What is Homeowners Insurance, and What Does it Cover? The Property Advocates Explain

Homeowners insurance is a policy that will protect what ends up being the most valuable asset for most people — their home. The Property Advocates explains that this insurance policy protects homeowners in case something unexpected ever happens to their home or property.

While every homeowner’s insurance policy will vary slightly, they all work in the same general fashion. It’s important to understand what the policy is and what it covers, as it could be essential in providing you with relief for life’s unexpected occurrences.

Below is a description of homeowners insurance.

Main Dwelling Coverage

Generally speaking, a homeowners insurance policy will provide you with financial relief to help you repair parts of your home or even replace it altogether in the event that it is damaged. Much like auto insurance provides monetary relief for damage to cars in an accident, homeowners insurance does the same for homes.

Most homeowners insurance policies will cover damage from fire and theft. Sometimes, the policies will also cover damage sustained as a result of mold, roof leaks, water damage, plumbing issues, fencing repair, foundation repair, and more.

The main section of your homeowner’s insurance policy is dwelling coverage. This covers the main home as well as anything that is directly attached to it. For instance, a garage that’s attached to your main home will be considered part of the dwelling, while a detached garage will not.

The coverage limits for your dwelling will be the highest since it’s at the most risk of damage that would be expensive to fix.

Other Coverages

In addition to your main dwelling, most homeowners insurance policies will provide additional coverages, though the policy limits for each and the deductible will likely differ.

Here are some of those additional coverages.

Other Structures

A homeowners insurance policy provides coverage for your entire property, not just your main dwelling. As such, any structure you have on your property that isn’t directly connected to your dwelling will fall under the Other Structures section.

This typically includes any detached garage, shed, fence, and potentially an above-ground pool. The overall coverage limits for this are much lower than your dwelling coverage.

Personal Property

Most homeowners insurance policies also provide a certain amount of coverage for personal property that you keep within your home. If this property is either destroyed due to damage to your home or stolen during a theft, this coverage will help you replace the items.

It’s important that you check how much standard coverage you’re given under your policy and then see if that’s enough to cover all your personal property. A lot of people purchase additional personal property insurance for expensive items such as jewelry.

Liability

The Property Advocates say that many homeowners insurance policies also provide liability protection in case someone who doesn’t live at your home is injured while they’re on your property. If a visitor trips and falls on a warped deck board and is injured, for instance, this liability coverage will help pay for any medical bills that you’d be responsible for.

This coverage can also provide you with financial relief for legal expenses if you incur any while trying to defend yourself in a personal injury lawsuit. You may need higher liability protection limits if you have risky things on your property, such as a pool or a trampoline.

About The Property Advocates

The Property Advocates, P.A. is a full-service Florida insurance law firm specializing in property insurance claims. With offices in Miami and Tampa, The Property Advocates team consists of nearly 14 experienced attorneys with decades of combined experience who are compassionate, knowledgeable, and not afraid to go to trial for their clients. They have a successful track record of resolving complicated property insurance claims and getting their clients the fair compensation they deserve.