Your homeowner’s policy typically covers loss due to fire or lightening, wind or hail, freezing of plumbing and theft.
A standard homeowner’s policy offers these options
- Coverage A- Dwelling
- Coverage B- Other Structures on Your Property
- Coverage C- Personal Property/Contents
- Coverage D- Loss of Use
- Coverage E- Personal Liability Protection
- Coverage F- Medical Payments
Dwelling coverage protects against damage and possible loss of your home from certain insured perils such as wind, hail, lightening or fire. Separate policies are needed for flood and earthquake insurance, and depending on which state the home is located in, an excess wind (hurricane) policy may be needed. This portion of your policy pays to replace the structural components of your home.
Other structures protected by a standard home insurance policy include detached garages and other detached buildings on your property. Typically, these structures are covered at 10% of your dwelling coverage. Your Insurance Advisor can give you options for purchasing additional protection if you feel it’s necessary.
Personal Property coverage is included in a standard home insurance policy and protects personal items and household contents in the event of certain insured perils.
Loss of Use coverage provides for your living expenses if you cannot live in your home. This coverage typically will pay hotel and restaurant bills and other living expenses you incur while your home is being repaired.
Personal Liability Protection provides coverage for bodily injury or property damage in the event that a lawsuit is presented against you or covered family members and you are found legally liable. Defense costs are typically included in this limit as well. This is the portion of your policy that also protects you if your pet causes harm or damage to others.
Medical Payments coverage helps cover medical expenses if someone is hurt on your property. It is often referred to as a “good will” coverage because it is paid regardless of fault.
- ID Theft
Provides coverage for members of the household should their identity be compromised and a loss sustained.
- Water back-up of sewers and drains
A basic home policy will not cover a loss resulting from water back-up in the home but can be added as an option.
- If you work from home
If you work from an office or small business in your home, you may need special coverage. Check with your Insurance Advisor to help determine the right coverage.
Homeowners policies do not cover
- Bodily injury or property damage that is expected or intended by the insure
- Business pursuits
- Ownership, operation, use or maintenance of aircraft, motor vehicles and certain watercraft