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I Just Bought Homeowner’s Insurance, But What Does it Cover?

Photo by Curtis Adams:

As a homeowner, it’s important to protect your investment with homeowner’s insurance. But what exactly is covered in a homeowner’s insurance policy? Let’s break it down.

Structure: This includes the walls, roof, floors, and foundation. In the event of damage from covered perils such as fire, hail, windstorms, or vandalism, (all very possible perils living in Golden, Colorado!) your policy can help cover the cost of repairs or even the rebuilding of your home.

Personal Property: This includes your furniture, clothing, electronics, and other personal items. If your belongings are damaged or destroyed due to covered perils, your policy can help cover the cost of replacing them.

Liability: This protects you if someone is injured on your property and sues you for damages. Liability coverage can help cover legal fees and any damages awarded to the injured party, up to the limit of your policy.

In addition to these basic coverages, there are also a number of additional coverages and endorsements that can be added to your homeowner’s insurance policy. For example, if you live in an area prone to flooding, you may want to add a flood insurance to your policy. This may come in the form of an endorsement or it can be an entirely different policy. It’s best to check with your insurance rep if you’re unsure. Similarly, if you own valuable jewelry or art, you may want to add a scheduled personal property endorsement to ensure that these items are fully covered. This can also be in the form of a personal articles policy. These policies are generally pretty inexpensive and definitely worth it! These policies will cover falls, breakage, and carelessness wherever you are in the world.

It’s important to note that not all perils are covered under a homeowner’s insurance policy. For example, damage from earthquakes and floods are typically not covered, and may require separate policies. It’s important to read your policy carefully and understand what is and isn’t covered.

It’s also important to keep your policy up-to-date. If you make any significant changes to your home, such as adding an addition or renovating the kitchen, you’ll want to update your policy to ensure that the increased value of your home and belongings are adequately covered. It’s best to set up an insurance review with your agency every one to two years just to make sure your coverage is up-to-date! 

So, what’s not covered in a homeowner’s insurance policy? One common exclusion is damage caused by neglect or lack of maintenance. For example, if your roof is damaged due to wear and tear that could have been prevented by regular maintenance, your policy may not cover the cost of repairs. The same goes for asbestos and mold.

Another common exclusion is damage caused by intentional acts. For example, if you intentionally set fire to your own home, your policy will not cover the cost of repairing the damage.

A homeowner’s insurance policy is pretty all-encompassing! As long as the loss is caused by a covered peril, you’re good to go. All you have to do is pay you deductible (find out more about deductibles here) and insurance will take care of the rest. It’s important to read your policy carefully and keep it up-to-date to ensure that you’re fully protected in the event of a covered peril. Call your RMP rep today! 


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