If you own your own home, you more than likely have homeowners insurance. But you may not know exactly what this type of insurance covers, and you may be surprised at some of the things it will cover.
Home insurance covers your home’s structure if it is damaged by things such as wind. lightning, fire, hail — even vandalism. This could be minor damage, such as a hole in your roof from a falling tree, or it could be major damage, such as the total destruction of your home from a fire.
Homeowners insurance also covers the contents of your home from loss, whether it be from a disaster or from theft. If a tornado destroys your house and most of the things in it, your homeowners policy will pay to replace those things. Likewise, if someone breaks into your house and steals many of your belongings, the policy will pay to replace them.
Your home policy covers not only your home, but also other structures on the land you own, such as a detached garage, tool shed or fence.
Your homeowners policy provides coverage beyond your home and its contents. If your home is left unlivable because of a fire or other natural disaster, your policy will not only pay to repair your home, it should also cover the cost of living somewhere else until you can again live in your home. Home insurance also provides liability coverage that covers your for things like someone slipping and injuring themselves on your driveway or your dog biting a visitor.
These coverages are all standard on most homeowners policies, and you can also add other coverages by paying to add riders to your policy.