Homeowners insurance provides a financial protection in the event that your home or its contents are damaged. It even provides protection if you or a family member are held liable for injuries to others or damage to their property. Most mortgage lenders require that you get homeowners insurance.
There are different types of policies that cover your home, ranging from a basic policy to ones that offer a broad range of protection. So, what are the perils covered under homeowners insurance, and what are your extended coverage options?
Typically, a homeowners policy provides:
- Dwelling Coverage: Covering the main structure of the house, this provides you with the ability to repair or rebuild your home if the damage is a covered cause of loss.
- Other Structure Coverage: Includes payment for damages to structures separate from the house, or connected to the house by a fence, wire, or other form of connection, but not attached to the dwelling.
- Personal Property Coverage: The contents of your home—furniture, appliances, clothing, etc.—are covered if damaged or destroyed by covered causes of loss.
- Loss of Use Coverage: Applies when a loss occurs that causes the dwelling to become uninhabitable. This includes reimbursement for additional living expenses necessary for maintaining a normal standard of living.
- Liability Insurance: Protects your assets and covers defense costs if you or your family members are responsible for injuries or damage to other people or their property.
What are the perils covered under homeowners insurance?
- Earthquake: Generally, homeowners insurance excludes earthquake coverage. You would need to purchase a separate policy in order to cover losses from earthquakes.
- Flood: Most property insurance policies exclude coverage due to loss from flood damage. Again, you would need to purchase an additional policy to cover flood losses.
- Hail: Most property insurance policies include coverage for losses from hail
- Hurricanes: Most property insurance policies cover losses from hurricanes, except for losses from damage due to flooding.
- Tornadoes: Most property insurance policies include coverage for tornadoes under the umbrella of windstorms. However, some deductibles may apply to tornadoes that don’t apply to other types of windstorms.
- Wildfires: All property insurance policies cover losses resulting from fires. Depending on the level of exposure to potential wildfires, you may need to consider a higher deductible to get coverage or make it affordable.
Feel confident in your choices. Whether you need a homeowner’s insurance policy with basic coverage or a fully loaded policy with increased protection, TJ Woods Insurance gives you the flexibility to choose. Remember, it’s important to learn what your policy may and may not cover, so contact us today, and we can help you to determine what is best for you and your family.
