22 Jan What is Covered with a Standard Homeowner’s Insurance Policy?
What is covered in a standard Homeowner’s Insurance Policy?
Buying a home is one of the most exciting events to happen in your life, especially for first-time homebuyers. But when it comes to buying a home, the house itself isn’t the only thing you have to think about. To protect your new home and your most valuable possessions, homeowner’s insurance is critical. But there tends to be some confusion around what a standard homeowner’s insurance policy actually covers. We’re here to clear things up.
Homeowners’ insurance typically provides coverage to replace or repair the major items in your home that may sustain damage in a fire, theft, vandalism, or weather disaster (like a tree falling on your home).
Most major home appliances and systems are covered, like heating and cooling systems, kitchen appliances like fridges and ovens, furniture, and the like. If you have an outbuilding like a shed or barn, they are also typically included in your homeowners’ policy. Finally, outdoor equipment like fireplaces, fences, grills, and swing sets are usually covered.
In addition to replacing or repairing your home or its contents, homeowners’ insurance often includes liability coverage. So, if a friend or neighbor is injured on your property, your insurance policy will likely reimburse you for any medical expenses or legal fees you may incur.
Not everything within your home is covered by a standard insurance policy. For instance, some policies will automatically cover your home swimming pool, while other policies may require you to purchase additional liability insurance to cover a pool.
Specific home issues may not qualify you to receive coverage under your homeowners’ policy. While you’d be covered for fire damage, for example, you usually wouldn’t be covered for mold damage. It also depends on the cause of the damage; mold removal may be covered if a pipe bursts, but it may not be covered if it’s caused by a general lack of maintenance.
Some aspects of your insurance will vary depending on where you live. If you live in a landlocked state without much rain, flood insurance likely won’t be a standard aspect of your policy. But if your area is more prone to flooding, flood coverage may be included or required with nearly any policy you choose. The National Flood Insurance Program (NFIP), has some great resources and knowledge on how to protect your home from potential flooding as well.
There are also several categories that are not covered by a standard homeowners’ policy. If you need coverage for these items, you’ll need to purchase an additional policy in most cases. More valuable items such as artwork, collectibles, and jewelry are not normally covered and will require their own policies.
Finally, earthquake coverage is a specific policy that is normally not standard in a homeowners’ policy. You can often choose to purchase earthquake coverage separately or as an add-on to your existing plan. However, it’s important to note that the rates for earthquake coverage are not set by the federal government but rather by your insurance company, which can change your rate.
Securing Homeowners’ Insurance in Pawleys Island
Laura Hibbits Insurance is proud to be one of the most trusted Pawleys Island insurance providers. With more than 200 years of combined experience, our team has what it takes to keep you covered no matter what. Get in touch with one of our agents today to learn more.