Homeowners insurance is a must for any property owner, but most of us don’t read these lengthy documents once we have them. Knowing what’s covered — and what’s not — can help you resolve damage and other issues quickly.
It’s not just extreme weather that could leave you with repair bills for your home. Here are seven expenses you may not know your homeowners policy already covers. Check them out, then make sure you’re getting the best possible deal on your coverage by spending a few minutes with an insurance shopping tool.
1. Living expenses
When covered damage renders your home temporarily uninhabitable, your insurance policy may cover temporary living expenses, such as a hotel room or alternate rental.
You may also be eligible for reimbursement for other expenses, like dining out, laundry, pet boarding or storage for undamaged possessions.
2. Damage to things other than your home
Insurance often covers other structures on your property, like a shed or a gazebo. This kind of coverage can be up to 10% of your total coverage limit.
This is often called “Coverage B.” Insurers are usually extra strict about how these structures are used, though. Using the garage to run a business instead of parking the car could make damage ineligible for repair coverage.
3. Damage from emergency responders
Say someone calls the police when it looks like your house is being broken into. The police arrive and pursue the intruder. They kick in your front door, leading to even more damage. Your home insurance will find you eligible for repairs.
Once the police have a search warrant, though, your policy might be voided. Again, be sure to read the fine print to know exactly what is and isn’t covered in emergencies.
4. Falling objects
Your home insurance will likely cover damage to your property from aircraft debris and meteorites falling from the sky.
What’s far more likely, however, is a tree branch hitting your roof or breaking a window. That’s also covered, providing it wasn’t from an uninsured event, like a hurricane or flood.
We hate to sound like a broken record, but yes, check the fine print and see what your policy covers.
5. Food spoilage
When power cuts cause food in your fridge and freezer to spoil, your insurance company may cover the expense.
Check your policy’s deductible to know when it’s worth your time to open a claim versus simply replacing your groceries.
6. Theft of stuff not in your home
Theft doesn’t have to occur on your property for your insurer to cover your monetary loss. It typically extends coverage to possessions.
Call your provider if a personal bag touting your valuables (jewelry, cash, credit cards, etc.) or mail is swiped on the street. Belongings in storage are included in this coverage.
7. Third-party medical bills
In the event that someone injures himself on your property — even if the liability isn’t yours — homeowners insurance can help cover their medical expenses and possibly save you from a lawsuit.
Get into the habit of reading your policy’s fine print to see exactly what benefits your homeowners insurance includes. Consider discussing coverage with your provider if you have more questions.
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