What Does Homeowners Insurance Cover? 11 Things that Might Be Important to You

There’s not just one good reason to buy homeowners insurance. There are at least 11 reasons. A typical homeowners insurance policy will provide coverage for a range of risks. Here are some of the coverages that you might care about.

  1. Fire: There were approximately 371,500 residential fires in 2017. More than half of these were caused by cooking. Other common causes included heating and electrical malfunction. You could lose everything in a fire, but homeowners insurance can help you recover.
  2. Storms: Wind and hail and do a lot of damage to a house. Homeowners insurance typically provides coverage for damage caused by storms. 
  3. Water Damage: Homeowners insurance policies typically cover some types of water damage while excluding others. Flooding, for example, is excluded, and you will need a separate flood insurance policy to cover this risk. Internal water damage, however, such as damage caused by a broken pipe, is typically covered.
  4. Burglary: More than 1.4 million burglaries took place in 2017, resulting in approximately $3.4 billion in property losses. The average loss per burglary was $2,416. If your home becomes the target of a burglar, homeowners insurance can cover your losses. 
  5. Theft Outside the Home: Homeowners insurance doesn’t only cover items taken from your home. Your property may be protected outside your house, as well. For example, if your laptop, bicycle or jewelry is stolen away from your home, you can file a claim in some cases.
  6. Dog Bites: If you own a dog, this is important. Even dogs that are normally well behaved may bite if they are startled, scared or annoyed. According to a CDC study, approximately 4.7 dog bites occurred in a single year, and 800,000 of these required medical care. If you are sued over a dog bite, homeowners insurance can provide liability coverage 
  7. Your House: A fire isn’t the only threat to your home. For example, what happens if a tree crashes into your living room? Homeowners insurance can provide coverage for the resulting damage.
  8. Other Structures: In addition to your house, you may have other structures on your property, such as detached garages and sheds. Homeowners insurance can provide coverage for these structures, too.
  9. Your Stuff: Homeowners insurance isn’t just for your house. It’s also for all the stuff inside. Doing a home inventory can help you see how much stuff you own. It can also come in handy if you ever need to file a claim.
  10. Other Liability Claims: What if a neighbor is injured on your property or a guest falls in your home? If injuries occur, you could be hit with a lawsuit. Homeowners insurance provides liability coverage in situations like this.
  11. Additional Living Expenses: If your home is badly damaged, living there might not be possible until repairs can be completed, and that can take a while. Homeowners insurance policies typically include coverage for additional living expenses, so you won’t have to worry about hotel costs.

Now that you know the facts, are you ready to buy homeowners insurance? Get a quote now from Insurance Line One.

Sources
  • https://www.usfa.fema.gov/data/statistics/

  • https://ucr.fbi.gov/crime-in-the-u.s/2017/crime-in-the-u.s.-2017/topic-pages/burglary

  • https://www.cdc.gov/mmwr/preview/mmwrhtml/00047723.htm

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