Hello World! Welcome Friends! We all know the importance of having insurance in specific areas of our lives. Whether it’s our actual lives, your healthcare plan, your vehicle, or even your vacation, having the right insurance policy can help you cover costs and have complete peace of mind when things go wrong.
One of the most common forms of insurance is known as homeowners, but while you would think this kind of insurance is designed to protect you and your home, it’s important to know what’s actually covered in a standard policy.
After all, you don’t want something to happen only to find your insurance policy isn’t covering you and there’s nothing you can do about it. To cut a long story short, let’s get straight into it.
Homeowners Insurance Coverage
What is Homeowner Insurance?
As a rule of thumb, homeowner insurance is designed to protect and insure the physical items, belongings, and wellbeing of your property. If something happens and something in your home is damaged, this is an insurance policy you can claim against to get it back.
What Counts as Property and Belongings?
In most cases, there are four main types of category which are included under the ‘homeowners’ insurance term. These include;
Dwelling protection
This is the standard type of dwelling protection, so if anything happens to the physical build of your property; you can get it repaired. This includes damage done by weather damage, cracks in your wall, or water damage from a busted pipe; to name a few.
Personal Property Protection
As the title suggests, if you have belongings in your home that are broken, this protects them. This includes anything from smartphones and tablets to televisions and sofa. How you can claim and what’s covered will depend on the insurance plan provider and their terms and conditions.
Liability Insurance
If someone comes to your property who doesn’t live there but injures themselves in some way, this type of insurance bracket will help cover costs if you need to pay for healthcare actions, or you’re sued for what happened.
Other Structures
If you have other external properties on your property, such as a shed, decking, a conservatory, or a summer house, insurance plans with ‘other structure’ protection will cover you for damage on these.
Are My Wellbeing and Health Covered?
One of the most common questions asked by people looking for homeowner’s insurance coverage is whether or not their health and wellbeing are covered if they have an accident in the house. For example, if you slip and fall and break a bone, is the healthcare operations covered by a homeowner insurance policy during the personal injury lawsuit process.
While this is understandable because the situation happened in the home, unfortunately, the majority of homeowner’s insurance policies won’t cover this, and this will come under health insurance or personal protection.
However, there’s no reason why some insurance policies may combine healthcare insurance together with their own homeowner’s policy, so it can always be worth asking. Nevertheless, as a rule of thumb, you’ll need separate plans for both.
Summary
As you can see, a typical homeowner’s insurance policy covers quite a lot, but you need to make sure you’re checking with your individual provider to make sure you’re getting the cover you need.
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Toodles,
Thank you for sharing this post! It’s highly important as a homeowner that we u8nderstand the insurance coverage. In my late 20s, my parents gave me a house and honestly, I didn’t take the time to understand homeowner’s insurance coverage back then and I ended up spending money when I shouldn’t have had. Luckily, a friend of mine referred me to a reliable lawyer and he discussed all there is to know about the homeowner’s insurance and I was blown that time. Imagine the money I could have saved. Anyway, thank you for breaking this down so well. Keep posting! Cheers!