Home insurance is an important coverage that will protect you against financial loss and damage in the event of a theft or a disaster. The insurance company will pay for the damage or loss that is written in your policy in exchange for you paying a premium.
While home insurance is not required in the United States, it is a good idea to add it to your list of coverages. Having a home insurance policy protects your biggest asset in the event of an incident. There are different coverages you can add to customize your policy to your needs. A standard homeowners policy covers your home’s structure, personal belongings, and liability.
- Home’s Structure – refers to the foundation, frame, roof, and attached structures like a garage.
- Personal Belongings – covers the contents of your home, like furniture and electronics.
- Liability – covers your legal responsibility when property damage or bodily injury happens to others.
What Home Insurance Covers
Home insurance policies usually cover your home’s structure, including certain unattached structures, personal belongings, and liability. Additional living expenses are also normally included.
ALE covers expenses of living outside of your home if your home becomes inhabitable due to a covered loss. However, it only covers reasonable expenses until your home is habitable.
Personal belongings are covered, but there are special limits on certain items. There is additional coverage for certain items, like art and jewelry, if you want to ensure those items are fully covered.
Flood damage is not included in homeowner policies. Purchasing a separate flood insurance policy is the best way to ensure your home and property are covered in a flood.
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