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Understanding what is covered by homeowner’s insurance

On Behalf of | May 8, 2023 | Personal Injury

It’s common for California homeowners to have a homeowner’s insurance policy. What a homeowner’s insurance policy covers may vary depending on the provider and the amount of coverage purchased. The policy could cover things ranging from a leaky roof to mold and termites to possibly a visitor who gets hurt on the property.

Standard homeowner’s insurance coverage

A standard homeowner’s insurance policy covers the expense of repairing or replacing the home itself and its contents if they are damaged. The usual causes for the damage covered by homeowner’s insurance include fire, vandalism, smoke or theft. It is also common for weather events, such as heavy winds, lightning or hail, to cause damage requiring a homeowner to use their homeowner’s insurance. The liability portion of homeowner’s insurance may cover a personal injury, such as a slip and fall or a dog bite that happens on the property.

Most homeowners insurance covers the home’s HVAC system, furniture, appliances, clothing and other household possessions. Coverage extends to other buildings on the property, including sheds, garages, barns, fences and exterior walls. Some policies will cover a swimming pool or different types of recreational equipment. However, higher-risk items may require extra liability coverage.

Understanding the details of the policy

Homeowners need to understand the policy details and the coverage they will receive if they file a claim. Some lenders require homeowners to have sufficient insurance to pay off their mortgage. Sometimes, a replacement cost homeowner’s insurance policy may be better suited for a homeowner, or an actual cash value policy might be best.

Standard homeowner’s insurance policies usually will not cover valuable jewelry, collectibles or artwork. Most do not cover the damage caused by earthquakes or floods. These coverages are usually available at an extra cost.

Although homeowner’s insurance is an added expense, it can provide homeowners peace of mind and financial protection. Those who value their financial health will ensure that they have the coverage they need.