Most people know that homeowners insurance protects their home and belongings in the event of damage or theft. But there are a lot of misconceptions about what homeowners insurance actually covers. In this blog post, we'll clear up some of the confusion and give you a better understanding of what your policy does (and doesn't) cover.
Homeowners insurance typically covers four main types of perils: fire, windstorm, hail, and theft. That means if your home is damaged or destroyed by one of these events, your insurer will help pay to repair or replace it. Most policies also provide personal liability coverage, which can protect you from lawsuits if someone is injured on your property.
However, there are some important things that homeowners insurance does not cover. For example, most policies exclude flood damage; so if your home is flooded, you'll need to purchase a separate flood insurance policy to be protected. Earthquake damage is also usually excluded from standard homeowners policies; coverage for earthquakes typically must be purchased as an endorsement or rider to your policy. Additionally, while most policies will cover water damage caused by faulty plumbing or appliances, they generally do not cover flooding due to heavy rains or storms.
To make sure you're fully protected against all the risks facing your home, it's important to understand exactly what is (and isn't) covered by your homeowners insurance policy. If you have any questions about your coverage, be sure to speak with your agent or insurer for more information