Homeowners Policies Include
Personal Property Coverage
Homeowners insurance can help cover the cost of repairs from a covered damage due to:
- Fire and lightning
- Windstorms and hail
Homeowners and renters insurance can also provide additional coverage for computers, TVs, fine art, jewelry, sporting equipment, guns and identity theft. You can choose replacement cost coverage for damaged or stolen property, which will pay for replacement of the item at its current market value instead of its depreciated value.
Personal Liability Coverage
Homeowners insurance doesn't just include property coverage. It also provides coverage if someone is injured on or off your property. This may include bodily injury or property damage that you or family members cause to other people. It may also pay for damage caused by your pets.
Typically, your homeowners policy will cover expenses related to medical payments, property damage and personal liability defense claims.
You may want to consider adding other coverage to your homeowners insurance policy, including:
- Debris removal after a covered loss
- Additional living expenses when a covered loss makes your home uninhabitable
- Repairs to protect your property from further damage after a covered loss
- Replacement trees, shrubs, etc., after a covered loss
- Fire department service charges to save or protect your property after a covered loss
Scheduled Personal Property Coverage
Your homeowners or renters insurance will provide coverage for personal property. But if you own expensive jewelry, electronics, art or other valuable items, you may need to consider additional insurance. You can typically either raise the limits of your homeowners/renters policy or “schedule” these items separately to provide a higher level of coverage.
You may be eligible for premium discounts to save you money if your auto and homeowners’ insurance are insured by the same carrier.
Additional discounts may be available for your home if you have certain security and safety features installed. Your insurance agent can discuss discounts and other ways you may be able to reduce your homeowners insurance premium.