Homeowners Insurance: What Does it Cover?
By USInsurance.com Staff
If you own a home, most likely you have homeowners insurance and if you don’t you should consider how valuable it is – not only for your home itself but for the contents in your home - should anything happen to them. This form of insurance also covers your belongings and the value of those belongings (should a robbery, fire or theft occur). It also covers you and your family if you are unable to stay in your home (such as with a fire) by providing you finances to stay in a hotel.
Many insurance policies also protect your home against natural disasters such as a storm, hurricane or tornado that causes damage to your home. Depending on your plan the loss of your home belongings such as your appliances, furniture and clothing are protected up to a percentage established under the policy.
What Does a Homeowners Insurance Policy Cover?
Policies are determined by the amount of coverage that you need and the type of home that you have. A basic plan or liability coverage will protect you if someone else ruins or damages your property. With this policy homeowners in the U.S. are required to purchase plans at a minimum of $18,000 up to $1.5 million. This type of coverage will also cover injuries that happen on your property such as something falls from your roof and hits someone in front of your house. If you purchase dwelling coverage you will have a basic coverage on your home but you will be responsible for damage outside of your home such as your garage, shed, etc. A loss of us plan is another common policy that covers your home if it is damaged in a fire or a natural disaster. Consider the rates and what polices are ideal for your living situation. In general, these plans will cover items such as furniture, clothing and electrical appliances.
You Might Not Be Covered For...
Certain incidents, however, are not protected under an insurance policy such as floods and earthquakes, war and nuclear damage.
Also, if you have items that are valuable you should look into purchasing a supplemental insurance plan such as for antiques and jewelry. To help you track your items, write-up an inventory of your belongings. You should also consider taking pictures of your high-value items as a visual record.
It's pretty obvious that we recommend that you obtain a homeowners insurance, however, everyone's needs are different. Know what you need, research insurance polices and enjoy the peace of mind that your belongings are protected.
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