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What is Homeowners Insurance?
Standard Homeowners Insurance Policy
A standard homeowners insurance policy includes four essential types of coverage. They include:
The Structure of Your House
This part of your policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disasters listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, it is important to buy enough to rebuild your home.
Your Personal Belongings
Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disasters. Most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home.
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter or dog accidentally ruins your neighbor’s expensive rug, you are covered. However, if they destroy your rug, you are not covered.
Additional Living Expenses
This pays the additional costs of living away from home if you can’t live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.
What is an Umbrella
Frequently Asked Questions
Learn more about life insurance by exploring the answers to common questions, and then contact us for additional information.