Unplanned home repairs can ruin your budget, especially if it is a major repair. It can break you financially. A standard home insurance policy will not cover mold damage or earthquake damage.
A Standard Home Insurance covers damage and loss of the structure of your home in the event of hail, hurricane, lightening or fire (structural components). Standard Home Insurance policies do not cover mold damage due to neglected maintenance, such as faucet or pipe that are leaking. In case of flood and earthquake, a separate policy is required. The location of the property is taken into account if it is prone to natural disasters. Other detached buildings on your property like garages or gazebo get the typical coverage of 10%.
The Personal Property coverage included in a standard home insurance policy covers your personal items (jewelry, cash, collections, clothing) and household contents (furniture) if they are stolen or destroyed by fire or hurricane. It will only cover to a certain extent like $5,000 for personal belongings. You will need to pay more to get additional coverage.
Automobile insurance policy will cover the loss of your car or damage to it, but will not cover personal belongings that are inside like briefcase, laptop, suitcase, purse, wallet, GPS, iPod, sunglasses etc.
Home insurance covers theft of your personal belongings from a vehicle, even if the crime occurs away from your property. Whether you are a homeowner, condo owner, or tenant, personal items will generally be covered under your property insurance policy.
The personal property that is temporarily away from your home is usually insured for up to 10% of the amount of your personal property insurance or $1,500 or whichever is greater.
Personal liability protects you or your covered family members if you injure another person or cause damage to someone else's property. It's also known as third-party insurance because it protects you if a third party files a claim against you. Personal liability insurance can be purchased as part of a package policy. Pets are also included in this portion of your policy protecting you against bodily harm or property damage that they may cause to others.