Let’s Talk About Home Insurance….

Homeowners Insurance 101

Being a homeowner can look different for anyone. One of the main differences in homeowner insurance, is the form you get based upon what you own. There are coverages for homes, condos, renters, special risks, open perils, broad perils, or a combination of these. Homeowners insurance is divided into two sections and six parts. Your homeowners policy protects your house, lot, personal property, and liability exposures for the policyholder, spouse, relatives that live in the house, full time students that live in the house under the age of 24, and others under the age of 21 in the household under the care of the policyholder.

The first section of your homeowners policy covers your property through four of the six parts. The first part of section one covers your dwelling. This is your physical house that is on your property. The second part of section one covers other structures on your property, such as sheds or detached garages. The third part of section one covers your personal property. Your personal property are the items you own inside your house. The fourth and final part of section one covers the loss of use.

Loss of use are things you would need to reasonably pay for after your loss; these things could be hotel expenses, focused cleaning due to damage, anything that is not a normal expense you would pay to keep your household running.

The second section of your homeowners policy covers liability through the last two parts of the six. The fifth part of the policy under section two covers personal liability. Personal liability covers you for things that happen on your property like bodily injury or property damage. The sixth and final part of section two is coverage for medical payments. Medical payments cover things like hospital bills for people who have sustained an injury on your property or in your home.

There are other coverages and endorsements you can add to your policy to make it fit your exact needs. You can add coverages for things such as personal article floaters, daycares, earthquakes, businesses, scheduled personal property, debris removal, trees and shrubs, among other options.