What Losses are Included in Standard Homeowners Insurance Coverage?

What Losses are Included in Standard Homeowners Insurance Coverage?

The main purpose of having a homeowners policy is to cover damage to your dwelling, both inside and outside. Covered perils include fire, smoke, lightning, explosion, windstorm, and hail. If your house is damaged by any of the covered hazards, the policy will take care of the cost to repair or even rebuild it from the ground up.

If you lose any covered personal belongings, such as in a home burglary, you’ll be compensated. Similarly, you’re covered for a vandalized fence or other parts of your property.

Homeowners insurance covers damage due to accidental leaks from plumbing or heating equipment. However, the cause of the leak must have been unforeseeable for it to be covered. Water leak damage due to poor equipment maintenance practices isn’t covered.

Vital Insurance Coverage Considerations After a Covered Loss

Keep these points in mind after incurring a loss due to a covered peril:

  • Your homeowners insurance coverage includes your primary dwelling. It may also cover free-standing or detached structures on your property, such as garages and sheds. Your personal belongings (furniture, electronics, and other contents of your home) are also protected in case of damage or loss in a covered peril. However, you may need a separate policy or endorsement for expensive content, such as jewelry or antique art.
  • You’re responsible for the maintenance of your house and its contents to minimize the risk of loss. Once an insured event has destroyed your property, you should implement the necessary safeguards to prevent further loss.
  • You’ll only be compensated for a loss resulting from one of your policy’s insured hazards. For example, standard homeowners policies don’t include flood insurance. As such, the policy won’t compensate you for flood damage loss.
  • Your policy has a deductible amount that you’re responsible for paying. That’s the amount of money you’re expected to spend out of pocket to address a covered loss before your coverage kicks in.

These are the perils that standard homeowners insurance coverage typically includes. For further assistance with your homeowners insurance policy, contact the experts at Steve Wilk Insurance. Our new office is at 310 S Main Street, Suite C, Lombard, IL 60148.