Homeowners are often confused between two types of coverage. One type is business personal property insurance or CPP. This coverage includes the physical property owned by a homeowner. This includes the detached dwelling, the land owned by the homeowner and all fixtures and equipment owned by the homeowner. The second type is business liability or BOP, which is a requirement for homeowners who operate a business out of their home.
Business personal property insurance helps the policyholder compensate expenses related to personal injuries that have occurred on the premises. This includes any damages to the person’s body or to the property. Homeowners may also be protected from property loss or damage caused by storm, fire or smoke. In the case of business owners, however, business liability only applies if the property is used in a trade or industry that causes the accidents.
Business personal property coverage will not cover you for any expenses for lost income because of your absence. However, it will cover you for personal injury expenses if your property is damaged or stolen during a time when you are no longer able to work. This means any expenses for doctor bills, medicines and so on. Your coverage can also help pay for any funeral expenses that must be met, even if they are covered under the provisions of the policy. It can also help relieve expenses for replacement of essential personal items if the cost is more than the value of the items.
BOP is intended for bodily injury and property damage only. It does not cover any other type of claim against you, such as slander or libel. In the event of a lawsuit, the limits of this coverage will be limited to the limit of the liability policy. Personal liability coverage provides coverage for bodily injury but does not include other types of liability.
Coverage for reasonable repairs is available under the personal residence owner’s or dwelling policy. When damage to the structure of your home is covered by this coverage, the policy will specify which portions of the house are covered and the amount of coverage. If your home is damaged by an insured event, a loss statement will be provided with the coverage. The statement will state which portion of the dwelling or personal property was damaged, the amount of coverage for that area, and the name of the insured. Your coverage is also effective for repairs made to the structure of your home within one year after the date of coverage. Repairs covered include roof repairs, basement repairs, slab repairs, brickwork repairs, interior and exterior balcony repairs, landscaping repairs, snow removal, and electrical wiring repairs.
When there is a loss, the property owner is required to notify the insurer. Within a reasonable time after such notification, the property owner is required to pay for all necessary expenses and damages caused by the loss. Coverage includes repair expenses for windows and doors that were busted, roofing or flooring repairs, and paint removal or painting. Similarly, if there is a flood, the amounts of coverage will vary, depending on the type of loss covered, and the policy document will specify the types of losses that are covered under the coverage.
Most policies will outline the exclusions and limitations that apply to the coverage of the dwelling of homeowners. In general, these exclusions will state that personal property and personal liability coverage will not apply to renters or to the policyholder, or their household members. Also, if there is any form of gambling or gaming in your rental property, it will also not apply to the policy. Similarly, if you have a mortgage on your dwelling, the coverage will exclude coverage for the cost of repairs for damages to the structure of your home, or personal property because of damage resulting from flood, hurricane, or earthquake.
Other exclusions may apply to the dwelling property coverage of homeowners, too. For instance, if you live in a manufactured dwelling, it will not cover your personal possessions if they are found to be stolen. Likewise, if your dwelling is an additional dwelling, it will not cover your boat or recreational vehicles, as well as storage facilities for those possessions. Similarly, items that are permanently attached to your dwelling will not be covered by coverage of, and you will need to buy separate coverage for them.