Homeowners insurance is designed to protect homeowners in the event of unfortunate circumstances like fire, theft, and natural disasters. However, it’s not always clear what these policies cover or don’t cover. Read on for some answers to common questions about what homeowners insurance covers and where it falls short.
Belongings coverage: Your standard policy will cover your belongings up to the limits you choose. For many, this includes clothing, furniture, appliances, and other items that might get damaged or destroyed in a fire or theft. However, there are some types of items that are only covered with additional endorsements. For example, valuables like jewelry, antiques, and collectibles typically require an endorsement to be insured for their full value.
Personal liability protection: If someone falls at your home and is injured or your dog bites an innocent neighbor walking by, liability protection will pay for the medical expenses. It will also reimburse you if you or a family member gets sued. Liability protection doesn’t cover any property damage to the victim’s property; it only pays for your legal fees and damages inflicted on other people.
Medical payments: Medical payment coverage is included with many homeowners policies and will pay for the medical expenses of whoever is hurt on your property, regardless of fault. For example, if a visitor stumbles and breaks his leg, you’ll be reimbursed for the cost of any required treatment. This type of coverage can also extend to non-resident relatives who visit you.
Living expenses: This coverage pays for the additional living expenses you’ll incur if your home is temporarily unlivable after a covered claim. For example, if there is fire damage, this coverage will help pay to put you up in a hotel or temporary housing until your home is repaired or rebuilt.
Homeowners insurance provides a wide range of coverage to protect your house, belongings, and even you from unexpected events. Holmes Insurance Services can help you find the right coverage in Youngsville, NC. Call us today to learn more.