Why your ‘basic’ homeowners insurance policy is more comprehensive than you might think.
If you own a home, you probably have standard homeowners insurance coverages in place. While you might consider this protection a necessity rather than a benefit, you may be surprised to learn just how much coverage is included in your home insurance policy. Here are some of the coverage options that come standard with your homeowners insurance.
Personal Property Coverage
Your homeowners insurance policy offers coverage for the physical damages that your home might sustain during a break-in, act of vandalism, fire, extreme weather event, and so on. But did you know that this coverage also extends to the personal property and belongings inside your home? While this coverage is subject to certain limits, your homeowners insurance policy will reimburse you for the possessions that are stolen or damaged during a claim event.
Personal Liability Coverage
In addition to coverage for physical damages, your homeowners insurance also offers coverage for the personal liability issues that you and the members of your household may encounter. For instance, if someone injures themselves while on your property, your home insurance will cover their medical treatment and, if necessary, pay for your legal defense and settlement. As an added bonus, this liability coverage travels with you. This means that you will have some coverage even if you or a member of your household cause injuries, damages, or other losses off of your property.
Loss of Use Coverage
Finally, your homeowners insurance policy also includes loss of use coverage. This type of coverage becomes available in the event that your home suffers major damages that make it temporarily uninhabitable. Your loss of use coverage will help you pay for the expenses associated with living elsewhere while your home is undergoing repairs. For instance, this type of coverage can help you pay for hotel stays, restaurant bills, and so on.
These are some of the unexpected coverages that are included in basic homeowners insurance policies. Do you have additional questions regarding your home coverage? If so, don’t hesitate to contact the experts at East End Insurance Agency for assistance today.