WA Property Insurance

One of the most precious investments in a person’s lifetime is their home and personal belongings. And because these are very valuable, you have to make sure that you would do anything to protect them. Getting property insurance is a good way to ensure that your properties are protected because you will never know when you could lose them to unforeseen circumstances such as fire, weather, burglary, or maybe even lawsuits due to negligence that might cause damage or injury to others.

Property insurance goes for all types of dwellings, whether your home is a house, condominium, manufactured home or duplex; even if you are renting, it is crucial that you and your family are properly protected and insured.

Property insurance in WA is bound by a contract between you and the insurance provider of your choice. It contains all the details and information that the company agrees to do in exchange for the premium that you will pay. The contract will also describe the responsibilities on your part and the general terms of coverage. Usually the contract is divided into sections which are the declarations page and the policy itself.

There several types of coverage that you must know about. First is the Dwelling Coverage which provides for the repair or replacement for your damaged or destroyed home and attached structures, such as a garage or a deck. Most homeowner’s policies provide replacement coverage and it pays the actual cost to replace your home up to the limit of the policy you availed. The amount of coverage is generally a percentage of the amount it would cost the insurance company to fully rebuild your home.

The second type of coverage is the Coverage for other Structures. This is the type of coverage that provides for the repair or replacement of other permanent, separate, unattached structures on your property. The limit in this coverage is usually at ten percent of the dwelling coverage. This coverage protects against a loss to a detached garage, personal workshop or attached fence but it will most likely not provide coverage for other buildings within your property that renters occupy or that you could be using for business.

Personal Property Coverage is the third type of coverage which provides repair or replacement for your furnishings and personal items like your television, stereo, dishes and many more. The cost is about seventy percent of the dwelling coverage for replacement costs which depends on your insurance company. Your replacement coverage will be based on the unused value of your item until you actually replace them.  This simply means that the insurance company will initially pay you for the used value of your item and after you buy the replacement item, they will pay for the difference of the actual cost of the replacement.

There are many more types of coverage that you can take a look into. Whatever it is that you choose to get, it would be best to go for the one that best suit you depending on the type of properties that you have and which ones you wish to cover.

http://www.insurance.wa.gov/publications/home/homeowners_guide.pdf