Owning a home is a significant achievement. However, unforeseen circumstances can put your investment at risk. Homeowners insurance provides financial protection against a variety of potential damages and costs, ensuring you won’t have to handle these incidents on your own. Although their details and coverage can vary depending on the carrier and policyholder, there are typically six protections included in a standard homeowners insurance policy.
These six protections are designed to fortify your home and provide you peace of mind against potential hazards and expenses. Understanding the protections included in your policy can ensure you know what is protected in the event of unexpected damage or loss. In this article, we’ll define what the six protections included in a standard homeowners insurance policy are and outline what they don’t include to help you stay informed.
The Six Protections in Standard Homeowners Insurance Coverage
A standard homeowners insurance policy typically provides homeowners with financial coverage in the face of unexpected challenges. The six protections included in a standard home insurance policy are:
Dwelling: Dwelling coverage includes the physical structure of your home, like the walls and roof, and any attached structures, such as a garage or deck. This coverage also includes damages caused by fire, storms, or vandalism.
Personal property: Personal property coverage covers the personal belongings in your home such as furniture, appliances, and electronics. This coverage also extends to items outside the home, such as those in a garage or shed.
Personal liability: This coverage protects you in the event someone is injured on your property. Personal liability coverage can help pay medical expenses and legal fees if you are sued and found legally responsible for the injury.
Guest medical protection: Guest medical coverage includes medical bills for any guest injured on your property, regardless of fault.
Loss of use: This coverage is sometimes called additional living expenses and provides financial assistance if you’re temporarily unable to live in and use your home due to damage caused by a covered peril. Coverage can include expenses such as hotel costs and meals.
Additional living expenses: The sixth protection is additional living expense coverage, which pays for increased expenses such as food and lodging if your home is uninhabitable after an incident.
What events aren’t included in these six protections?
A standard homeowners insurance policy provides protection for a variety of occurrences, but there are incidents and damage that that aren’t covered. Standard homeowners insurance usually won’t cover events you could have reasonably prevented or any damage you caused intentionally, for example:
Mold, vermin, or fungus infestation
Normal wear and tear or neglect
Damage as a result of a sewer, gutter, or drain backup
Coverage under a standard policy also won’t cover damage caused by floods, earthquakes, and destruction caused by animals. Most insurance carriers offer additional coverage for these exclusions, so it is important to review your policy or consult your insurance provider for specific details and options.
SelectQuote Makes It Easy to Understand Your Coverage and Find the Policy That’s Right for You
The intricacies of homeowners insurance can feel overwhelming, especially when you want to know if your policy covers a specific situation or event. When you need support navigating or updating your current policy or findingadditional coverage, SelectQuote is here to help. Our experienced, licensed insurance agents will help you review coverage options from several of the nation’s most trusted carriers in just minutes. With the help of our proprietary technology, you’ll be ableto compare carriers and rates to find the right fit for your unique needs.
