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Homeowners Insurance: What All Does It Cover?

In the event your home or the

items inside of it are damaged,

homeowners insurance will provide

you with the financial protection

you need. It can also ensure that

anyone who is held liable for

someone being injured on the

property is going to be covered.

Most of the time, the mortgage

lender is going to require you to

have this insurance in place.

There are a variety of different insurance policies you can get to cover your

home. You can choose from a basic policy to one that is going to cover a

whole bunch of different components of the home. Remember, not every

policy or level of coverage is going to be the same.

How do you know what is covered and what isn’t?

Most of the time, the insurance policy is going to cover any damage resulting

from fire, hail, theft, vandalism, windstorms and lightning. Other policies will

go beyond that and cover other perils also. Generally speaking, earthquakes

and floods aren’t going to be covered by the policy. Make sure and discuss

what is going to be covered under your policy and what isn’t. When you

have a peril that isn’t covered on your current policy, you can always see

about getting separate insurance that will cover it for you.

What does a standard policy cover?

• Coverage for the dwelling – If your home needs to be repaired or

rebuilt, it will be covered under the insurance policy, providing it is one

of the covered losses. You want to make sure you have enough

coverage to take care of the rebuild.

• Coverage for other structures – Your policy will also pay for any

damages to structures that aren’t attached to your home, such as the

shed, garage, fence and cottage on your property.

• Coverage for personal property – Any personal items that are

destroyed or damaged in your home from a covered loss are going to

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be covered under your policy. Sporting goods, clothing, furniture and

electronics all fall under this category.

• Coverage for loss of use – If you have to relocate somewhere else

while your home is being restored, this coverage will pay for your

living expenses in the meantime.

• Liability insurance – In the event of a lawsuit, your defense costs and

assets are covered when your property or family members are

responsible for the injuries in the first place.

• Additional coverage for your home – There are a variety of different

added insurance coverages you can purchase with your policy to help

ensure you are able to meet your needs.

Take the time to speak with your insurance agent to discuss all of the

different options available to you today.