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Discover What Your Homeowners Insurance Policy Means


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So you have bought a home and have purchased homeowners insurance in case you were to lose everything. Life is good, right? Well, it may be if you know everything you need to about your insurance coverage. The problem comes when you don't know what is covered and you are faced with a situation in which you need coverage fast.

I want to help you understand what is covered and what isn't covered within your insurance plan with this article.

1. Anything regarding natural circumstances such as fire, lightning, frozen pipes, ice, and snow is covered. The main thing to remember with this, however, is that these don't cover ALL natural disasters.

2. Burglaries are covered. Basically, this involves you losing something you own, and so insurance will cover it.

3. Flood damage is not covered under a standard policy. This is something you need a floater for.

4. Earthquakes are not covered without a special earthquake policy. If you live in an earthquake zone, you better have one. Terrorism and acts of war are also not covered, but hopefully here in the US, that isn't anything to be concerned about. For some living overseas, however, this is something that may be need to be looked into for extra coverage. I am not knowledgeable about insurance overseas to be able to give you specifics on that, however.

Homeowner insurance standard policies should also cover the items in your home as well as your home itself.

So what about the very expensive items in your home? Should you just assume they are covered? Absolutely not. In fact, if you have a diamond ring, be sure to insure that separately with your agent. I have a grand piano that is also insured separately. These are some important things to remember.

Do you run your own home business and have clients come and go at your home office? If this is the case. you must have liability insurance as well. I highly recommend having this even if you don't have a business because most people come and go and visit homes and if you don't have coverage in case they were to get hurt, you could end up owing a lot of money in the long run.

As you can see, homeowners insurance can be tricky and confusing, but it doesn't have to be as long as you stay informed. If you are shopping currently for a policy, take your time and ask lots and lots of questions. It is important to make the wisest decisions you can.
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