Your home is your biggest investment, so make sure it is adequately protected with a homeowners insurance policy.
Multiple coverages and options are available for homeowners, so it’s important to understand what your policy provides and what you can add to it to ensure that the protection you expect and want is available in the event of a loss or damage.
To better understand your homeowners policy, these are the main types of coverages available:
- Coverage A – Dwelling – Covers the repair or rebuilding of your home and any attached structures due to damage or loss by wind, lightning, fire or other named perils.
- Coverage B – Other Structures – Pays for damages to structures not built on to the house, such as freestanding garages, sheds and fences.
- Coverage C – Personal Property – Reimburses for personal items damaged or destroyed by a covered cause of loss. Includes furniture, clothing, electronics, appliances, and fishing and hunting trophies.
- Coverage D – Loss of Use – Covers additional housing and living expenses if your home is uninhabitable while damage is assessed and your home is being repaired or rebuilt.
- Coverage E – Personal Liability Protection – Pays for damages to people injured by you or your property, such as if a basketball goal falls over and damages your neighbor’s car or a visitor injures himself by tripping on a loose board on your deck.
- Coverage F – Medical Payments – Covers medical expenses for an injured party who doesn’t sue you for damages. In the event the injured party sues, personal liability protection would be used.
Additional coverages can be purchased and added to your homeowners policy based on your unique needs. For example, you can find supplemental insurance to pay for flood damages, extend theft coverage, or protect rare valuables and collectibles you may own.