What Is Homeowners Insurance And What Does It Cover?

Brad Corriher of Brad Corriher State Farm
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Q: What is homeowners insurance and what does it cover?

A: Originally, a standard homeowners policy covered only the risk of fire. Today’s homeowner policies provide protection against a number of the “perils” of modern life. A typical policy can provide protection for the following:

  • Home: The physical dwelling structure.
  • Other structures: A detached garage, tool shed, etc.
  • Personal property: The contents of the home, such as furniture, appliances or clothing.
  • Loss of use or additional living expense: If a home is damaged by a covered peril, loss-of-use coverage helps meet the costs of hotel bills, eating out, and other living expenses while the home is being repaired.
  • Personal liability: Provides protection against legal liability for bodily injury or property damage if a third party is accidentally injured.
  • Medical payments: Also known as guest-medical payments, this section provides coverage if a third party is accidentally injured and needs medical treatment.

The standard homeowner policy specifically excludes a number of perils from coverage. Policy coverage of these excluded perils can generally be added through an endorsement and payment of an additional premium. Typical policy exclusions might include:

  • Ordinance of law
  • Earth movement
  • Water damage
  • Flood damage
  • Mold

Insurance agents can help provide answers to detailed questions about a particular policy and can ensure you have the proper coverage in place.

Have further questions? I’d love to answer them! Feel free to call or text my office at (704) 526-0887 or visit us in person at 9539 Idlewild Road or online at MyMintHillAgent.com.

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