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What's covered under my Home Insurance Policy?

By Compuquotes Team on March 27th, 2008

Homeowners Insurance

So you want to know whats covered in your Home Insurance Policy. It's a good idea to read the policy front-to-back but also know that if you have any questions or you are unclear about a clause contact your Insurance Agent. Your Insurance Agent should know every detail about your policy and some of the verbiage is for trained eyes only. Know that everyone's home insurance policy is completely different so know that questions aren't bad questions.

So everyone's homeowners insurance policy is different but there are some standard features of a policy. Your contents are covered. Usually your Insurance company will take your word regarding any contents but it's a good idea to keep receipts and video any contents that may be considered different or valuable. Your structure is covered depending on the claim. Some places have require certain coverage such as flood or hurricane coverage in order to cover certain structure. For example, if you finish your basement and in this basement you have a family room with two sofas, a big screen TV and a pool table. If for some reason your basement gets flooded due to large amounts of rain or a backed up river or creek then the structure, walls, doors, sheetrock and other structure related materials aren't covered unless you carry the flood insurance. The contents of your basement are covered. Your two sofas, big screen TV and pool table are covered as contents within your home.

Your home insurance policy also covers any liability. Liability is Insurance for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person. Your Liability limit may differ depending on your policy but usually this amount is set to $300,000. You can also purchase an Umbrella Policy to cover any losses above your ordinary policies.

You will likely receive living expenses for your claim if you have to stay outside your home.

It's important you know your particular coverages especially for certain contents such as jewelry. You should also be well aware of any liability coverage for home features such as a swimming pool or any other high risk items. Different policies cover different items so be sure to review your policy before any major purchase.

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