Replacement-cost coverage will add from 10 percent to 15 percent to your basic premium. More Basic Coverage Most homeowner' policies cover damage or injury happening in the home in addition to the coverage given for real and personal property. Liability Protection covers damages for which you are legally responsible and is usually provided by your homeowner's policy. The policy will also cover an accident which happens on your property. You can buy larger amounts of liability coverage for a small cost.
Many experts advise buying extra liability coverage.
The liability section of your homeowner's policy pays medical expenses related to an injury to others on your property, or injury elsewhere resulting from an accident caused by you, a family member, a domestic employee, or your pet. You can buy larger amounts of coverage. The liability section also covers any minor damage that a family member might cause to another person's property by accident. For example, damage caused by children younger than 13, whether deliberate or accidental, is usually covered. When reading your homeowner's policy, look for what is not covered.