Homeowners package policies normally provide coverage for most of the risks or perils that the homeowner might need. Many of the coverages can be adjusted to fine tune the policy for risks that are unique to that client. Endorsements can be added for special coverages. Normally, the declarations page of your policy will show a number or limit for each coverage you have purchased. Or the policy may reference a specific endorsement. That limit is the most the insurance company will pay for any of the perils or coverages. Below is a listing and brief explanation of many of the coverages on a homeowners package policy:

• Dwelling: This is the amount the insurance company will spend to repair or replace the house and any permanent additions to it such as built in book cases etc. Most companies will use a replacement cost calculator to establish the latest cost to rebuild your home on a bare lot. This cost is usually updated annually when your policy renews. This normally causes a small increase in homeowners premiums every year.
• Separate Structures are the structures which are not part of the house or not attached to the house. Those might include a detached garage, barn or shed. Your fences or a swimming pool are also separate structures.
• Contents are normally the portable personal belongings of the family members who live their. They would also include tools, lawn mowers etc. (There is no coverage for items that used commercially)
• Loss of Use pays for extra expenses caused by not having the use of your home. For example if you must stay in a hotel for a few months while some fire damage is being repaired, the cost of the hotel is an extra expense.
• Medical often covers any minor medical issues that arise for any guest.
• Liability pays when you or a family member living with you cause injury or damage to another person or their property.

Many of the policies will have small amounts of coverage for miscellaneous items. You can purchase additional coverage with endorsements. These are just a few of the Endorsements or riders that can be added:

• Water Back up. This coverage normally applies when you have damage caused by a failed sump pump, no power to a sump pump or water backing up though a floor drain in your basement. It does not apply to an inundating flood. National Flood Insurance is required for that risk. See the blog How can I minimize the possibility of water damage to my home? for more information.
• Jewelry: Most policies have lower limits for jewelry. If you have jewelry valued at about $1000 per item or more, you are normally advised to add a jewelry floater. You will need an appraisal for each item the floater.
• Fine Arts. You can insure your fine arts. But you will often need an appraisal for each item.
• Firearms can be covered. There may be other options to protect your firearms.
• Collections including coins: You will need a detailed list of the items. Depending on the values of each item you may need an appraisal.
• Extend Liability to other properties

Deductibles are applied to the physical damage coverages in the policy. These normally apply to dwelling, separate structures, contents and many of the endorsements. See the blog post How High should my Deductible Be for more information.

These discussions are for general information only. The policy language, definitions, endorsements etc. in your particular policy will apply.

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