What Homeowners Insurance Covers
Your home provides your family with shelter from the storms. It provides a safe, comfortable, stable place for your family to return to after work or school is over for the day. You spent time searching for a home that would meet your family's needs, and put effort into making the money it costs to purchase it. The last thing you want to have happen is for something, or someone, to severely damage the home that your family lives in. Homeowners insurance is what you need to help protect the investment that protects your family.
Homeowners insurance can give you some financial protection in case your home is damaged. If your home is burglarized, it is your homeowners insurance that will step in to replace the items that were taken. Homeowners insurance can also give you help if someone becomes injured at your home, or on your property.
The property protection part of your homeowners insurance covers can be broken into four parts. It covers your dwelling, other structures, personal property, and loss of use. Your dwelling consists of the house itself, as well as any built in appliances that are inside it. Those appliances might include a dishwasher, oven, washer and dryer, or even your refrigerator. It also covers the plumbing that runs through your home, and the electrical wiring that helps power everything inside your home. Property protection also covers your heating and air conditioning units. If your home has an attached deck, or porch, that is covered under the property protection part of your homeowners insurance as well.
The property protection portion of a homeowners insurance policy might be the most important part. Let's say a storm knocks a large tree over, and it falls onto your roof. The homeowners insurance should cover the cost of repairing and replacing your roof, so your family can once again live inside your home. Think about how expensive it would be to replace your appliances, or your plumbing, if those things got damaged! Without a homeowners insurance plan, you would be paying for those costs out of your own pocket.
Homeowners insurance also covers other structures on your property, such as your garage or storage shed. It also covers the cost of repairing damaged structures that are connected to your land, such as your driveway, fence, patio, sidewalks, or retaining walls.
The personal property section of your homeowners insurance policy is designed to cover the cost of replacing the contents of your home. This includes everything that is owned by you, your spouse, your children, or whomever else lives in your home with you. If something is stolen, or damaged beyond repair, the insurance company will either give you the actual cash value of the item, or it will give you the cost to replace the items you lost with comparable ones that are available for purchase today.
If your home is damaged to the point where your family can no longer live in it, your homeowners policy will cover the cost of your living expenses until you can return to your home once again. This could mean that the insurance company pays for your family to stay at a hotel, and also pays for the meals you eat.
Homeowners insurance also includes liability protection. If someone is at your home, and that person becomes injured, that person could decide to sue you. If they do, your homeowners insurance will help cover your court costs. It also covers the cost of any medical care that the injured person requires.