When you think about your homeowners policy, the first thing that probably comes to mind is the house itself and your belongings in it. And while it’s true there might be the most pressing coverages needed in the event of disaster striking, they aren’t the only coverages that your average home insurance policy has. Learn how homeowners insurance covers more than just your property – including the protection for those you love and needs outside your home.
Understanding Personal Liability Insurance
Part of your homeowners policy, personal liability insurance is coverage that steps in if someone makes an insurance claim or sues you due to bodily injury or property damage caused by you or your family in the home. This can include:
- Covering Medical Bills: If a guest hurts themselves in your home, your homeowners insurance can cover their hospital stay and other medical costs.
- Third-Party Property Damage: If your child hits a baseball into a neighbor’s window, for example, your insurance can step in to pay for it.
- Covering Legal Expenses: If claims like those above escalate into legal expenses such as lawyer fees, your insurance can cover your legal expenses.
Understanding Loss of Use Coverage
If your home becomes uninhabitable due to a covered disaster – such as fire or water damage, weather phenomena, or other accidents or disasters – your loss of use coverage will trigger, covering some or all additional living expenses. While this does cover hotel rooms, it also may help with renting apartments, pet boarding, meals, storage fees, and even gas and mileage, depending on your policy coverage. Also, depending on your homeowners insurance, loss of use coverage may trigger even if your home isn’t damaged, such as an evacuation due to a natural disaster. Loss of Use coverage is also known as Additional Living Expenses.
Property Protection Outside of Your Home
It’s important to understand homeowners insurance doesn’t just protect property in your home – it can extend that coverage to items and objects outside of it as well. This can include things like belongings left in your car that are stolen. Also, if you’ve got children off at college, they may be entitled to coverage from your homeowners insurance on their possessions. Make sure to review your policy, as you may need to list and provide additional coverage for larger ticket items in a process known as scheduling.
Want to review your current policy with experts who can explain how your coverage helps outside of the home? Contact the TJ Wood Insurance Agency. Our agents are not only skilled in the ins and outs of homeowner policies but can help you find better coverage, including the above features, umbrella insurance, and more! Learn more about our homeowners insurance and get a free quote!
