Homeowners insurance is a type of coverage that protects you financially
in the event of an accident, disaster, or theft involving your home. A
standard homeowners insurance policy will include four types of
coverage: structure, personal belongings, additional living expenses,
Coverage for the structures
Homeowners insurance pays to repair or rebuild your home in the event
of the unexpected. If your home is destroyed or damaged by an insured
disaster such as fire, lightning, hail, tornado, hurricane, or other
disaster listed on your policy, your homeowners insurance would be
there to help cover the cost. You should note that standard homeowners
insurance policies do not pay for damage caused by flood or earthquake
and you will need separate coverage for those disasters. When shopping
for a policy, you want to be sure to purchase enough coverage to
rebuild your home in the event that it is destroyed.
Coverage for your belongings
Personal items like furniture, clothing, shoes, dishes, sports
equipment, and other items would be covered in the event that they
were stolen or destroyed during an insured disaster. This type of
coverage also includes items stored off-premises and may include some
coverage for unauthorized use of your credit cards. To be sure you
have enough coverage for your belongings, you should conduct a home
inventory before speaking with your Insurance Agent.
Additional living expenses
In the event that you are unable to live in your home due to damage
from an insured event, additional living expenses (ALE) would help
cover the cost of hotels, food, and other expenses that exceed your
normal living expenses while your home is being repaired or rebuilt.
ALE does have limits and may include a time limitation- it is a good
idea to keep a copy of your policy documents on hand and speak to your
Insurance Agent if you have any questions about your
Liability is an important type of coverage to have because it covers
you against lawsuits for property damage or bodily injury caused by
you or your family members. This part of your coverage will pay for
the cost to defend you in court and any court awards- up to your
policy limits. Your policy will also include no-fault medical coverage
which means that if a neighbor or guest is injured while visiting your
home, they can submit medical bills to your insurance provider without
filing a liability claim against you.
Having homeowners insurance is an important part of owning your own
home and we’re here to help ease your mind. If you have
questions or would like a no-obligation quote for your home, visit your local Acceptance Insurance Agent today.