10 Most Common Items Covered by Home Insurance
As a homeowner, it’s important to know what is covered by your homeowners insurance policy and what isn’t. While the specifics of each policy may vary, there are some common items that are typically covered by most home insurance policies. It’s important to understand what these items are so you can make informed decisions about the coverage you need. In this blog post, we’ll go over the 10 most common items covered by home insurance.
Dwelling Coverage
Dwelling coverage is the most basic part of a home insurance policy, and it covers your home if it’s damaged or destroyed by things such as fire, wind, hail, or lightning. This coverage will pay for the cost of repairing or rebuilding your home up to the limit set in your policy.
Personal Property Coverage
Personal property coverage is another common part of home insurance, and it covers the contents of your home if they’re damaged, destroyed, or stolen. This coverage includes things like furniture, clothing, and electronics.
Liability Coverage
Liability coverage typically comes with a home insurance policy, and it pays for legal expenses if you are held responsible for someone else’s injury or property damage. This coverage can also help if someone is injured on your property and sues you for damages.
Additional Living Expenses
If your home is damaged and you can’t live in it while repairs are being made, additional living expenses (ALE) coverage can help pay for living expenses such as hotel stays, meals, and transportation.
Detached Structures
Most home insurance policies also cover detached structures such as sheds, garages, and fences. The coverage typically is a percentage of the dwelling coverage.
Medical Payments to Others
This coverage will pay for medical bills if someone is injured on your property, regardless of who is at fault.
Identity Theft Protection
Many home insurance policies now include identity theft protection, which helps cover the costs associated with identity theft such as legal fees and credit monitoring. Coverage may vary between insurance companies.
Valuable Items Coverage
If you have valuable items like artwork, jewelry, or antiques, they may not be fully covered under your personal property coverage. You can purchase extra coverage to protect these items.
Natural Disasters Coverage
Depending on where you live, you may want to consider additional coverage for natural disasters such as floods or earthquakes. These items may not be covered under a standard home insurance policy.
Loss of Use Coverage
If your home is damaged and you can’t live in it while repairs are being made, loss of use coverage can help pay for living expenses such as hotel stays, meals, and transportation.
As a homeowner, it’s important to understand what items are covered by your homeowners insurance policy. The 10 items listed above are common items that are typically covered, but it’s important to remember that there are differences between insurance companies and policies. It’s always a good idea to review your policy annually with your agent to make sure you have adequate coverage. By understanding what’s covered and what’s not, you can be prepared for whatever life may throw your way.
Reach out to Gordon Insurance to review your existing policy or talk about a new policy.
