Have you ever wondered what exactly Homeowner Insurance Cover? Then, this review is for you because we will be discussing what it covers. Homeowners insurance helps to protect you in case of damages or disaster in your home or to your belonging. It also covers you in certain instances, like when you accidentally cause property damage to yourself or someone else.
Homeowners Insurance Cover your furniture clothing and other personal items even if they got stolen or destroyed by a natural disaster. However, is not just a luxury, but rather, is a very important necessity. And not only does Homeowners insurance cover and protect your and your belongings, but it also protects your family members.
Furthermore, House insurance policies generally include different types of coverage. And they will all be mentioned in this article. You can also purchase more insurance coverage based on what you need, own, and the risks. Whether it is damages done by theft or some natural resources, Homeowners insurance got you covered.
In addition, you don’t need to have your home to purchase your insurance. Although it is not required, it is very smart to have the Homeowner’s insurance cover you. Follow this article to the very end to check what is typically covered and not covered by the house insurance.
Types of Homeowners Insurance Coverage
Most homeowners insurance covers the below four types of home insurance coverage. Check them out below;
Dwelling coverage
This is designed to repair or rebuild your home in case of disasters like lightning, hail, fire, and hurricane. Dwelling coverage included the main structure of your house but not other detached structures of the same environment or premises. The dwelling consists of your home or other structures on your property such as a shed or garage. Your type of dwelling coverage depends on the type of homeowners insurance policy your purchase.
Other Structures Coverage
Other structures are designed to protect the detached structures on your property. The dethatched structures can include detached sheds, barns, fences, garages, and gazebos.
Liability Protection
Liability coverage protects you from financial losses from damages done to other people or property if you are found responsible legally. Unless they are excluded, this also covers damages caused by your pets and family. In addition, it covers court awards and expenses, but this depends on your policy.
Personal property coverage
Coverage for your personal belongings will pay you the value of your stolen, damaged, or lost possessions including your clothing, electronics, collectibles, and furniture. Expensive items like furs, jewelry, and silverware can also be covered depending on your policy. Even shrubs, plants, and trees are covered in some areas. Personal property coverage also includes items that are stored off premises.
Additional living expenses
This coverage pays for your additional cost of living until your home is rebuilt or repaired. It might include restaurant and hotel expenses and other costs during that period. Additional living expenses coverage has limits and in some cases, a time limit.
Which Disasters are Covered by the Homeowner Insurance Policy?
In most policies, personal property coverage works differently than other coverage. Instead of covering your stuff, some homeowner’s policies cover the below disasters.
- Theft
- Damages caused by vehicles
- Fire or lightning
- Explosions
- Riots
- Damage caused by vehicles
- Vandalism
- Windstorms or hail
- Weight of snow, sleet, and ice
- Sudden damage from power surge
- Falling objects
- Discharge from household systems like an appliance, air conditioning, and plumbing
- Sudden bulging, tearing, or cracking of stem system, hot water system, air conditioner, or fire protection system.
These disasters are called perils in your policies. Perils are known as specific events that caused damage to your home and belongings.
What does Homeowners Insurance not Cover?
You should know that homeowners insurance won’t cover everything that goes wrong in your home. For example, if you intentionally damage your own house, the insurer won’t pay for it. Damages from other causes excluded from policies include
- Nuclear hazard
- Sinkholes, landslides, and Earthquakes
- Neglect or wear and tear
- Government action and war
- Power failure
You can purchase coverage that is available for these above risks. Other things that are covered by this policy include bird or rodent damage, mold, rust rote, termites, and insect damage.
Does Homeowners Insurance Cover Theft?
Yes, homeowners insurance policies cover theft of your personal belongings even if it happens outside your house. If the theft or damage happened because of the covered event, the insurer will cover the loss. Also, if your home is burglarized and the home is damaged, the insurance will repair or rebuild the home under the dwelling coverage. You can also extend the coverage to your family to protect their belongings. However, you need to know that, special items like fine arts, specialty bikes, cash, and jewelry may not be covered by the homeowner’s insurance in theft.
