To become an educated insurance consumer you need to understand what your homeowner’s insurance policy covers. There are several kinds policies available, the examples below refer to a standard policy.

Six types of coverage are included in the typical homeowner’s insurance policy:

1. Contents – This portion of your policy protects personal belongings. These belongings include jewelry, furniture and electronic equipment. Usually the standard policy provides up to 50 percent of the dwelling limits for contents. This means that if your home is worth the $250,000, your personal property may have a worth up to $125,000.

A homeowner’s insurance policy covers any personal property that is used or owned by an insured. If your child’s computer is stolen at college, it is covered under your insurance policy. Even though your child is residing at his/her school, the courts have consistently ruled that a dependent child who is away at school is still considered a resident of the insured’s household. This is true as long as he/she has returned to your home in Albany, New York within the 45 days that led up to the loss of his property.

2. Dwelling – this coverage protects the structure of your home against any covered losses.

3. Liability Protection – this portion of your coverage protects you financially if you are involved in a lawsuit covered by your policy

4. Other Structures – this coverage protects the other structures located on the insured property.

5. Loss of Use – if your home becomes uninhabitable because of a covered loss, while you are displaced from your home, you will receive reimbursement for a portion of your living expenses. These expenses may include hotels, dining and dry cleaning.

6. Medical Payments – this section of your policy helps with the payment of medical bills related to someone who is injured on your property. This section is only utilized when a lawsuit is not being sought.

Whether you reside in Albany, Saratoga Springs or Schenectady, New York, as your independent agent we can help find the best coverage available for you and your family.