Every homeowners policy is somewhat different, so it is important to read the policy carefully before buying it. If you are working with an insurance agent, you may want to sit down with the agent to go over the policy together to have all of the homeowners insurance coverages explained thoroughly. 

However, most standard homeowners insurance policies will cover the structure of your home, including walls, roof, floors windows and doors and balconies. Additionally, homeowners insurance may cover:

What Does Homeowners Insurance Cover?

  • Systems such as electrical and HVAC
  • Installed items like built-in cabinets and major appliances
  • Furniture and other personal items (valuable items like jewelry are often excluded or included for an additional premium)
  • Outbuildings on the property like garages, barns, sheds and fences
  • Medical expenses and legal fees if someone who does not live on the property gets injured while on the property and sues you
  • Some policies include the cost of temporary housing if you need to move out while repairs are being done

In addition to standard coverage (also known as dwelling protection), you may choose additional coverage options, including:

  • Other Structures Protection: Covers other structures on your property, such as a tool shed or detached garage.
  • Personal Property Protection: Covers items within your home, allowing you to replace items lost in a burglary or fire, or repair items that have been damaged.
  • Liability Protection: Covers you in the event that someone who does not live with you is injured on your property. You may use this money for your legal fees or to cover the injured person’s medical bills. 

If something happens to or in your home, you may file a claim with your insurance company. It may take just a few weeks for a claim to go through and be processed. However, if your claim is disputed by your insurance company, it may take longer.

Depending on where you live, your policy may exclude or limit the payout for certain types of hazards. 

For example, in Florida where hurricanes are common, homeowners insurance policies cover damage from hurricanes (called windstorms), but apply a higher deductible to this type of claim because they usually result in more damage. In California where wildfires are frequent occurrences, some homeowners insurance policies do not provide coverage for this kind of damage. 

In most areas, flood insurance is something that is not covered in a standard homeowners policy, but must be purchased separately through the National Flood Insurance Program, a federal program.

By Admin