What does Home Insurance Cover?

In case your home or your personal belongings inside your home get damaged or stolen, home insurance will give you financial protection from loss or damage. Home insurance also provides you with protection in case you are liable for damages to other people’s property.

What Does Home Insurance Cover?

There are many different types of home insurance coverage. A basic policy will usually protect you from damage caused by extreme weather (lighting, hail, and wind), fire, theft or vandalism . More advanced home insurance coverage will include more protection, such as abrupt collapse, falling objects or flooding from appliances. Some insurance companies may exclude protection from floods and earthquakes, but will offer supplemental protection you can include in your policy.

Most Common Types of Home Insurance

  • Dwelling coverage

With this insurance, you can cover repairs or damages to your home that result from wind, fire, hail, cars or explosions. The amount of coverage you go for is up to you, but you might want to go for an amount that will allow you to rebuild your home.

  • Other structures protection

Insures your garage, car port, fence or any other structures that belong to your home

  • Personal Property Insurance

Protects your personal belongings, inside your home and when you’re out and about.

  • Loss of use/Additional living expense coverage

If your home is so severely damaged that you cannot live there, this insurance will cover the costs of temporary living expenses.

  • Liability Coverage

If any accidents or injuries occur inside your home for which you are liable, home insurance may cover expenses. Click here to see how do natural disasters impact your home insurance premium?

Things that Home Insurance usually doesn’t cover:

  • Hurricanes
  • Floods
  • Earthquakes
  • Pollution
  • Mudslides
  • Damages resulting from lacking maintenance
  • Loss/Damages due to war or nuclear accidents
  • Sinkholes

When you buy home insurance, you will most likely be asked to either opt for “open perils” or “named perils” coverage. Open perils means that damages and loss can be the result of any possibly damage to your home. If you choose named perils coverage, you define exactly what perils you want to protect your home from. Learn how to compare insurance rates effectively!

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