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What does homeowners insurance cover?
Hint: It's more than just your property
Your house itself is probably what you think of first when you think of homeowners insurance. This part of a homeowners policy is also called "dwelling coverage." Different policies offer different levels of coverage and if not properly written, that cheap policy can leave you with an expensive gap in coverage.
Personal property coverage protects the "stuff" you own. What counts as "personal property"? A good rule of thumb is if it's not bolted or screwed down permanently, it's probably personal property. This includes everything from appliances to electronics, clothing, and everything in between. Keep in mind that some types of property may have special limits to coverage (coins, jewelry, firearms, etc.). It's important to work with your agent to make sure you have the right kind of coverage and enough of it.
Liability insurance covers you for accidental injury and damage that you cause or are accused of causing. Common examples include slips and falls, if your child hurts another child (throwing sticks at each other, etc.), and much more. You also want to make sure your policy covers 'Personal Injury,' which provides coverage for libel, slander, and false arrest . . . the "slander" part is key in today's social media world. Remember, you don't actually have to do anything wrong to be brought into a lawsuit, and most policies cover legal defense.
Fences, detached garages, swimming pools, sheds, and outbuildings are all common examples of "other structures" that would fall under this coverage. In most cases, the base policy coverage will be enough for your small outbuildings and fences, but if you have a pool or detached garage, you may need to increase your coverage.
Loss of Use
Have you ever thought about what would happen if you had damage to your home that required you to move out while repairs were being made? It's a serious consideration. Paying for a hotel, or a rental home if a long repair job, can get expensive. Remember, if you have a mortgage, you'll have to keep paying it while repairs are made. Fortunately this is where homeowners insurance Loss of Use coverage comes in and covers your temporary living expenses.
Optional Homeowners Insurance Coverage Features
Sewer & Water Backup
Sump Pump Failure (water backup)
Escape of Liquid Heating Fuel (for oil heat homes)
A Quick Note About Flood Insurance
Homeowners insurance does not cover flood. However, separate flood insurance policies are available. Keep in mind that a lot of floods happen in low risk areas, so you don't have to live next to a lake, river, or the ocean to experience a flood. If you have questions or would like a quote, please contact us and we'll be happy to help!
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