Will Homeowner’s Insurance Cover My Possessions?

Thefts, accidents, and disasters; a lot can go wrong at any given instant and put your valued possessions at risk. That is why you must have your belongings insured and protected at all times.

It can be a huge loss to have your favorite art pieces, a perfectly curated China collection, or the home you worked so hard for ruined. Homeowner’s insurance can help mitigate some of that loss.

Homeowner’s insurance provides financial protection in the following cases:

Personal Belongings Coverage

You can get coverage for personal items, including sports equipment, furniture, clothes, etc., that are damaged due to natural disasters.

You can also include personal belongings in off-premises storage, regardless of where you are. It’s possible to get 10% of the insurance amount for your possessions and also up to $500 worth of credit card coverage for unauthorized access.

There is also limited coverage for expensive items like furs, jewelry, collectibles, silverware, and art. You must look into a personal property endorsement to insure such items to their total value.

Furthermore, your plants and trees can also be insured by Homeowners insurance with $500 per plant if they are damaged by a natural disaster. However, in the case they were poorly maintained, the responsibility is on the owner.

Home Structure Coverage

If your home is destroyed by a hurricane, fire, lightning, hail, or other disasters, the homeowner’s policy pays for its rebuilding or repair. Detached structures like tool sheds, gazebos, and garages are covered in most policies for around 10% of the home structure’s insurance amount.

It is essential to purchase coverage that is enough to rebuild or repair your home to stay prepared for any situation.

Additional Living Expenses Coverage

When an insured disaster destroys your home, causing you to seek shelter elsewhere, the ALE covers the additional costs you incur while living at some other location. The coverage includes restaurant meals, hotel bills, and extra costs you have to pay during your home rebuilding period.

However, it is essential to note that there are limits to this coverage, including a time limitation. But, these are separate from the home repair or rebuild amount available for your home. If you use all your ALE, the insurers still pay your house rebuilding costs up to your policy limit.  

Liability Protection

This type of homeowner’s insurance covers you from lawsuits resulting from you or your family causing property damage or bodily injury to other people. Additionally, it covers any damages that your pets cause to others and their possessions.

Your policy’s liability portion covers up to your policy limit for your court costs. Usually, the liability limits begin around $100,000, but you must discuss higher protection options with the insurer. You can select an excess liability policy for more coverage and greater liability limits if you have considerable assets.

Furthermore, your policy covers no-fault medical, where your friends or neighbors who get injured on your property can submit their medical bills to your insurer. This way, the insurance company pays the expenses without someone filing a liability claim.

Get Insured With All Things Insurance

Get insurance for your belongings for your complete peace of mind. It protects your most prized possessions from mishaps and natural disasters, taking care of your expenses in challenging times.

Contact All Things Insurance to learn more about homeowner’s insurance.