Are you ready to have your mind blown? You might think that home insurance only covers the basics, like your roof and walls. But hold onto your socks, because we’re about to reveal ten surprising things that home insurance covers. From flood damage to identity theft, you’ll be shocked at the things your policy protects you against.
So put down that hammer and step away from the DIY home repairs, because you never know when you’ll need to file a claim. Let’s dive in and discover the unexpected things that home insurance has got you covered for!
What is Home Insurance?
Homeowners insurance is a sort of insurance that protects against loss to a house and its belongings as well as legal responsibility for mishaps that take place on the property. It is made to shield homeowners from monetary losses brought on by losses to their residences or personal belongings as well as from legal responsibility for accidents that might happen on their property.
Below are the top ten surprising facts that Home Insurance covers:
1. Flood damage:
- Finding out that flood damage is not covered by typical home insurance policies shocks many homeowners. Nevertheless, extra flood insurance can be bought to safeguard against loss brought on by increasing levels of water or severe rainfall.
- The National Flood Insurance Program (NFIP) or individual insurance firms offer flood insurance, which is a different policy from a typical house insurance policy.
- It’s crucial to keep in mind that there is frequently a 30-day waiting period before coverage kicks in, so make sure to prepare ahead of time.
2. Natural disasters:
- Natural catastrophe damage from hurricanes, tornadoes, and earthquakes is often covered by home insurance coverage. The location and type of policy could, however, affect the coverage.
- It’s vital to be aware that some insurance companies might not provide coverage for specific natural catastrophes, such as earthquakes, in particular areas.
- Therefore, it’s imperative to speak with your insurance provider to determine what is and is not covered.
3. Identity theft:
- Some house insurance policies include identity theft coverage, which can assist in covering the costs of restoring your finances and credit in the event that your personal information is stolen.
- The cost of rebuilding your credit, such as long-distance calls, certified mail, and notarized paperwork, may be covered by identity theft insurance.
- If you have to miss time at work to fix the problem, it might also compensate your lost wages.
4. Medical payments:
- Medical payments coverage is a benefit that certain homeowners’ insurance plans offer, and it can help cover the medical costs of anyone who gets hurt on your property.
- This might involve a visitor getting hurt in your swimming pool, a dog biting someone on your property, or a slip-and-fall disaster. When someone is harmed on your property, this coverage, which is often capped at a particular cash amount per person, can literally save your life.
5. Loss of use:
- Your house insurance coverage can pay for temporary lodging and living expenses while your home is being restored if a covered loss renders it uninhabitable.
- While your home is being repaired, this coverage can assist with the cost of lodging, meals, and other living expenses. It’s vital to keep in mind that in order to receive compensation from your insurance carrier, you must present receipts.
6. Green upgrades:
- For environmentally friendly improvements like solar panels or energy-saving appliances, several home insurance policies provide reductions or coverage.
- These improvements can not only help you save money on energy and lessen your environmental impact, but they can also raise the value of your house. If you have made these kinds of improvements to your home, your insurance provider might provide reductions or unique coverage alternatives.
- For instance, your insurance provider can give you a discount on your rate or include coverage for the solar panels in your house insurance policy if you install a solar panel system.
7. Personal property:
- In the event of theft, fire, or other insured losses, home insurance policies frequently cover personal goods including furniture, clothing, and electronics.
- Theft of a car or a bike from your garage are examples of outside-the-home property that may be covered by personal property insurance.
- To submit a claim, you will, however, probably need to present evidence of ownership and a police record.
8. Liability:
- Liability coverage is frequently included in home insurance plans, which can assist in covering your legal costs if you are made responsible for harms or losses brought on by you or a member of your household.
- If you have a trampoline or pool on your property, liability coverage may be especially crucial because these features raise the risk of accidents.
- In the event that someone is hurt while on your property, this policy may offer further protection.
9. Jeweler and high-value items:
- Standard home insurance policies typically have limits on coverage for jeweler and other high-value items. You may need to purchase additional coverage or schedule coverage for these items to ensure they are fully protected.
- Scheduled personal property coverage, also known as rider or endorsement coverage, is a way to provide additional coverage for specific valuable items like jeweler, watches, furs, and fine art.
- This type of coverage usually requires an appraisal or a receipt for the item, and the coverage limits are usually higher than the standard limits for personal property.
- It’s also important to note that scheduled personal property coverage typically covers losses that happen anywhere, not just at the insured location.
10. Additional living expenses:
- If a covered loss occurs and you are unable to reside in your home, your home insurance policy might pay for additional living costs like hotel stays or restaurant meals.
- If you have to leave your home as a result of a covered loss, this coverage may save your life because these costs can mount up quickly.
It’s crucial to remember that terms and coverage can differ between policies and between states. The best course of action is to study and understand your policy, and if you have any questions, ask your insurance representative to explain.