Although home insurance is not required by the state that does not mean that it should be overlooked. In fact, at Strand Insurance we believe that home insurance is very important. Home insurance has evolved over the years to include more than just fire coverage. This is why home insurance is becoming increasingly important.
On a home insurance policy in Washington and Oregon today, you can expect to find:
- Dwelling – The structure of your home
- Detached Structures – A separate shop, garage, fence, etc…
- Personal Property – Your personal possessions (not all possessions are covered under this section. There are specific limits for guns, jewelry, money, etc… This must be listed separately to insure their full value).
- Loss of use – The cost of living while your home is not habitable due to a covered loss.
- Personal liability – The coverage that helps protect you and the members of your home against lawsuits.
- Medical Payments – The coverage that will cover medical expenses that arise when someone is injured on your property.
As you can see, there is a lot more to a home insurance policy than simple fire coverage. In fact, each over the coverage options above can go into further detail to specify coverage amounts. You also have the option of whether you would like your policy to be a Replacement cost policy or an Actual cash value policy. Additionally, it is important to note that although home insurance policies have come a long way from simply offering fire coverage, there are still things that your policy will not cover.
Perils that are not covered by a standard home insurance policy include but are not limited to: flooding, earthquake, and land movement. If you would like to have coverage against these perils, you will need to purchase additional coverage.
The standard home insurance policy also places limits values on certain possessions that you may have. Examples include but are not limits to: jewelry, art, silverware, guns, various collectibles, and money. If you have higher valued items in your home, talk to you home insurance agent about “Scheduling” these items on your policy. Scheduling allows you to insure such possessions to their appropriate value.