Homeowners Insurance Explained

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Buying a house is a huge investment. Homeowners insurance will protect your home and your investment against sudden and accidental events that threaten the home.

You, the homeowner, are still responsible to the day to day maintenance and upkeep of the property; which is why not everything is covered. It’s much the same as why tires, batteries, and oil are not covered under your auto policy.

There are six types of home insurance coverage built into a policy:

1. Coverage AResidence: Protects against damage to your home due to natural disaster such as hurricane, hail, lightning, or fire.

2. Coverage BRelated Private Structures: Coverage for other structures on your property such as detached garages and other non-business and non-farm related structures.

3. Coverage CPersonal Property: Protects personal items and household contents from covered events or perils.

4. Coverage DLoss of Use: Provides living expenses if you are unable to live in your home due to a covered claim.

5. Coverage L Personal Liability Protection: Protects you if there is a lawsuit for bodily injury or property damage.

6. Coverage M — Medical Payments: Covers medical expenses for injury to someone other than an insured person or resident on your property. Sometimes called ‘Good Will’ coverage.

Standard homeowners insurance policies do not cover everything. There are a few things not typically covered by homeowners insurance such as:

  • Flood damage
  • Earthquakes or Earth Movement
  • Vermin
  • Basic wear and tear
  • Valuable personal property such as fine jewelry and art

Remember, an insurance policy is a legal contract between you and the insurance company and as such, it is your responsibility to read and understand it. If there is anything you do NOT understand, talk to your agent. They are paid a commission to understand, explain, and help you maintain your policy of coverage. 


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