Exemptions to the Individual Mandate
There are some cases where there is no penalty to not having coverage.
Most homeowners insurance policies combine property and personal liability coverages.
Property coverage insures your home, contents and other structures against loss or damage from certain perils.
Perils are events that cause damage to property: such as fire, windstorm, and theft.
Property coverage also provides payment of medical expenses for injuries to anyone other than members of your household.
Personal liability coverage insures for bodily injury and/or property damage caused to others as a result of your negligence.
This provides coverage that protects your primary residence and attached structures.
It also covers fixtures in the house:
Things like built-in appliances, plumbing, permanently installed heating and air-conditioning systems, and electrical wiring.
This provides insurance coverage for detached structures:
Things like garages and storage sheds.
This also covers fixtures attached to the land:
Things like fences and wood decks.
This covers your furniture, appliances, clothing, and other personal belongings.
Contents coverage usually has special limits on certain kinds of personal property.
For example, theft of jewelry and furs is limited to a certain dollar amount.
Check your policy for a full listing of limits.
For an additional premium, you may increase these special limits.
This provides coverage for some of your extra expenses if your home is damaged and you can’t live there while repairs are made.
Covered items include extra food costs, lodging, relocation, and storage expenses.
This benefit covers only the difference over and above your normal household expenses.
For example, the cost of restaurant meals minus normal food expenses.
Submit your receipts for additional living expenses to your insurance company for reimbursement.
Most homeowners insurance policies contain additional coverages.
When a peril damages or destroys a house, expenses can exceed the cost of repairing the house. Certain dollar limits apply. Ask if your policy covers the following:
Most homeowners policies under the property coverage section do not provide coverage for loss to the following:
These are only examples of excluded property. Review your policy to see the exclusions under your contract.
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