A Short Guide To Homeowner's Insurance

Posted on: 20 September 2019

When you own a home, you need to make sure you are protecting that home and everything that is inside of it. Protecting your home goes well above and beyond calling out repair technicians to tend to things like broken pipes and flickering lights. It also means you are going to need to protect it from things that are out of your control, such as fires and burglaries. This is where homeowner's insurance comes in to help you protect your assets. Learn the basics of homeowner's insurance here.

What is homeowner's insurance?

Homeowner's insurance is insurance that covers many things that can happen to your home. When you have a policy in place, you will be able to collect on the policy if you suffer a loss due to something happening with your home or property.

When you do have something happen, you are going to want to report the losses to your homeowner's insurance company right away to start your claim.

Be aware that not every type of possible damage is covered under most basic policies. For example, things like damages or losses due to floods or earthquakes often aren't going to be covered, especially in areas where these things are more likely to cause damage to your home.

For example, a basic homeowner's policy in California is likely to exclude damages and losses due to earthquakes. Also, a home in Florida is likely to exclude damages and losses caused by flooding. However, you can often get separate policies that will cover these things, and it is a good idea to do so, considering you are more likely to have them happen to your home when you live in these areas.

What types of things are covered in a basic policy?

Your basic homeowner's insurance policy will cover the structure of your home. This means if your home is damaged due to hurricane force winds, a fire, or a hail storm, then your policy will pay out, so you can have repairs done and replace any items you need to replace. Generally, other structures not connected to the home will also be covered, such as your unattached garage or your unattached work shed.

Your policy should also cover your landscape. If there is damage to your landscape decorations, such as statues, then the policy will cover them. Also, trees and other foliage and shrubbery will be covered should they be destroyed and need to be hauled off and replaced.

A homeowner's insurance policy is also going to cover your belongings. Everything from your furniture and your appliances all the way down to your clothing and even your personal hygiene products will be covered. There is a limit on the amount the policy will pay out, so you may need to purchase a special property endorsement that covers things like very expensive jewelry or valuable collectibles.

Contact a company like Illinois Insurance Center Inc to learn more about homeowner's insurance.

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