![]() Here are a few factors to consider before purchasing a home insurance policy: Medical payments to others-If someone got injured in your home, their medical payments could be covered under this category, since the injury would be considered a no-fault injury on your property.įactors To Consider Before Buying Homeowners Insurance.It can pay up to the agreed amount for medical payments and legal fees associated with the accident. Personal liability-Liability protection is a different form of coverage that protects your financial well-being if you’re responsible for someone else being harmed on your property.It covers damages to structures that aren’t considered part of your home, such as a backyard shed or fence. Other structures-This coverage typically includes a limit of 10% of your dwelling coverage.Coverage limits for this type of protection will depend on your home insurance company and the details of the claim. Loss of use-If you’re forced to relocate due to damages caused by a covered event, you could qualify for a loss of use claim that helps pay for additional living expenses.Take inventory of your belongings to determine how much they’re worth, then set your coverage limit as close to that amount as possible to ensure complete protection. ![]() Personal property-This coverage protects your personal belongings and usually amounts to around 70% of the dwelling coverage limit, but companies like Lemonade allow you to customize this limit to your coverage needs.Speak with an appraisal professional for advice on how much your home is worth before signing up for a policy to ensure you purchase the right amount of coverage. The coverage limit for this category is typically equal to the total value of your house. Dwelling-This covers the rebuilding of your house after a destructive peril, such as wind damage or fire.Most homeowners insurance policies in New York include the following coverage types with customizable limits:
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