Homeowners insurance handbook

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AUGUSTA, Wis. (WEAU) -- Homeowners insurance is meant to give buyers peace of mind and is an essential part of the home buying process. But often times do you really know what your getting and how its protecting your property?

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In our helpful home tips from the Chippewa Valley Home Builders Association, Travis Kaeding with Indianhead Insurance Agency here to break it all down.

Homeowners' insurance is a package policy. One part of the package includes protection for damage to your home, other structures on the property, and personal property. Personal property is all of the belongings in the home. In order for the insurance to pay for a loss/claim, a deductible that the homeowner pays must be met first. The first thing one should look at would be the replacement cost of the house. This price is not set off of appraised value or market value. The value of your house on your insurance policy is based off the cost to rebuild your house.

Other aspects people should be aware of are other structures on premise that need to be covered. Sheds and detached garages need to be discussed. In additional liability limits need to be discussed. Most common exposure for a homeowners policy is a slip and fall. Also, water and sewer back is important to discuss along with knowing there are submit limits on jewelry and guns.

Unfortunately, a homeowners policy isn't all encompassing. You can cover many things with a homeowners but there are exclusions within a homeowners policy. The two most commonly discussed is flood or surface water. Surface water is excluded from policy. There are a couple companies that will provide seepage coverage but that coverage is very limited. The other exclusion is maintenance. General maintenance or wear and tear is not covered by a homeowners policy. There has to be an event or occurrence that caused the damage.

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