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What Does Homeowners Insurance Cover?
If you have a home, you must protect it with homeowners insurance. Homeowners insurance provides coverage that protects you in the event of a disaster or other events that cause damage to your home. They also offer liability coverage that protects you financially if someone incurs an injury on your property.
Homeowners insurance is an essential part of owning a home, so don’t wait to get covered. Here’s what homeowners insurance covers.
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Homeowners Insurance Benefits
When you purchase homeowners insurance, your benefits cover Interior damage, exterior damage, loss or damage of personal assets, injury that occurs on the property. Here’s more information about each category:
Interior damage
Interior damage includes any damage that occurs to the interior of your home. Homeowners insurance doesn’t cover interior damage from all sources, though most sources are covered.
Exterior damage
Exterior damage includes any damage done to the outside of your home. Whether damage is covered depends on the event that caused the damage. To learn what types of exterior damage is covered in your plan, review it with an insurance professional.
Loss or damage of personal assets
If something causes significant damage to your personal assets or the assets of another person on your property, your plan will also cover the replacement of that item. Though, the amount that will be recovered depends on the rules of your plan. Some plans don’t offer to replace the full cost of the damaged item.
Injury that occurs on the property
If someone else is injured on your property, you may be liable for their medical costs. Homeowners insurance protects you from this liability.
What Isn’t Covered By Homeowners Insurance?
Your homeowners insurance policy won’t cover damage done to your vehicle, although it is an asset that is on your property. To have this level of protection, you must purchase an auto insurance policy. Homeowners insurance may cover the personal items in your care, though.
Homeowners insurance also doesn’t cover earthquakes or floods. If a leaking pipe or other interior issue caused the flood, most insurance companies will pay for the repair. If an external source, like rain, causes the flood, you won’t be covered in most cases. That’s why you need separate insurance to cover floods and other natural events.
Keep in mind that a majority of plans cover basic natural disasters like lightning, thunderstorms, hurricanes, and hail.
Compare Homeowners Insurance
Now that you know what homeowners insurance can offer you, it’s time to start comparing plans. We can gather quotes for you, then help you select the best possible plan. To get started, give Insured For Life a call.
