What does your policy actually cover?
When’s the last time you reviewed your homeowners policy? Don’t feel bad if it’s been awhile (you’re definitely not alone).
Either way, it’s important to know what your policy does and doesn’t cover. In the event of a roof leak or backyard mishap, would you be prepared?
Take a look at these five common questions about your insurance (and let’s set the record straight):
1. Are your personal belongings included in your coverage?
Homeowners policies typically cover your furniture, clothing and other personal items up to your policy’s stated limits. More valuable items like jewelry and artwork likely require an add-on policy to be fully covered. Tip: Inventory your belongings regularly to find out if you have the coverage you need.
2. What about normal wear and tear?
Coverage typically includes damage from theft, fire and weather. It does not cover damage due to neglect or natural wear and tear over time. As a policyholder, it’s up to you to maintain your home. This includes making routine repairs and taking steps to keep termites and other pests at bay.
3. What if an injury happens at home?
Your policy’s liability coverage protects you if a guest is hurt in your home, but the same is not true for you. If you or a family member are injured at home, it would be covered by your health insurance rather than your homeowners.
4. Are you protected from flood damage?
Although some weather-related damage is covered, such as from hail, other natural disasters may not be. Floods require specific flood insurance, and earthquakes might be covered (but sometimes they require additional insurance).
5. Are home businesses also covered?
A home business requires additional business insurance to cover property damage and liability issues.
Have more questions about the details of your homeowners policy? Reach out today.
