In addition to covering your home, homeowners insurance also covers four more things:
I. Your outbuildings, landscaping, and hardscaping. If you have outbuildings i.e. shed, fence, or landscaping, your homeowner’s policy most likely covers those for up to 10% of your policy amount (5% for plants trees, and debris removal).
Example, if you have $100,000 in homeowners insurance and someone drives into your fence, the policy would cover 10% or $10,000 in repairs.
Sometimes policies exclude damage to outbuildings, landscaping, or hardscaping caused by a particular peril (like wind).
II. Damage or loss of your personal belongings.Your homeowner’s policy covers your family’s belongings, even when you take them out of the house. If your child heads to college with a laptop and it’s stolen, that’s probably covered by your homeowner’s insurance policy.
A home insurance policy covers a lot of your personal belongings, but not necessarily everything.
You’ll need additional insurance if you have many expensive items like jewelry, furs, or antiques.
Policies will either state that your personal belongings are insured for replacement cost or cash value.
Replacement cost means that the insurance company will pay the full cost of replacing an item (such as the laptop mentioned above, or a sofa damaged in a fire) once you show a receipt. Cash value means the insurance company will issue you a check for the amount that the laptop or sofa would have been worth when it was stolen or destroyed.
III. Remember your Additional Living Expenses will have limits. You are still on a budget. If you exceed that budget you may have to come out of pocket. Your policy will have limits on how long you stay and how much you can spend.
IV. Injuries or accidents at your house.Homeowner’s insurance coverage includes liability – meaning it covers you when you or your family members cause injuries or damage. This coverage also pays when your dog bites someone (medical payments) or someone falls and injures themselves.
We’re getting closer to storm season. 2017 was devastating. Check with your agent and make sure you are prepared.
Remember; “It’s A Numbers Game”!!!