Most of us renew our homeowners insurance policy every year without taking a second look. In fact, many of us may be ashamed to admit we didn’t take a first look. Do you know all of the things your policy covers? Every insurance carrier and policy are different, but some things may surprise you!
- Identity Theft – Normally this is an optional coverage, but there are some insurers who include it as part of their standard homeowners policy. This type of coverage would assist in paying for things such as legal expenses, lost wages and notary costs.
- Your Child’s Dorm Room – If you have a child in college, your homeowners insurance may also cover belongings that are in their dorm room and personal liability protection.
- Outdoor Additions – Fairly standard for most policies, Other Structures Coverage will cover damage to items that are free-standing and not attached to your home, such as a fence, shed, detached garage or swimming pool.
- Theft From Your Vehicle – If your car is broken into and your personal items are stolen, it’s actually your homeowners policy that will cover the loss, not auto insurance. However, some auto carriers offer a minimal amount of coverage for personal contents. This may be useful if the stolen items value is less than your home deductible.
- Animal Incidents – Included on most homeowners policies, Personal Liability Coverage will help cover expenses should your animal hurt someone who does not live in your household. Keep in mind, while most policies will include some level of coverage for this, many also exclude certain breeds of dogs or types of animals.
- Storage Unit Contents – Even though it is not on your property, the items you keep in a storage unit are covered under your insurance policy. Granted, there are sometimes restrictions on the level of coverage, so this is something to keep in mind.
- Lodging After A Loss – If your home suffered a covered catastrophic loss to the extent that your family cannot live in it while it is being repaired, many policies include Loss of Use or Additional Living Expenses Coverage to pay for expenses being used in lieu of the home. These might include fuel expenses, groceries, laundromat fees and hotel bills.
- Tombstones – These are considered personal property and therefore are covered under your policy in the event of vandalism or other damage.
- Lawsuits – Personal Liability insurance provides coverage for injuries or property damage that you are found at fault for. This would help with legal fees, as well as the injured party’s medical or repair bills.
- Collections – If something is stolen from your home that is part of a set, the entire collection may be covered. This type of coverage is very valuable for collectors of rare or expensive items. It would also be a good idea to get your collection scheduled on your policy for better protection.
- Wild Animals – While your policy likely doesn’t cover damage caused by vermin, insects or other small pests, it will most likely cover damage caused by lions, tigers or bears. Oh my!
As mentioned earlier, every homeowners insurance policy is different. It’s very important to work with an agent who can help determine what coverage is best for your family and protecting your personal assets. Reach out to us today for a FREE comprehensive review of your homeowners insurance and allow us the opportunity to evaluate, educate and enhance coverage for you.