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Homeowners insurance policies have differing provisions, though they generally provide two types of coverage: Property and Liability.

Property coverage pays for:

  • Damages to your home
  • Damages to other structures on your property
  • Damages to your personal property

Liability coverage offers protection, including the cost of legal representation, from covered claims made against you or a resident family member for property damage or bodily injury. This section of your Home owner’s insurance coverage is broken into two parts:

Personal Liability coverage – this coverage pays, up to your limit of liability, when you or a resident family member is found legally responsible for damage to the property of others or injuries to persons who are not members of your household. For example, a delivery person slips on the ice on your doorstep and is injured. If you are found legally responsible, your Personal Liability coverage will cover the damages (e.g., medical expenses, lost wages) incurred by the delivery person.

Medical Payments to Others – Pays medical bills if someone (outside of your family) is injured while on your property, or is injured by you or a resident family member away from your property. This coverage is available regardless of whether or not you are legally responsible for the injury.

You’re covered – Much more than you think.

More protection than you may have imagined is included in your Home owners coverage. (Of course, that statement is limited to your individual policy.) Here are general descriptions of some surprising and welcome benefits of Home owners insurance:

Loss of Use – Pays for necessary increases in living expenses you incur if your home is not habitable after a loss.
Necessary Repairs – Pays for temporary repairs to prevent further damage after a loss.
Debris Removal – Pays for debris that may have to be removed after a loss.

Property Removed – Covers your property for any direct loss if you remove it because it is endangered by a covered peril.
Credit Cards – You may be reimbursed for up to $500 for unauthorized use of your credit cards. This provision also protects you from losses related to innocent acceptance of counterfeit money.

A few things to keep in mind…

Certain categories of personal property have limited coverage in a standard Home owners policy. Some examples are: money, securities, business property, watercraft, and theft of jewelry, furs, firearms, and silverware. Additional coverage may be secured for an additional premium. Beyond policy limits, there are some outright exclusions to your Home owners policy. For example:

Earthquake
Flood
War
Nuclear hazard
Intentional loss caused by the insured
The business pursuits of the insured
The rendering of or failure to render professional services
Motor vehicle liability.

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