You are covered if anyone in your household damages a neighbor’s expensive carpet, but not if you, your family member, or pet damages your own carpet.
Depending on the limits set in your policy, you are covered for the cost of your court defense and court awards. If you want more coverage than the usual minimum limit of $100,000, you can buy an umbrella policy that offers a wider range of coverage that includes libel and slander charges against you.
Additional Living Expenses
Commonly referred to as ALE, additional living expenses coverage pays for the cost for living elsewhere in case you are temporarily unable to use your home that may have been damaged by an insurable disaster like a fire or storm. It includes restaurant bills, hotel expenses, and other related expenses, on top of your usual living expenses that you incur while your house is being rebuilt.
The ALE coverage limit is usually a given percentage of your total home insurance Maryland cost, and some even carry a time limit. However, the amount covered by ALE is separate from the available amount for repairing or rebuilding your home. If you rent a part of your home, your lost income will also be reimbursed. Insurance companies may likewise have different ALE coverage which you can increase by paying an additional premium.
To help your search for affordable home insurance Maryland deals, call Insurance Brokers of Maryland today!
