What is typically covered in a homeowners policy?

A standard home insurance policy provides coverage to repair or replace your home and its contents in the event of damage. This usually includes damage caused by fire, smoke, theft, or vandalism, or damage caused by a weather event such as lightning, wind, or hail. If you file a damage claim and your insurer approves it, they'll help you cover the cost of roof repairs and any other damage caused by a lightning strike minus your policy deductible. Clothes, furniture, appliances, and most of the rest of the contents of your home are covered if they are destroyed in an insured disaster.

Some home insurance companies exclude wind and hail coverage if you live in an area of the country with a high risk of tornadoes, hurricanes, or other types of adverse weather conditions. Damage caused by floods and earthquakes is generally not covered by basic homeowner insurance policies. Your insurance company will cover medical payments so that the child receives stitches up to the coverage limits of your policy. A home maintenance application, “Many consumers are underinsured with the content portion of their policy because they haven't taken an inventory of the house and have added the total value to compare with what the policy covers.

Most homeowners insurance companies will cover the cost of repairing or replacing the foundation if your policy covers the cause of the damage. Your home insurance deductible is the amount of a covered claim that you are responsible for paying before your insurance starts to cover the costs. The other structures of your home insurance cover structures of your property that are not attached to your home, including separate garages, guest houses, fences, sheds and mailboxes. Personal property coverage can help you pay for personal items in your home that may be damaged or destroyed by a covered cause of loss, which could include your furniture, clothing, sporting goods and electronic devices.

While infinitely customizable, a homeowners insurance policy has certain standard elements that indicate the costs the insurer will cover. Obviously, this is easier said than done, but homeowners who are full owners will most likely see their premiums drop. When choosing your insurance deductible, consider how much you're willing to pay if you have a covered claim. You can even get coverage off-site, so you can file a claim for lost jewelry, for example, no matter where in the world you lost it.

Timmy Stango
Timmy Stango

Pop culture geek. Passionate analyst. Bacon junkie. Proud music buff. Avid food specialist.

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