What Does Homeowners Insurance Cover?
Homeowners insurance is a crucial safeguard that protects your property and belongings from unforeseen events. Knabusch Insurance provides the same in Temperance, MI, Dundee, MI, Monroe, MI, Ida, MI, Newport, MI and surrounding areas.
It typically includes several key coverages:
- Dwelling Coverage: This is the most basic type of protection and covers the structure of your home, including the walls, roof, and foundation. If your house is damaged or destroyed due to a covered event like a fire, storm, or vandalism, dwelling coverage helps pay for repairs or rebuilding. However, it typically does not cover damage caused by floods or earthquakes (more on that later).
- Personal Property Coverage: This portion of the policy covers personal belongings inside your home, such as furniture, electronics, clothing, and valuables. If these items are stolen, damaged, or destroyed in a covered event, your insurer will provide compensation. You may need to list high-value items (e.g., jewelry, artwork) separately for full coverage.
- Liability Coverage: Liability coverage protects you if someone is injured while on your property. It helps cover medical expenses, legal fees, and damages if you’re found liable for an injury. For example, if a guest slips on your wet floor and sues you, liability coverage can help pay for their medical bills and any resulting legal fees.
- Additional Living Expenses (ALE): If your home becomes uninhabitable due to a covered loss (e.g., fire or storm damage), ALE helps cover the costs of temporary housing, meals, and other necessary living expenses while your home is being repaired. This ensures you’re not financially burdened during the repair process.
- Natural Disasters: Most standard homeowners insurance policies don’t cover certain natural disasters like floods, earthquakes, and wildfires. These events require separate policies or endorsements. For instance, flood insurance can be purchased through the National Flood Insurance Program (NFIP), and earthquake coverage may be available as an add-on. Wildfire coverage may vary depending on the region.
Call us anytime if you need more information.