What does homeowners insurance protect?

Homeowners insurance provides financial protection for your home and personal belongings in the event of covered perils or risks. The specific coverage can vary based on the insurance policy and provider, but typical homeowners insurance policies usually include the following components:

1. Dwelling Coverage: This covers the structure of your home, including the walls, roof, floors, ceilings, built-in appliances, and other structural components. It provides protection against damage or destruction caused by covered perils, such as fire, windstorms, hail, lightning, and more.
2. Personal Property Coverage: This covers your personal belongings, such as furniture, clothing, electronics, and other items, in case they are damaged, destroyed, or stolen. Some high-value items, like jewelry or art, may have sub-limits, so additional coverage may be needed for these items.
3. Liability Coverage: This provides protection if you or a family member are found responsible for injuring someone or damaging their property. It can help cover legal expenses, medical bills, and damages awarded in a lawsuit.
4. Additional Living Expenses (ALE) or Loss of Use Coverage: If your home becomes uninhabitable due to a covered event, this coverage helps pay for additional living expenses, such as temporary housing, meals, and other costs, until your home is repaired or rebuilt.
5. Other Structures Coverage: This extends coverage to structures on your property that are not attached to your main dwelling, such as a detached garage, shed, or fence.
6. Medical Payments to Others: This covers medical expenses for guests who are injured on your property, regardless of fault. It does not cover injuries to you or your family members living in the home.

It’s important to note that homeowners insurance typically doesn’t cover damage caused by floods, earthquakes, and certain other perils. Separate insurance policies may be needed for coverage against these specific risks.

Additionally, each policy may have exclusions, limitations, and deductibles, so it’s crucial to carefully review and understand the terms and conditions of your specific homeowners insurance policy. It’s also advisable to periodically review and update your coverage to ensure it adequately meets your needs.

For an affordable homeowners insurance quote, contact us today by calling (541) 318-8835, or click here.