Home insurance helps you pay for the repair and replacement of parts of your home, including your belongings, after they’re damaged by fire, theft, and other accidents. It can also help you pay for damage done to another person’s property or to visitors if they’re injured at your home. Most brokers provide the option to purchase additional coverage if you feel you need more insurance. For example, not all natural disasters are covered, and if you live in an earthquake or flood prone area, you may want more homeowners insurance coverage.
What Homeowners Insurance Covers
If you’re wondering what home insurance covers, the following is a list of situations that you may encounter as a homeowner that will be covered.
The most basic form of coverage in home insurance is dwelling protection, which helps pay for damage done to the structure of the home and anything directly attached to it, such as a garage or deck. Damage can be a result of fire, smoke, lightning strikes, windstorms, hail, vandalism, theft, falling objects, and water damage, among other dangers that can happen at any time. If your home or other property is damaged by one of these events, your insurance company will help you pay to repair or replace them. This can save you a significant amount of money if your home is seriously damaged in a storm, allowing you spend it on other necessities instead of unexpected damage like this. Note that certain coverage, such as earthquake and flood insurance, is not always covered in your standard policy and must instead be purchased separately
Protection for Other Structures
Other structures that are not attached to your house are also protected by a standard home insurance policy. These can include tool sheds, detached garages, and even fences, which can be flattened by storms or knocked over by unaware motorists. Under this provision of home insurance policies, nearly anything on your land is protected in the same way as your house itself. While necessary repairs to one of these structures can be smaller due to their size, most homeowners still appreciate the help they receive from insurance when unplanned repairs need to be made to unattached structures.
Personal Property Protection
In addition to physical structures on the land, most homeowners insurance policies also cover the personal belongings in your home. If your electronics are stolen or your furniture is damaged by a fire, your insurance policy can help you replace them quickly. Optional coverage may be available for particularly expensive items, such as jewelry, art, antique furniture, and other pieces that exceed your allotted homeowners insurance coverage. Speak with an insurance agent if you’re unsure of which personal items are included with your standard policy and whether you should consider increasing your coverage limit for particularly valuable items.
Standard home insurance policies provide liability coverage when a visitor is injured while on your property. This can include falling down the stairs, tripping over a sprinkler, and other accidents sustained onsite. Injury liability coverage can help you pay for the visitor’s medical bills, if necessary, and for any legal fees incurredif they choose to sue. Liability protection can be augmented by a personal umbrella policy, which increases the amount of financial support you’ll receive if you need to file a liability claim for a particularly expensive injury or lawsuit. Extra coverage is likely not necessary for most homeowners, so speak to your insurance agent for more information about umbrella insurance policies and when they might be appropriate.
Coverage Limits & Deductibles
Each homeowners insurance policy has its limits in terms of the maximum amount paid towards a covered loss. This coverage can sometimes be extended with additional policies attached to your standard homeowners insurance policy. It may also increase based on the value of your home and belongings and how much it would cost to repair or replace them. Insurance benefits will only begin after you’ve paid your deductible, so carefully read your insurance policy or contact your agent to discuss your limits and needs.
Purchasing Home Insurance
Speak to JMG Insurance Agency for more information about home insurance or to purchase your own policy. The agency has more than 100 years of experience in helping homeowners protect their property in an emergency. JMG Insurance Agency works closely with numerous insurance companies to provide its clients with a wide range of options, making it easier to find a policy that provides the right coverage for your home. Other insurance options, including auto, motorcycle, and business insurance, are also available. The company prides itself on providing customized, personalized insurance to clients in Connecticut, New York, New Jersey, Massachusetts, and Hawaii.