What Does My Home Insurance Policy Cover?

There are many products we purchase but hope never to use as they are designed. For example, we hope not to actually need the helmet intended to protect us while riding our motorcycle or the life vest to keep us safe at sea.

Insurance is also one of those products we buy in hopes of never needing or using. But like a helmet or life vest, we undoubtedly appreciate that it is there when we need it the most.

Regarding home insurance, you may be wondering what your policy covers. Standard homeowners insurance typically covers the following:

- Structure of the home: This includes coverage for damage to the physical structure of the house, such as the walls, roof, and foundation, caused by events like fire, windstorms, and hail.

- Personal property: This includes coverage for damage or loss of personal belongings inside the home, such as furniture, electronics, clothing, and other household items.

- Additional living expenses: If you cannot live in your home because of a covered loss, this coverage can help pay for additional living expenses, such as hotel bills or temporary housing.

- Liability: This coverage protects you in case you are found legally responsible for someone's injuries or property damage that occurred on your property.

- Medical payments to others: This coverage can help pay for medical expenses for someone injured on your property, regardless of whether you are liable.

Coverage, deductibles, and limits may vary from policy to policy. And based on the home's location and type of construction, some additional coverage like flood or earthquake insurance might be required.

Home insurance policies also have exclusions, or situations in which coverage is not provided. For example, coverage for expensive jewelry, art, or collectibles is typically capped at a certain amount.

Consult a professionally licensed insurance agent to make sure your home, property, and liability exposures are adequately insured. Together, you and your agent can find a policy that provides the most significant benefit of all – peace of mind.