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Maryland Insurance Administration • 800-492-6116 • www.mdinsurance.state.md.us
A Consumer Guide to homeowners insurAnCe
Out-Buildings on Your Property – In this part of your homeowners policy,
your insurer promises to pay if a structure not attached to your home, such as
a detached garage, tool shed, swimming pool, fence or other building on your
property, is damaged by a peril covered by your policy. More coverage is available
for an additional premium. This coverage may not be included in certain types of
homeowners policies such as a renters insurance policy.
Personal Property – The amount of insurance protection for the contents of your
home is usually reflected on the Declaration Page of the policy. Your homeowners
policy also provides more limited coverage for personal property if it is stolen
or damaged away from your home, such as when you are on vacation and your
suitcase is stolen with your personal property in it.
Coverage is limited to very small amounts for certain types of property that are
particularly susceptible to loss such as cash, securities, jewelry, furs, manuscripts,
and stamp or coin collections. You may receive a total of only $1,500 for all furs
or jewelry stolen in a single theft. A $500 limit usually applies to all securities,
receivables, travel tickets, and stamp collections. A coverage limit of only $100
is typical for all money, coins, or bank notes regardless of the actual amount lost.
Additional amounts of insurance can be purchased separately. You should ask your
producer or insurer for information about scheduling valuable items separately
and the cost of such additional coverage.
Trees, Shrubs, and Plants – This part of your policy provides protection against
damage to greenery on your property. The coverage on trees, shrubs, and plants is
provided only against certain perils. For example, damage to greenery caused by
windstorm or ice is not usually covered, even if you buy an all-risk policy. The total
amount your policy will cover for damage to trees, shrubs, and plants usually is
limited to 5% of the policy limit on your dwelling with a $500 maximum per loss.
You should check your policy to see what your limit is for this coverage.
Debris Removal – This part of your policy traditionally pays to remove debris
from damaged property if the damage that caused the debris is covered by your
policy. Your policy also may pay to remove fallen trees that cause damage to your
covered property. This coverage is subject to a dollar limitation, which is provided
on the Declaration Page of your policy.