It’s likely that every homeowner has homeowners insurance coverage, but the specific details of your homeowners insurance policy can be a tricky topic. Most people actually tend to know more about the intricacies of their health and auto insurance policies than they do about their homeowners insurance. They know that homeowners insurance will cover claims relating to the home, but they may not know the specific situations in which their coverage will activate.
What does homeowners insurance actually cover? In the event that you will need to file a claim, knowing the answer to that question is more important than you might think.
What’s Typically Covered
It’s almost impossible to generalize about what a typical homeowners insurance policy covers. While there are common provisions from one policy to another, exactly what is covered will depend on a number of different factors about your home and based on the type of policy that you choose.
Note that a homeowners insurance policy only covers perils that are specifically listed as covered events in the policy.
Some of the more common covered perils include the following:
- Fire and smoke damage
- Weather-related damage, such as wind damage or hail
- Water damage from internal sources (not from flooding)
- Theft of personal property
- Vandalism
- Roof damage due to snow or ice
- Damage from civil disturbances
- Gas explosions
- Damages from motor vehicles/aircraft
Most homeowners insurance policies will also include a provision for personal property not affixed to the house. This is why theft of personal property is typically considered a covered event.
It is common for policies to also cover damage to landscaping, fencing, and even outbuildings. This coverage is generally equal to up to 10 percent of your total policy amount.
There is usually a provision that will provide homeowners with temporary living expenses if your home has been damaged to the point that you cannot reside in it. You will be reimbursed for your living expenses during the time that the home is being repaired.
Homeowners insurance policies typically provide liability coverage in the event that an injury takes place on your property. This could also cover someone being bitten by your dog, which is why polices generally exclude such coverage if you have a breed of dog that is considered to be particularly aggressive. In those cases, you may need a separate policy for your pet.
What’s Generally Not Covered
While the list of covered events may seem a pretty broad spectrum of events, there are certain common disasters that will specifically not be covered by a typical policy:
- Floods
- Earthquakes
- Landslides/mudslides/sinkholes
- Damage due to warfare or nuclear accidents
- Damage that is the result of homeowner neglect
Keep in mind that each home will have its unique characteristics and you will also have your personal longings for specific coverages. Each case will be different from the next as that is the way of the trade. Speak to an insurance agent to learn how you best protect your home.
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (636) 947-1177.