What Does Standard Homeowner's Insurance Cover

Homeowners insurance is an investment that every residential property owner should seriously consider. Before choosing a company, it’s a good idea to get an idea of what’s covered and what isn’t, though. This article seeks to answer the question, what does homeowners insurance cover?

There are four types of coverage typically included in standard homeowner’s insurance policies. These are coverage for the home’s structure, coverage for any personal belongings stored within it, liability protection, and coverage for additional living expenses in the event that anything does go wrong. Read on to find out more about each of these types of coverage.

Structural Coverage

Homeowner’s insurance can pay for the policy holder’s repairs or rebuilds in the event that the house is damaged or destroyed by natural forces such as hurricanes, fire, lightning, hail, or other specifically listed natural phenomena. Most policies cover detached structures as well. However, it’s important to recognize that standard policies don’t cover damage caused by earthquakes, floods, or simple wear.

Personal Belongings Coverage

Homeowner’s insurance policies generally include protection for personal belongings such as clothes, equipment, furniture, and other personal items should they be stolen or damaged during an insured natural disaster. Many policies cover off-premises storage as well, although a personal property endorsement must be purchased to fully insure expensive items such as art, jewelry, furs, and collectibles against theft in or outside of the home. The best way to determine whether or not the home’s belongings are sufficiently covered is to conduct a simple home inventory.

Liability Protection

Liability insurance is designed to cover homeowners in the event that a guest incurs bodily injury or property damage on the property or as a result of the actions of a family member. It also pays for pet damage, even if it occurs in a neighbor’s house. It’s important to realize that those with significant assets to protect should consider purchasing an excess liability policy in addition to the standard policy.

Additional Living Expenses

Homeowner’s insurance can pay for the additional cost of living away from home should the property require substantial remodeling or rebuilding after a disaster. It covers things like restaurant meals, hotel bills, and other costs, but many policies do have time and monetary limitations. These limits are considered separate from the policy payout should the home need to be repaired or rebuilt.

Learn More Today

Purchasing homeowner’s insurance shouldn’t be a hassle. Homeowners can find free insurance quotes online from most reputable companies. You can click www.oklahomainsurancequotes.net for a free insurance quote on your house today.
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