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Dwelling Replacement Cost Coverage -
Replacement cost dwelling insurance pays the
policyholder the cost of replacing the damaged
property without deduction for depreciation, but
limited by the maximum dollar amount indicated on
the declarations page of the policy.
Protection for Other Structures -
Protects an insured's structures which are separated
from the dwelling by a clear space. Protects
structures like a detached garage, storage unit,
fence, gazebo…(Exceptions: Renters and Condominium
Policy)
Personal Property Protection -
Provides protection against covered loss to movable
property like a stereo, bicycle, furniture or
clothing. Most Homeowners, Condominium, Mobile home
or Renters Insurance Policies set aside special
coverage limits for movable personal property, or
categories of personal property, like jewelry, money
and securities. You can increase the coverage limits
for these and other possessions by selecting an
Optional Coverage Endorsement to your Homeowners,
Condominium, Mobile home or Renters Insurance
Policy. Can be done on replacement costs or cash value basis.
Loss of Use/Additional
Living Expenses Coverage - Pays
the reasonable increase in living expenses necessary
to maintain your normal standard of living when a
direct physical loss makes your residence
premises uninhabitable for up to the amount of time
specified in the policy. This may include payments
for the additional costs of a place to stay, food
and other increased living expenses.
Liability Protection - Provides
protection for insured persons who become legally
obligated to pay for covered accidental bodily
injury or property damage to others. This protection
does not cover auto liability claims.
Guest Medical Coverage -
Provides protection for your guests, who are
accidentally injured on your property as a result of
a covered loss. This protection pays for the
reasonable and necessary medical expenses they
incur, regardless of who was at fault.
Actual Cash Value - In many
states, this means that in the event of a covered
loss, you'll be paid the current replacement cost of
whatever you lost, minus depreciation. (This
generally includes the estimated wear and tear on
the item damaged or the loss in value of that item
because of aging and use). The total amount you'd be
paid would be subject to the terms of your
particular policy, including applicable deductible
and coverage limits.
Loss Assessment Coverage - Pays
for your share of expenses for a covered loss, up to
your policy limits, when your association requires
an assessment on all owners for certain covered
losses.
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