Yes, you need homeowners insurance, but do you know everything it covers? While it covers a lot, there are some things you have that may be left out of your policy. It is important to be aware of what you have, what is covered, and if you need add ons to your policy. Here is a list of everything covered in a standard homeowner insurance policy, according to usnews.com
Personal Property Coverage: These are things such as furniture, clothes, electronics, sporting goods, according to travelers.com. Items such as these can be repaired or replaced after a covered loss takes place, like a theft or fire. If something is damaged due to failure to maintain property, like termites, mold, rust, rot, etc. they will not be covered under your policy, according to go.homesite.com.
Dwelling Coverage: This is when damage occurs to your home caused by smoke, theft, severe weather, or vandalism. A separate policy is needed for floods and earthquakes. “Coverage extends to other detached structures on your property, like a garage, barn, or shed,” usnews.com
Personal Liability Coverage: If someone is injured on your property and sues, your homeowners insurance can help pay for your legal fees and expenses. “ If they are injured, it can also cover their medical expenses, including X-rays, ambulance rides, and hospital stays,” usnews.com
Living Expenses Coverage: If you have to relocate due to a covered condition to a rental home, hotel, motel, etc., your policy will cover these fees. This can be a result of fire, tornado, or, “other immediate or imminent hazards because of which local authorities bar you from your neighborhood,” usnews.com.
There you have it. All of the coverages that your homeowners insurance, well, covers. And, a few of them that they do not.
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