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As a homeowner, one of the most important aspects of your home isn’t something you use daily. And it isn’t something flashy you show off to friends. It’s your homeowners insurance policy, and it protects you in more ways than you may think, helping you rebuild your home or repair damage that results from a covered loss.
But, that’s not all. It can also help cover the costs of a lawsuit, help you pay for somewhere else to live when your home is uninhabitable, and much more. Home insurance is typically very comprehensive, but all policies have exclusions and coverage limits. It’s vital to know what those are so you know what’s covered and what’s not. Fire damage? Typically covered. Flood damage? Typically not. With this guide, you can begin to understand what a typical home insurance policy covers. Just keep in mind that coverage varies from carrier to carrier, region to region and even policy to policy. Only your individual home policy can tell you the coverage you have and that which you don’t. For an even better understanding of your home policy coverage, review it with one of our agents. What Home Insurance Covers The typical homeowners insurance policy has six types of coverage. They are commonly known as:
Remember that, despite having all of these different types of coverage, you’re only covered up to the dollar amounts that you select and only for covered losses, as outlined in your policy. Typically, you can change these policy limits at any time if you’d like to purchase more coverage. This is a good idea if, for example, you’ve recently added on to your home, acquired some pricey personal belongings or made other updates to your property. If needed, you can also reduce your coverage, though always ensure you are adequately protected. What Home Insurance Doesn’t Cover It’s just as important to know what your homeowners insurance doesn’t cover as it is to know what your home policy does cover. For starters, your policy does not cover any damage or repairs costing less than your deductible. It also does not cover any costs that exceed the coverage limits outlined in your policy. You are solely responsible for excess costs, unless you have an umbrella policy to provide additional liability coverage for a covered loss. More than likely, your policy also does not cover routine maintenance and repairs, as well as damage due to animals, termites, floods, earthquakes, sinkholes, sewer backups, and other incidents. These are often considered non-covered losses. If you experience a non-covered loss, as outlined by your policy, you will be responsible for the costs. What Home Insurance May Cover Outside of the typical home insurance coverage, optional or separate coverage may be available from your carrier or from a different carrier. For example, you may be able to purchase earthquake or flood coverage separate from your homeowners policy. Other coverage options are add-ons to your existing homeowners insurance. These can include identity protection and equipment breakdown coverage, which covers the cost to repair or replace a range of appliances and other equipment, such as pool equipment, in your home. If this sounds similar to an extended appliance warranty, it is. The difference is that you can insure an array of appliances at once through this optional coverage rather than purchasing a separate warranty for each one. This guide is a starting point for understanding your home insurance policy. Your own policy may vary greatly from the descriptions above depending on the state where you live, your carrier, and the coverage you have selected. So take a close look at your policy by reviewing your documents or viewing your coverage online. Or, even better, sit down with one of our insurance agents who can explain your coverage in detail, as well as discuss whether your policy provides adequate protection for your home, property, and belongings. Reposted with permission from the original author, Safeco Insurance®.
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“No winter lasts forever; no spring skips its turn.”
That’s a quote from author Hal Borland — but another favorite saying might be even more appropriate for this time of year: “Be prepared.” After all, warmer weather brings plenty of risk to go with its beauty. If you aren’t ready, you could find yourself with more spring cleaning than you bargained for after heavy rains, hailstorms, and other hazards. Here are five things you can do to get yourself and your property all set for the season.
To learn more, check out Safeco Insurance®. Home improvement: It’s a never-ending process for many people, and for those of us who aren’t necessarily handy, it can be a hassle, too.
But there are plenty of simple maintenance tasks and other improvements you can handle to make your home safer – whether you’re handy or not. And you won’t have to break out the power tools (or any tools at all in some instances) or worry about getting in over your head. Water Works You need running water in your home – but not water running in your home, if you know what we mean. Even minor leaks can cause major problems, from higher water bills to damage requiring costly repairs (maybe even the kind you can’t tackle yourself). Here are some easy ways to make sure your water stays where it should:
Keep Your Family (and Your Guests) On Their Feet Millions of Americans – many of them older adults – are injured in falls each year. About 2.5 million were hurt in 2013 alone, according to the National Safety Council and the Centers for Disease Control and Prevention. Look around your home. Should you make some of these fixes?
Give Everyone Some Air Pollution isn’t just an outside thing – the air in your home can be unhealthy, too. But helping people breathe a little easier isn’t hard when you follow these steps:
Home improvement doesn’t have to mean a kitchen remodel or finishing the basement. Making your home safer, in fact, just might be the best improvement of all. Reposted with permission from the original author, Safeco Insurance®. |
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