What does homeowners insurance cover?
Homeowners insurance coverage can vary from policy to policy. A standard homeowners insurance policy however typically provides coverage for the following:
- Dwelling Coverage- Protects your home in the event it is damaged in a covered peril
- Other Structures Coverage- Pays for covered damages to detached garages and/or sheds on your property
- Contents Coverage- Provides protection for your personal belongings in your home if they are damaged, lost or destroyed in a covered peril. This may include furniture, appliances, electronics, etc.
- Loss of Use Coverage- In the event your home becomes uninhabitable due to a covered peril, your homeowners insurance covers costs for shelter, dining, etc.
- Personal Liability Coverage- Protects you financially in the event you are found financially responsible in a covered lawsuit where you caused damage or harm to another person or their property
- Medical Payment Coverage- Provides financial protection in the event that someone is injured on your property and does not file a lawsuit but deem that you are responsible for their medical bills.
As with all homeowners insurance policies, it is best to direct questions about specific coverage to your insurance agent. This is because the above coverage only applies in the event of a covered peril. A covered peril would be listed on your policy and may include wind, hail, fire, theft, etc. Flood damage, however, is not covered along with earthquakes and some other natural disasters that require their own policy.