A homeowners insurance policy can protect you from risks in ways you may not even realize.
Here are four ways your policy can protect you. Some you may know, some you may not.
1. Your home itself
Usually referred to as the “dwelling” in the policy, this part of your policy will cover physical damage to your home itself. This could include damage to the roof, doors, walls, floors, and more, as long as it is permanently part of the structure of the home. Most policies also cover detached structures like a shed or garage.
2. Liability
This will protect you and your family (including pets) from lawsuits occurring as a result of bodily injury or property damage that happened in or around your home. It will cover court costs and any awards you are required to pay, up to the policy limits. It will also provide coverage if a guest is injured in your home, even though you may not be responsible. This means that if someone slips and falls down the stairs, your policy can pay their medical expenses, and they don’t necessarily have to file a liability claim against you. This coverage will not cover medical expenses you or your family member may incur as a result of an accident in the home, for which you would submit a claim to your health insurance.
3. Your policy follows you outside your home
While it may be called a “homeowners” policy, your policy typically follows you outside the home. This can include protecting you and your family from the loss or theft of your personal possessions, or liability from injuries and property damage that occur outside the home. This could apply to electronics or other valuables stolen from your vehicle. This coverage away from home is called “off-premises” coverage, and unless you opt out of it, will cover you everywhere you go.
4. Additional living expenses
This coverage will pay for costs in the case you and your family have to stay elsewhere due to your home becoming unlivable. For example, if your home is being repaired due to extensive foundation damage, or something like a mold problem, your policy will cover costs you incur to stay in a hotel, including meals and various expenses like laundry. This type of coverage can vary quite a bit between policies, so it is important to speak with your agent to know what is best for you and your family.
Speak with an agent to learn about additional coverage
There are various other coverage options available. This can include items like debris removal, identity theft or the unauthorized use of your credit cards. To find out what options are available, sit down with your agent.
At John B Wright we know there are no one-size-fits-all solutions when it comes to insurance. Every client represents a unique set of circumstances that ultimately determines the type and amount of coverage you. One of your biggest investments is your home and its contents so let us walk you through what you need to know to safeguard that investment. To find out more call us on 800-224-6693 or fill out the contact form on our website here.
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