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Explaining Homeowners Coverages Insurance

Your home is your most valuable investment so it only makes sense to protect that investment with insurance. While it sounds simple, homeowners insurance can create more questions than answers. Let's break down the coverages.

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The standard homeowners policy is divided into two sections: Property Coverages and

Liability Coverages.

Let's start by taking a closer look at Section I: Property Coverages.

Coverage A - Dwelling provides protection for your home and the structures attached to your home.

Coverage B - Other Structures covers the structures other than your home located on your property such as a detached garage or shed.

Coverage C - Personal Property covers the contents of your home, such as furniture, appliances, clothing and toys.

Coverage D - Loss of Use provides coverage for your additional living expenses when you have "lost" use of your home. For example, If you have to vacate your home due to damage from a covered loss - such as a fire or a tornado - this coverage will pay for the additional cost of a hotel or other temporary living expenses you would not normally have until the damage to your home can be repaired.

One important note about Homeowers insurance... not all causes of loss are covered, such as floods.

Homeowner policies are designed to provide coverage for exposures that most homeowners will incur. This helps to keep the cost of insurance affordable. Not everyone lives in an area where flooding is a risk.

If you do, you might be able to purchase a separate policy to provide coverage, and your independent insurance agent can help with that.

Now let's take a look at Section II of the Homeowners policy - Liability coverage.

Section II includes two coverages - personal liability and medical payments to others.

Personal Liability provides coverage when you are legally liable for bodily injury or property damage to others. It also covers injury or damages to others caused by any relative living with you.

Let's say you're having a cookout and a one of your guests is accidentally injured on

your property, for example, they fall due to a broken step at your door. Your guest could decide to sue you for the injuries received because of your neglect. That's when your Homeowners Policy's Liability Coverage would come into play, to defend you against lawsuits and help pay for expenses associated with those lawsuits.

The second Liability coverage provided in your Homeowners Policy is Medical Payments,

which covers medical bills incurred by invited people who are injured on your property or

as a result of your personal activities. Remember your injured cookout guest?

Medical Payments

Coverage would help cover the cast and stitches they received due to their injuries.

We understand the details of insurance can be confusing.

This text is just a short overview of the primary coverages provided by a standard homeowners insurance policy.

Just like every home is different, so is every insurance policy - the most important thing to remember is YOUR policy should protect YOUR needs.

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