Homeowners insurance is a property insurance policy that provides coverage for your private residence. A homeowners policy typically covers losses and damages to a personal residence, as well as furnishings and certain other assets within your home. Home insurance may also offer liability coverage against certain types of accidents that occur within your home or on your property.
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Standard coverages include:
Dwelling: Dwelling coverage may pay to repair or rebuild your house caused by fire, severe weather, falling trees, ice dams, and other covered perils. Example: You may be protected if your roof caves in from the weight of ice, snow, or sleet, damaging interior components such as walls, kitchen cabinets, and countertops.
Loss of use: If you’re unable to stay in your home during repairs due to a covered loss, additional living expenses (part of your loss of use coverage) may pay for additional living expenses above what you’d typically pay, up to your policy’s limits. Example: A fire damages your kitchen and you’re unable to live in your home while the repairs are being made. You may be covered for the cost of a hotel stay and meals, above what you normally spend on groceries.
Liability: Personal liability coverage helps protect your assets if you or your family members are liable for someone else’s damage or injuries. Additional coverages may be available to purchase for libel, slander, and other lawsuits. If you need more than a $500,000 liability limit, a separate umbrella policy may provide additional coverage. Example: A delivery person falls on your steps and breaks their arm. If you’re found to be liable, your homeowner’s insurance may cover your medical bills and lost wages.
Medical Payments: Medical payment coverage helps pay emergency medical bills if someone who isn’t a resident of your household is injured on your property. Insurance also covers injuries caused by a member of your family or pet, regardless of where it happens. Bills are paid, up to policy limits, whether you’re legally responsible or not.
Personal property: Personal property coverage helps pay to repair or replace furniture, clothes, electronics, tools, and other belongings if they’re destroyed in a covered loss. For more expensive items, such as jewelry, art, and collectibles, you may need to “schedule” the item, also known as adding an insurance rider to your homeowner’s insurance policy. Example: Someone breaks into your car and steals your cell phone and work tools/equipment. Your home insurance policy may pay to replace the stolen items, up to the limits of your policy and minus your deductible.