What Does Homeowner Insurance Cover?

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Have you ever wondered what your homeowner’s insurance covers? Then, read through this article as we answer the question “What Does Homeowner Insurance Cover?’’ and also provide you with an insight on everything you need to know about homeowner insurance. Meanwhile, before answering the question, what does homeowner’s insurance cover? It is imperative that you understand the meaning of homeowner’s insurance.

What is Homeowner Insurance?

Homeowner insurance, otherwise known as “home insurance,” is a type of insurance that covers losses and damages to an individual’s house and their assets in the home. In simple terms, home insurance helps to provide financial protection for your home and personal belongings. For instance, if your house gets damaged due to one accident or the other, and you need to repair or replace it.

Your homeowner’s insurance can help cover the cost of the damage done to your house and the properties, thereby providing you with financial relief and peace of mind. However, there are limits to what home insurance covers, and this includes flooding from the drain, earthquakes, and more. You can check out the next outline for a comprehensive list of what Homeowner Insurance cover.

What Does Homeowner Insurances really cover?

Aside from damage, there are other things your homeowner’s insurance covers. And in this part of the article, we will be discussing some of the things homeowner’s insurance covers. It is, however, worthy to not that; there is standard and additional coverage. Additional coverage is mostly provided by various home insurance companies, and this coverage varies from company to company. Here are the steps of standard coverage that every Homeowner insurance quote must come with;

Dwelling Coverage

One of the most important coverages that homeowner’s insurance provides is dwelling coverage. This has to do with the structure of the home in which you live such as the walls, roof, and foundation. It might also cover your garage, deck, and other places attached to your home.

Protection of Personal Property

Aside from your home structure, your home insurance is designed to cover your personal property such as your furniture, electronics, watches, jewelry, and other important belongings in your home. When these properties are damaged or stolen, your homeowner’s insurance will either replace or repair them. Therefore, your Homeowner Insurance can cover the protection of your personal property.

Liability Protection

This coverage deals with the protection of a third party who has sustained injury due to the damage to your property.  For instance, if your friend gets injured when your house collapses and decides to file a lawsuit against you, your home insurance policy will cover their medical expenses and more. Your medical coverage is called “No-fault medical coverage,” and your friend will need to submit the medical bills to your insurance company.

Additional Living Expenses

Additional Living Expenses cover expenses such as when you have to stay in a hotel or rent property due to damage to your home. This will cover your hotel bills, restaurants, and other costs that come with living temporarily outside your home.

Disasters covered by Homeowner Insurance Policy

Some of the disasters covered by Home Insurance include;

  • Smoke
  • Explosions
  • Riots
  • Windstorms and hail
  • Falling Objects
  • Volcanic Eruptions
  • Theft
  • Vandalism
  • Damages caused by vehicles, motors, or aircraft.
  • Weight of snow, ice, and sleet
  • Fire and Lightning
  • Freezing of those same household systems

What’s Not Covered by Home Insurance?

There are certain things not covered by homeowner’s insurance, and you need to be aware of this before applying for homeowner’s insurance. Here is some of the damage that homeowner insurance doesn’t cover;

  • Earthquakes, landslides, and sinkholes
  • Government action such as War
  • Wear and Tear Neglect
  • Floodings such as drain and sewer backup
  • Power Failure 
  • Infestations by vermin, fungus, or birds

READ MORE: Cheapest Home Insurance Companies – How to Compare Homeowner’s Insurance Quotes

Is Homeowner Insurance worth it?

Yes, purchasing homeowner’s insurance is definitely worth it.  This type of insurance helps to save you from a financial crisis in times of trouble.  You will need enough home insurance to cover the cost of rebuilding when it gets destroyed.

And that is why Homeowner insurance is one of the most important insurances and you can get this coverage for about $1585 and above. You can search online for the best quotes before shopping for your own Homeowner insurance.