What Should Be in My Homeowners Insurance Policy?

The importance of homeowner’s insurance cannot be overstated. A home insurance policy provides protection from damages to your home and belongings in the event of an emergency. Insured emergencies covered by most home policies can include fire, windstorm, hail, theft, and vandalism. But do you know what should be included in your policy?

Property Insurance

Home property insurance, such as by a homeowners insurance Newark De company, has two main types: dwelling and personal property. Your dwelling insurance provides coverage for the structure. Some policies can also cover attached structures such as garages and carports. Personal property insurance covers everything inside your house, including furniture, decor, and items like clothing.

Liability Insurance

Liability insurance pays for injuries, medical payments, and lost wages for those who are injured on your property that are outside of your household. For example, if a visitor to your property falls and breaks their arm, your homeowner’s liability can pay for their treatment expenses, as well as cover the cost of the days they miss work.

Additional Insurance

There are a few additional coverages that are usually included in a homeowners policy. Unattached buildings, such as detached garages, may qualify for coverage under your policy. Most policies also cover moving costs if your home is deemed unlivable due to damage. An umbrella policy can add additional coverage to both your homeowners and auto policies and raise the limits to which costs can be covered.

Most states do not require homeowners insurance by law, but mortgage lenders may require it to obtain a home loan. You may not have enough coverage in your homeowners policy, which could lead to costly repairs that were not otherwise covered by your policy. Be sure to review your home insurance policy with your insurer to see if there are any gaps.