Does homeowners insurance just cover my home?
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Homeowner’s insurance is designed to protect your dwelling and possessions in the event of theft, vandalism, or damage to your home. Home insurance provides coverage against many types of losses, and the coverage can be confusing. Additionally, some policies come with specific exclusions or limitations as to what they will cover and under what circumstances. Because homeowners may not know exactly what they’re paying for, they may be surprised to discover that something isn’t covered. By learning a little bit about what home insurance covers, you can be sure to purchase exactly the coverage you need and avoid any surprises in the event of the claim.What Does Home Insurance Cover? homeowners_insurance follow us @ auto-life-health-insurance.com
First and most obviously, your home insurance covers damage to your home. This can include damage from wind, hail, fire, and other natural disasters, as well as from vandalism. The damage must be sudden and accidental, meaning that you cannot use home insurance to cover routine maintenance to your home, nor can you use it to repair damage caused over time. Because of this, many insurance policies have an exclusion against mold, or only cover mold damage under very specific circumstances. Other types of losses that may not be covered would include rot or decay in the foundation, or other types of slow-acting damage to the home. Always be sure to ask about specific exclusions on your home insurance, as these do vary substantially from one policy to another.
In addition to the main dwelling, most home insurance also provides coverage for damage to any other structures on the property. These structures include garages, decks, sheds, barns, fences, pools, or other buildings. A more inexpensive homeowner’s policy will often have less coverage for damage to these structures, so if you are concerned about them you should be sure to ask your agent or insurance customer service representative for clarification as to what the deductibles and limits are for structures. These will be covered under separate coverage from your dwelling, and be subject to their own deductible.
Some policies will also provide limited coverage for damage to the property itself. If you need more extensive coverage, you will need to request it. For example, if you plant a number of expensive ornamental trees in your yard, you should request for additional coverage to be added to protect these as the basic home insurance will probably not have enough coverage to replace them if they are lost in a storm or fire.
Finally, home insurance also covers your personal belongings, no matter where they are located when lost, stolen, or damaged. Belongings include electronics, jewelry, bicycles, clothes, and furniture. If you have any collectible items, be sure to have them appraised prior to insuring them so that you can insure them at their proper value. In some cases, if you have high-priced art, collector’s items, or jewelry, you will need to take out a specific “scheduled personal property” policy on them; an SPP policies guarantees that you are paid for the item’s true value, and provides additional protection.What Does Home Insurance Not Cover?
Some items are not covered under home insurance because they need to be insured with a separate liability policy such as motor vehicles, boats, trailers, ATVs and other recreational vehicles, some riding lawnmowers and more.
Additionally, your home insurance does not cover any expenses associated to care for pets or livestock. For example, if your pet is killed or injured in a fire, your home insurance cannot compensate you for any veterinary bills.Is There Anything Else Home Insurance Covers?
You can also choose to purchase a liability policy, or “personal umbrella policy,” on your home insurance. Personal umbrella policies (PUP) protect your assets from being seized in the event of a lawsuit. For example, if someone is visiting your home and falls, you can use your PUP to cover their medical expenses. Your PUP can be used for any situation where you could be held liable and there is no other liability insurance that could cover the expense; it also can be used in some situations as excess for car insurance claims if you are liable for more damage than the car insurance will pay for.
Home insurance can be very complicated due to the limitations on coverage and the wide variance between companies. When purchasing a policy, always be sure to review the coverage carefully and ask questions about anything you don’t understand. If you know in advance exactly what will be covered by your insurance, you can avoid any unpleasant surprises in the event of a claim; you can also save money by rejecting coverage for things you don’t need. The better educated you are about your insurance, the more prepared you will be in the event of an emergency.Compare Home Insurance QuotesPrevious PostCan I buy home insurance from my mortgage company?Next PostHow much is homeowners insurance per month? Visit our website here: @ falconins.com
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