Florida Homeowners Insurance Term What Does Insured Mean?

Homeowner insurance is meant to provide your property against any damages due to unforeseen event such as fire or any other event that could damage your house completely or partially. A standard insurance policy will provide protection for your home and your belongings inside.

Home insurance policy will also protect you from legal claims filed by a person who was injured while on your property. It also includes damages caused by pets. Let us look at the things, which are insured in your standard homeowner insurance policy.

Generally, the insured properties are dividing into four different categories. The extent of coverage and definition of property differ with each insurance provider, insurance product and State. Hence, it is necessary for the consumer to understand the definitions of insured property. The four different categories defined by insurance companies providing homeowner insurance are:

1. Dwelling: The structure of the house is considered as insured property. If your dwelling house is destroyed by unforeseen calamities such as storms and fires, you need to have adequate insurance to replace or rebuild your home. The calamities and disasters, which are covered, are clearly mentioned in policy documents. However, you need to clearly understand the coverage and check out the rates that you will be paying for this coverage. Leading insurance carriers provide affordable and favorable options on this coverage.

2. Other Structures: Structures that are not attached to your house or structures that are connected to your dwelling with fence such as detached garage or tool shed are insured in homeowner's insurance policy. Anything that is stored outside these other structures is not insured in homeowner's insurance policy. For example, your lawn mover, snowmobile is not insured in homeowner's insurance policy.

3. Personal property: Personal property refers to contents of your home. Personal property Includes clothing, appliances, and furniture. The homeowners insurance does not cover all personal property and you should look for items, which are excluded from the coverage. Generally, the items, which are not included or insured in homeowners insurance, are firearms, money and jewelry. Generally, 70 to 80% of the personal belonging is insured in homeowner's insurance policy and you will need to take special endorsements/coverage for insuring your expensive items.

You should be aware that you are required to take essential steps for proper maintenance of your dwelling. If your dwelling suffers damage due to your negligence, you will not be eligible to get the insurance coverage even if mentioned in homeowner's insurance policy.