Homeowners insurance helps provide financial protection for your home and personal property. Learn the basics of homeowners insurance and what it covers.
What is homeowners insurance?
Homeowners insurance consists of coverages that can help pay for the costs of repairing or replacing your home and property if it is damaged by certain risks, such as fire or theft. It can also help cover costs if someone else's property is accidentally exposed or if a visitor to your home is injured.
How much does home insurance cost?
Homeowners insurance costs depend on several factors, including the coverage you choose, the features of your home, and the value of your personal property. There may also be additional costs for additional coverage or for increasing coverage limits. An agent can help you choose the coverages that best suit your needs and also help determine if you qualify for any policy discounts.
What does homeowners insurance cover?
Homeowners insurance generally helps cover:
- Your abode
- Other structures on your property
- Property
- Liability for injury or damage to someone else's property
You can also buy additional covers for added protection. Typical insurance policies provide homeowners with coverage for fire, lightning, storm, and hail damage. But it is important to know that not all natural disasters are covered by homeowners insurance. For example, earthquake and flood damage are generally not covered by homeowners insurance. You may be able to purchase separate insurance policies to help protect your home and property from these types of risks.
Home protection
One of the main coverages in a homeowners insurance policy is Home Protection, which helps cover the structure of the house you live in (for example, the foundation of the house, the walls and the roof). Home protection can also help cover other structures associated with the home, such as a garage or deck, against some hazards.
Protect other structures
Most homeowners insurance policies also include coverage for other facilities on your property but separate from your home, such as a garage, tool shed, or separate fence.
Protect personal property
Homeowners insurance doesn't just help cover damage to your home. It can also provide coverage for personal belongings you keep inside. Suppose your electronic devices have been stolen from your home or a fire has damaged your furniture. Protecting personal belongings can help pay for the costs of repairing or replacing your belongings if they are damaged or destroyed due to the risks involved. Many insurance companies offer optional coverages that can help protect the things you own. For example, you may be able to purchase extended coverage for items such as jewelry, watches, and furs that are higher than your personal property coverage limits.
Liability protection
A typical homeowners insurance policy provides liability coverage for someone who does not live with you and is injured while on your property. Suppose a visitor moves onto your broken staircase. Bodily injury liability coverage can help pay for the resulting legal expenses or medical bills associated with the visitor if an error is found. You may be able to increase your limits on liability coverage by adding a personal blanket policy. Your agent can explain your options.
Coverage limits and deductions
Keep in mind that all homeowners insurance policy coverage is subject to a limit - the maximum amount your policy will pay for a covered loss. You may be able to adjust the limits of your coverage based on your needs, taking into account, for example, the value of your home and property and how much it will cost to repair or replace them if they are damaged or destroyed due to a covered risk.
In most cases, you will normally have to pay your own deductible before your insurance benefits begin to help cover the loss. Read your policy or contact your agent to review coverage limits and deductions. You can usually modify it to suit your needs.
The protection provided by a home insurance policy can be a safety net in case the unexpected happens. Your local agent can help you determine the types of coverage and restrictions that work for you.
In most cases, you will normally have to pay your own deductible before your insurance benefits begin to help cover the loss. Read your policy or contact your agent to review coverage limits and deductions. You can usually modify it to suit your needs.
The protection provided by a home insurance policy can be a safety net in case the unexpected happens. Your local agent can help you determine the types of coverage and restrictions that work for you.
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