Can you rely on what you know about your policy if calamity strikes?
Life is considerably more comfortable when you know your family is safe from financial loss. For this reason, having homeowners insurance is one of the colossal aspects of being a homeowner.
The fine print of an insurance policy is like the joint efforts of a certified lawyer, and investment banker rolled into one. And yet, even fellow homeowners aren’t clear on the scope of their policy coverage.
So what does the homeowners insurance cover? In this article, we’ll give you the insights you need. Read on to find out!
Table of Contents
Personal Property
Homeowner’s insurance can cover personal property either kept in the home or away from it. Your home insurance coverage typically pays for replacing items lost or damaged due to unavoidable circumstances, such as:
- Fire
- Theft
- Vandalism
- Floods
- Hurricanes
In most cases, the cost to replace the belongings is estimated with the help of an adjuster and then evaluated against the policy limits and relevant exclusions.
Personal Liability
This is a type of protection for legal issues involving injury or property damage to others caused by a homeowner or a resident of their household. This coverage can help protect a homeowner from financial losses if sued since it helps pay for legal fees, court costs, and any settlement resulting from a civil action.
Personal liability insurance also helps cover medical and associated expenses for anyone injured on the homeowner’s property, regardless of whether it was the homeowner’s responsibility.
Dwelling Protection
Homeowners insurance covers your dwelling or the place that you call home. It covers any damage caused by fire, wind, hail, explosions, smoke, vandalism, and other covered events.
It can also cover destruction caused by an electrical surge, lightning strike, or water damage. Most policies include personal property coverage, additional living expenses should your home become unlivable, and liability or medical costs if someone gets hurt while on your property.
Other Structures in Your Home
Homeowners insurance covers other structures on your property, such as:
- Garages
- Gazebos
- Tool sheds
- Fences
- Detached decks
- Detached Driveways
This coverage helps to protect your investment should these structures be damaged or destroyed in a covered peril such as vandalism or storm damage.
Loss of Use
Homeowner’s insurance can provide coverage for loss of use incurred when homeowners cannot use their home after a covered claim. This can cover the cost of temporary housing, meals, and associated expenses while the home is being repaired or replaced.
The coverage may also apply when their property is uninhabitable due to an insured catastrophe. Loss of use coverage is typically included in a standard homeowners policy.
Still, it is essential to check with your local insurance provider to ensure it is included in your policy.
Learning More About Homeowners Insurance Cover
Homeowners insurance is a must-have to protect your home’s investments and contents. It provides essential protection against damages, supporting individuals and the entire community.
Do your research now and make sure that the homeowners insurance cover will include the items outlined in this article. Get your home insurance policy today and keep your home safe!
If you found this article helpful, check our other blog posts for more tips.
