Getting homeowners insurance is not only a wise choice, but it’s frequently a requirement when you own a home. The majority of basic homeowners insurance policies cover liability, personal property, and your home, though each policy may differ based on your area and provider.
Understanding these basic coverages can help you feel more confident and prepared if disaster ever strikes. With the help of Travelers Insurance, let’s discuss the different aspects of what homeowners insurance covers.
Dwelling Coverage: Protecting Your Home Structure
Dwelling coverage is the foundation of any homeowners insurance policy. It helps pay to repair or rebuild your home if it’s damaged by a covered peril, such as:
- Fire or smoke
- Windstorms and hail
- Lightning strikes
- Vandalism or theft
- Damage from vehicles or aircraft
- Falling objects
This part of your policy typically covers the structure itself. Walls, roof, floors, built-in appliances, and attached structures like garages or decks. Keep in mind that damage from floods and earthquakes usually require separate policies.
Personal Property Coverage: Protecting Your Assets
In the event of a fire, theft, or other covered event damages or destroys your personal belongings, personal property coverage helps cover the loss. This includes items like furniture, electronics, clothing, appliances, and tools or equipment. Essentially, the things that make your house a home.
Most policies cover these items whether they’re inside your home or temporarily off-site, like in a storage unit or hotel room. Be aware, though, that high-value items such as jewelry, fine art, or collectibles may have coverage limits unless you add special endorsements.
Liability Protection: Lawsuits and Medical Bills
Homeowners insurance also offers liability protection, which covers you if someone is injured on your property or if you accidentally cause damage to someone else’s property. For example:
- A guest slips and falls on your icy driveway
- Your dog bites a visitor
- You accidentally break something valuable at a friend’s house
Liability coverage can help pay for legal defense fees, settlements, and medical costs, potentially saving you thousands of dollars.
Additional Living Expenses (ALE): When You Can’t Stay at Home
If your home becomes uninhabitable due to a covered event, your policy may include Additional Living Expenses coverage. ALE helps cover temporary housing, meals, and other costs while your home is being repaired or rebuilt.
What Isn’t Typically Covered?
While homeowners insurance covers many types of damage, it doesn’t cover everything. Common exclusions include:
- Flood damage (requires separate flood insurance)
- Earthquake damage
- Normal wear and tear or maintenance issues
- Pest infestations
- Damage from neglect or intentional acts
Review your policy and speak with your insurance provider to understand what’s included and whether you need additional protection.
Finding The Right Coverage For You
Homeowners insurance offers crucial protection for your home, belongings, and financial well-being. But every home and every homeowner is different. That’s why it’s important to choose a policy that fits your specific situation, not just a one-size-fits-all plan.
The Feltner Group can help you sort through the options and find the right coverage for your unique needs. Their team understands the local market and will work with you to find a homeowners insurance policy that makes sense for your property, lifestyle, and budget.