What Does Homeowners Insurance Cover?

Homeowners insurance can be a daunting subject. What does it cover? What does it not cover? You certainly don’t want to assume anything about your policy.

If you have questions about homeowners insurance, we’ve got you covered! We will help take the guesswork out of homeowners insurance with the following helpful information. Keep reading to learn more!

What Is Standard Homeowners Insurance Coverage?

In the event of damage, a conventional homeowners insurance policy will pay to restore or replace your dwelling and its contents.

This covers damage that is caused by fire, smoke, theft, or vandalism, as well as destruction caused by a weather incident such as wind, lightning, or hail. External forces, such as a falling tree, could cause further harm that may be covered, as well.

It’s critical to know the specifics of your policy and the amount of coverage you may expect if you file a claim. Some lenders only require enough homeowners insurance to cover your mortgage.

But, in most circumstances, that does not reconstruct your home, nor replace everything in it.

What Does Homeowners Insurance Cover?

The following are types of damage most asked about concerning homeowners insurance coverage.

Mold Damage

In most cases, homeowners insurance does not cover mold. Mold damage is covered sometimes with restrictions, such as if it’s caused by an insured occurrence like a pipe bursting. Mold damage because of a lack of upkeep is usually not covered.

Roof Leaks

Roof leaks because of a covered occurrence, such as a storm or hail, are normally covered by standard homeowners insurance plans. In that instance, the insurance will also cover the cost of repairs. The expense of making repairs may not be paid if the reason for the leak is proven to be a lack of upkeep.

Water Damage

A conventional homeowners insurance policy will typically cover water damage caused by a burst pipe or a damaged washing machine hose, with the exception that a lack of maintenance caused damage. In that case, it will most likely not be covered.

A regular policy does not cover flooding, nor does it cover a backup caused by a drain that was clogged or a failing sump pump. These options may be offered for an additional fee.

Termite Damage

Termite damage is commonly thought to be preventable and is thus caused by the homeowner’s inattention and proper upkeep. Some insurers will provide some coverage in certain situations, such as a fire started by a termite gnawing through a wire.

Theft and Vandalism

Most ordinary homeowners insurance policies cover theft and vandalism damages. However, all policies have a limit on how much the insurance company will payout. Jewelry, artwork, and collectibles, for example, may exceed the limitations of a typical policy and you may need additional coverage.

Plumbing Issues

A regular homeowners insurance policy will often cover a burst pipe or a broken water heater, as long as the damages were not caused by faulty or insufficient maintenance. For example, the harm done by a slow leak spanning a period of time may not be covered.

Fire Damage

Fire and smoke damage are covered by all typical home insurance policies. Rebuilding expenses for the main building and outbuildings, as well as cleanup, teardown, and replacing furniture and belongings in the home, are usually covered. Most insurance also covers loss of use, which pays for temporary housing as your home is being rebuilt.

Dog Bites

If your dog bites someone who comes to your house, you may be covered under the liability section of your homeowner’s policy. Additional liability coverage may be necessary depending upon the level of concern, the dog’s temperament, and risk tolerance.

Certain dog breeds are not insured by some insurance companies. So, you will want to check your policy regarding your breed of dog.

Tree Removal

During a storm, if a tree falls on your home, garage, or another building covered by your home’s insurance policy, most homeowners insurance will cover the cost to have it removed. But only up to the policy limits.

The expense of tree removal is usually not covered if the tree falls and inflicts no other damage. If the damage occurred because of a diseased tree that was not tended to, it may not be covered. Especially if the lack of maintenance is found to be the cause.

HVAC Systems and Air Conditioning Units

A normal homeowners insurance policy covers air conditioning units or HVAC systems for fire, theft, storm damage, or other reasons, subject to the policy’s limits. Wear and tear, negligence, and overuse are not covered.

Foundation Repairs

Damage to your home’s foundation is covered if the damage was caused by a fire, storm, or other covered catastrophes under your home’s insurance policy. Separate policies are required for flood and earthquake damage. Negligence, a lack of maintenance, or poor construction do not qualify for coverage.

Roof Replacement

If your roof is damaged due to storm damage, fire, or any other event covered by your policy, homeowners insurance will help pay to fix or replace it. Wear and tear, aging, and neglect are not covered.

Walls and Fences

Walls and fences are usually regarded as structures and are covered in the same way that a garage, shed, or another outbuilding is. Most conventional homeowner plans cover repairs or replacements because of a fire, storm damage, wind damage, or other covered events. Age, negligence, and normal wear and tear are not usually covered.

When Will Homeowners Insurance Pay Your Claim?

It can take somewhere from a few weeks to even a few years for a claim to be handled and you receive compensation. It all depends on the details of your claim and the level of damage that was claimed.

For example, within a few weeks, you could get reimbursement for windstorm damage to your roof if you file a claim immediately with any paperwork your insurer requires, and you are happy with the settlement. A complex claim may take longer to process.

An Easy Rule to Remember

The most important rule when purchasing a homeowners insurance policy is to purchase sufficient insurance to rebuild your home. It’s better to be safe than sorry.

Do you still have questions about what homeowners insurance covers? Contact us, or check out our blog section for more information. Our knowledge and connections in the industry afford you the best options available.